Digital/Social Media Marketing Plan at Krisco Services
Get free written samples by our Top-Notch subject experts and Assignment Writing Service team.
Introduction of Using Digital Marketing Strategies to Maintain Market-Leading Position Assignment
The organization which is chosen for this context is "Krisco Services". "Krisco Services" is among the largest privately organized petrol outlet providers in the United Kingdom. This is a petrol distributor in the United Kingdom which collaborates with several businesses to provide its customers with the finest available service as well as alternatives. It is often seeking innovative methods to increase its quality of operation, and also the information as well as value it provides to its clients. The company is functioning aggressively to maintain its pioneering stance in this segment for the foreseeable coming years, thanks to its resolute as well as focused strategy. The industry's key selling point is that it offers the finest gasoline at a fair price.
Throughout this overall report, the company overview and its business analysis are going to be discussed.
The "Krisco Services Group" is one of the UK's largest individually carried service station contractors that generates sales revenue of roughly $11.56 million in sales. It is essentially a fuel merchant in the United Kingdom that works with a variety of shops to deliver the greatest available assistance as well as solutions to its clients. The firm has significant marketing relationships with “BP”, “ESSO”, “Texaco”, “Londis”, “Spar”, “Costa Coffee”, “National Lottery”, and “Paypoint”, among others (Ksguk, 2022). The firm's objective is to deliver the greatest available gasoline at the finest feasible price, as well as other assistance as well as products to consumers that will enable the business to develop as well as fight with industry competitors.
The corporation is aware that the finest potential gasoline is accessible in the United Kingdom, however, it is too pricey for clients. This issue definition establishes the organization's values. The firm's primary goal, as well as objective, is to supply the greatest available gasoline at the lowest conceivable price. Furthermore, consumers desire to enjoy themselves at gas pumps, but people are unable to do so in the United Kingdom. It's since there are just a couple gas outlets which offer clients refreshments, as well as they're all rather pricey. The firm's mission is to give consumers both affordable as well as high-quality dining experiences (Ksguk, 2022).
"Krisco Services Group" is always looking for new ways to improve its standard of functioning, and also the excellence as well as worth it offers to its customers (Ksguk, 2022). Due to its steadfast as well as concentrated approach, the firm is working tirelessly to preserve its leading status in this market for the near term.
According to Lake (2020), “situational analysis” is a crucial component of an effective business plan. A firm's inner as well as outside elements are analyzed in a scenario assessment. It examines a firm's strengths, consumers, future clients, as well as economic climate, as well as overall influence. It has come to light that BP, Shell and Esso had the greatest market share of the outlets of petrol solution in the UK during 2021 at 14.5, 13.4 and 14.6 respectively (Statista, 2022). Speaking of the core competencies of the company, clients benefit from the firm's finest gasoline, which is also the top bang for the buck. Worldwide demand for crude oil during 2020 demolishes to roughly 91 million barrels each day. It has been predicted that by 2045, demand for gasoline will reach approximately 27.4 million barrels (Statista, 2021a)
Regular demand for crude oil all over the world from 2006-2026
(Source: Statista, 2021a)
"Krisco Services Group” creates partnerships with numerous shops such as “BP”, “ESSO”, “Texaco”, “Londis”, “Spar”, “Costa Coffee”, “National Lottery”, and as well as “Paypoint” to give an appealing station store. Nevertheless, it offers "Nectar points at BP," the "UK's most famous loyalty scheme," that greatly benefits clients. Finally, the company offers "Costa Express" to genuine espresso enthusiasts, delighting consumers at the greatest well filling pump, as well as the in-store business, that contains a lottery, money machines, refrigerated cuisine, berries as well as vegetables, as well as periodic items. The company is small but strives hard to compete with the industry giants and due to its unique selling point, which is providing the best possible fuel at a cheaper cost, has gained people's fascination and hence is earning huge revenues.
SWOT analysis (organization)
· It offers its clients in the UK the finest conceivable gasoline at the perfect plausible cost.
· it provides “Costa Express" to espresso lovers, satisfying customers at the best part of the petrol terminal (Ksguk, 2022).
· Not satisfactory brand image
· High churn
· Extensive debt
· An inadequate supplier chains
· Lack of investment
· "Krisco Services Group” situated in the UK has a favourable environment to emphasize its market.
· It can also get enough support from the investors to open additional outlets in the UK.
· There is a chance for this company to achieve enough sales revenue in the upcoming future.
· Growing worldwide gasoline cost
· Too much competition
Table 1: SWOT analysis of Krisco Services Group
The tactical organizational method known as "SWOT" research gives instruments for understanding a situation. Finding substantial benefits, weaknesses, opportunities, as well as threats contributes to reality research, different views, as well as innovative ideas.
Benefits comprise, among many other things, a good brand, a devoted consumer base, a solid economic position, as well as class-leading technology. Additionally, clients benefit tremendously with "Nectar points at BP”. which is the "UK's greatest "popular loyalty program." Ultimately, it provides "Costa Express” to the in-store shops, that includes a lottery, money machine, chilled foods, berries as well as veggies, including products of every season. That's what sets the firm apart from the competition.
Restrictions prevent a corporation from reaching its full potential. The firm's primary flaw would be that the globe is moving toward electric automobiles which are powered by cells and are charged. Operating this does not necessitate the use of gasoline.
Chances are outside factors that have the potential to provide a tactical benefit to a company.
Risks include occurrences that can cause a company's downfall. In the example of "Krisco Services Group", increasing worldwide gasoline costs represent a danger to the firm since it delivers the finest gasoline at a really low cost, but if the worldwide cost of gasoline rises, the organization's key differentiator will be obliterated.
Current market landscape
A marketplace environment is a method for recognizing significant companies as well as visualizing business capabilities, essential traits, as well as communication approaches in an organized manner. As per the views of Walker-Ford (2020), the trends of changing landscape of market are marketing automation, artificial intelligence, experiential marketing and executive branding. The company's competitors are petrol station giants to whom people trust and fill their fuels in their vehicles. The strengths of the company's competitors are that they are industry giants and have already won the hearts of many people. They also offer refreshment services which are praised by the customers. The main weaknesses of the rivals are they lack the new technologies and can be easily diminished by new charging stations due to the growth of electric vehicles. Moreover, these gas stations charge a premium for their fuel which also acts as a weakness for the rivals.
Direct market competitor analysis
Whenever two and multiple firms provide a very similar item as well as a resource as well as fight for the identical marketplace, this is referred to as straight rivalry. In this context, the company sells gasoline products and there are many rivals of the company selling the same product. The main differentiating point rises in the fact that which brand sells gasoline and at which price. The plus point for the company is that it sells the best possible fuel and that too at a reasonable price. Moreover, it also offers more refreshment options than what its rivals offer.
Figure 2: Importance of social media marketing for Krisco Services Group
(Source: Influenced by Elena-Iulia, 2018)
The thing which the company should improve is on its marketing strategies. It should implement digital marketing strategies to get an edge from the crowd and win the hearts of the customers as people are shifting to the online world in this era. This company should take initiatives for being active in the social media platforms. That may create positive effects for it. The organization can promote its services and products, deliver instant support, generate online communities through several forms of social media including news sites, content communities, virtual world and so on (Elena-Iulia, 2018). Social media marketing can be beneficial for it to compete with its direct market competitors.
Indirect market competitor analysis
Indirect rivalry occurs whenever two and multiple organizations fight for the same marketplace by offering alternative items or solutions to meet identical consumer demand. In this context, the company and its rivals offer many refreshment options. This is the sphere where the company also excels. The company offers way more refreshment options than what its rivals offer and that too at a reasonable price. If the company includes digital marketing strategies, then the company would do wonders in this segment.
Customer insight analysis
Client awareness is the process of studying the client information in order to gain a deeper understanding of who the consumers are or what people need out of the business, so one can make the right choices on how, why, as well as what to offer clients. People of the country demand more reasonable refreshment options which would enticingly fascinate them. Moreover, due to the growth of electric vehicles in the country, people demand charging points in the gas stations which would help people own electric vehicles and would hence attract more customers.
Number of new passenger cars registered in the UK
(Source: Statista, 2021b)
In 2020, roughly 1.63 million individuals have registered cars in the UK (Statista, 2021b). People nowadays browse everything relating to news, entertainment and so on just from their smartphones. Hence, people want to get discounts and new services provided by the gas stations just by sitting at their homes on their social media platforms.
Strategies adopted by the organization
Due to its strong and targeted approach, the corporation is working actively to preserve its leading position in this area for the immediate future. It is constantly looking for new ways to improve the efficiency of its operations, and also the data as well as content it gives to its customers. The company now has a sector penetration strategy in existence because it provides the best fuel at a reasonable price, enabling it to build out a niche in the field and build a big customer base while battling with major rivals.
Figure 4: Perpetual map
(Source: Ksguk, 2022)
Krisco services group
· Offers the finest gasoline at a reasonable price
· Delivers “costa express”
· Creates partnerships with renowned organizations of the UK.
· High churn
· Bad image
· Insufficient investment
· It has a favourable environment to expand its business in the UK marketplace.
· It receives enough support from its investors.
· It can build a powerful online presence by using 24-hour stories, live stream videos to expand its audience.
· This organization must make sure that it has no negative impression available for its customers to observe.
· Increased cost of gasoline
· Too much competition
· It can build partnerships with its indirect competitors also.
· It can use social media platforms effectively to improve its brand image in the competitive marketplace.
Table 2: TOWS matrix of the chosen company
Target market analysis
An evaluation as to how the item and services integrate into a given marketplace as well as how it would achieve the greatest momentum with clients is known as a targeted industry study. Targeted marketplace assessments assist organizations in developing advertising as well as productive advertising approaches. The main client profile of a firm, or the characteristics of people best inclined to buy its item and solution, is referred to as the targeted audience. Targeted marketplace research gives a high-level view of the broader economic area as well as often identifies possibilities and barriers to entry for organizations interested in entering that marketplace. "Target market" is a specific consumer group in which services or products are aimed (Ghahnavieh, 2018). Since it supplies the finest gasoline at a fair cost, the firm now has a domain entry plan in place, allowing it to carve out a position in the market and grow a large client base whilst competing against significant competitors. Moreover, the company also includes many refreshments options which people appreciate and the refreshment options are a lot more than what its rivals offer. The thing which the company needs to focus on is its marketing strategy. The company needs digital marketing strategies which would further enhance its growth and would result in higher sales and revenues for the company.
Consumer persona helps the marketers in creating efficient and effective strategies by which marketers can be capable of targeting their potential customers (Malik, 2018). A consumer persona of this mentioned company is going to be designed below.
Digital marketplace analysis map
Scenario assessment is critical in current advertising since it summarizes an organization's web marketplaces as well as effectiveness in order to assist develop or revising a virtual advertising plan. Both the company and its rivals lack digital marketing strategies which are somehow hampering their growth across the nation. As stated by Akter et al. (2020), the digital marketplace helps in integrating measurements of the economic services. The company needs to focus on its digital marketing strategies to boost its sales and revenues. The corporation should spend additional cash and effort on online advertising companies since they are more familiar with the general public. They would indeed be capable of persuading people to buy their items because they understand how to appeal to consumers' emotions as well as persuade them to buy. Simultaneously, the corporation should compel online advertising providers to publish articles as well as online network articles.
Social media campaign
The company with the help of digital media agencies should focus on uploading posts and blogs on social media platforms like "Facebook, Instagram, Twitter", etc. regarding their new services and solutions. Arrangement of social media campaigns is beneficial for encouraging the effects of beneficial word-of-mouth marketing (Baum et al. 2019). Individuals currently are engrossed on their cellphones, scanning through posts on online networking platforms. Consumers will notice the firm's goods, offers on the web as well, will contact their gasoline pumps more regularly if the business spends additional attention as well as effort on online networking platforms. Furthermore, word-of-mouth advertising might improve at that period. As a result, the corporation should spend greater cash as well as effort on virtual advertising companies, as they are more familiar with the general public. They would've been able to persuade people to buy their items because they understand how to appeal to consumers' emotions as well as persuade them to buy.
Action planning and Innovative strategy
Progress is critical to an association's long viability because it determines how lucrative it could be. Using specialized tactics can assist organizations in achieving aims as well as targets that aid in the growth and success of businesses. These types of future development assist businesses in designing as well as integrating procedures which lead to worldwide development as well as increased revenue. A company's growth roadmap is a thorough plan which outlines the steps it plans to follow to expand its activities, sales, as well as worldwide influence. A progressive program examines a company's economic, marketing, as well as market situations in order to identify precise goals which will help the company grow over time. The strategic plan might necessitate collaboration across many divisions in order to accomplish the firm's aims.
Figure 6: Business innovation strategy
(Source: Influenced by Ge et al. 2018)
Innovation can be capable of adding the latest viability to organizations and is the foremost operating force of economic development in several countries (Ge et al. 2018). Diversity, as well as market augmentation, must be prevented in the case of "Krisco Services Group”, and they're far extra risky for a comparatively little company. The company must focus on product development as well as industry development. To increase revenue, it may offer deals as well as open more fuel outlets across the nation, and then for item design, the company may introduce innovative technologies as well as products which will be available in shops and lure consumers to acquire, culminating in significant gains of the company. The firm currently has a marketplace penetrating plan in effect since it offers the finest gasoline at an affordable cost, allowing it to carve out a niche in this space as well as acquire a significant client network while still competing with the firm's larger competitors.
Furthermore, the corporation may employ a portfolio growth plan to expand its item range by introducing additional items as well as solutions in-stores that clients feel interested in purchasing. Ultimately, being the digital marketing consultant, the company must invest more money and time in digital marketing agencies as they better know the common people. Digital marketing is also affordable and has a huge commercial effect on organizations (Bala and Verma, 2018) [Referred to appendix 1]. They would be able to entice the customers to purchase their products as they know how to attack the sentiments of the customers and lure them to purchase the products. At the same time, the company must insist digital marketing agencies post blogs and posts on social media platforms.
People nowadays are clogged with their smartphones and are very busy swiping feeds in their social media accounts. If the company invests more time and money in social media accounts, then people would see their services and discounts online and would visit their fuel stations very frequently. Moreover, at that time, word-of-mouth marketing would also enhance. Hence, more time and money should be spent by the corporation on digital media agencies.
As a small business, "Krisco Services" successfully carved itself a niche in the UK's petrol pump sector. Its distinctive marketing feature is that it offers the greatest gasoline at a fair price, as well as a variety of amenities as well as solutions that clients in the petrol pump market primarily desire as well as need. The company is continually looking for innovative methods to increase its level of operation, and also the information as well as value it provides to its clients. The company is striving tirelessly to maintain its market-leading position in the next decades as a result of its steady as well as focused strategy. Ultimately, with proper use of digital marketing strategies, the company would be able to suffice in this industry, boost their sales and revenue, capture the minds of the people and would be able to compete with the market rivals.
Akter, S., Motamarri, S., Hani, U., Shams, R., Fernando, M., Babu, M.M. and Shen, K.N., 2020. Building dynamic service analytics capabilities for the digital marketplace. Journal of Business Research, 118, pp.177-188.
Bala, M. and Verma, D., 2018. A critical review of digital marketing. M. Bala, D. Verma (2018). A Critical Review of Digital Marketing. International Journal of Management, IT & Engineering, 8(10), pp.321-339.
Baum, D., Spann, M., Füller, J. and Thürridl, C., 2019. The impact of social media campaigns on the success of new product introductions. Journal of Retailing and Consumer Services, 50, pp.289-297.
Elena-Iulia, V., 2018. THE IMPORTANCE OF SOC?AL MED?A. Annals of'Constantin Brancusi'University of Targu-Jiu. Economy Series, (6).
Ge, B., Yang, Y., Jiang, D., Gao, Y., Du, X. and Zhou, T., 2018. An empirical study on green innovation strategy and sustainable competitive advantages: Path and boundary. Sustainability, 10(10), p.3631.
Ghahnavieh, A.E., 2018. The influence of marketing factors on the marketing strategic planning in SNOWA corporation. Business and Management Studies, 4(4), pp.52-61.
Ksguk, (2022), about us, available at: http://ksguk.com/aboutus.php [Accessed on: 09.03.22]
LAKE. L., (2020), “purpose-and-elements-of-a-situational-analysis”, thebalancesmb, 01 December, available at: The Purpose and Elements of Situation Analysis (thebalancesmb.com)[Accessed on: 09.03.22]
Malik, A., 2018. Persona based marketing strategies: creation of personas through data analytics (Doctoral dissertation, Master’s Thesis, Oulu Business School, Finland).
Statista, (2021), (a), daily-global-crude-oil-demand-since-2006/ available at:https://www.statista.com/statistics/271823/daily-global-crude-oil-demand-since-2006/ [Accessed on: 09.03.22]
Statista, (2021), (b), volume-of-new-passenger-cars-registered-in-the-united-kingdom available at: https://www.statista.com/statistics/299240/volume-of-new-passenger-cars-registered-in-the-united-kingdom/ [Accessed on: 09.03.22]
Statista, (2022), petrol-station-outlet-share-in-the-united-kingdom-uk, available at:https://www.statista.com/statistics/312085/petrol-station-outlet-share-in-the-united-kingdom-uk/ [Accessed on: 09.03.22]
Walker-Ford, M., (2020), “4-trends-changing-the-marketing-landscape-in-2020”, socialmediatoday, 24 September available at: https://www.socialmediatoday.com/news/4-trends-changing-the-marketing-landscape-in-2020-beyond-infographic/585878/ [Accessed on: 09.03.22]