Defining Your Digital Marketing Strategy
In this lesson, you’re expected to:
– understand the importance of structuring your digital marketing plan
– learn about the key aspects to consider when defining your strategy
– discover the RACE framework
Recent research conducted by Smart Insights shows that many organizations are doing digital marketing but don’t have a proper strategy in place.
The reality is that digital channels are still relatively new and fast- changing, so many businesses haven’t responded adequately and their business is at risk.
Businesses need to first define a separate digital plan to quantify the case for investment in digital marketing and change their approach to managing digital marketing.
It’s important to create a detailed digital marketing plan defining the digital channel strategy for each major market/proposition to provide focus and direction for the future.
Make sure your digital plan is well integrated with all marketing communications and aligns with your business objectives.
Enlarged image: http://bit.ly/2k7T5TS
Businesses with a more strategic planning approach to their digital marketing are more likely to succeed in the long-term, despite the fact that many businesses don’t have a long-term digital or marketing plan.
It’s not the case that those with a more ad-hoc approach aren’t capable of doing great marketing that can get results. Rather, these companies may miss out on core digital marketing techniques that need to be prioritized and resourced over ongoing campaign activities.
1. Efficient collection, dissemination and evaluation of different information sources from the micro and macro-environment.
2. Efficient process for generating new strategies based on creating new value for customers.
3. Efficient research into potential customer value against the business value generated.
4. Efficient implementation of prototype of new functionality to deliver customer value
5. Efficient measurement and review of results from prototypes to revise further to improve proposition or to end trial.
The purpose of a digital marketing plan for any organization is to force you through the process of researching and clearly articulating the aims and goals of your digital initiatives, along with clearly targeting digital personas, and methodically choosing which channels to go after them and how.
Long-term planning enables consistent strategies and resource allocation to be followed in line with company product launches and campaigns and anticipated changes in the marketplace.
In digital marketing, a similar approach is recommended. Although digital media change rapidly, the long-term transformation needed for effective digital marketing means that you won’t be able to transform your organization in just a few months.
A Digital Marketing Strategy should involve a review to check that all of your capabilities are in place to help your organization manage all of the digital touchpoints. But which capabilities are important and which do you need to review?
1. Market Research and Competitor Analysis
2. Objectives and Goals
3. Audience Setting and Value Propositions
4. Channel Strategy
1) Initial Marketplace Analysis for your product or service – overview of your market, realistic assessment of your performance in this space and competitive analysis.
2) Articulation of clear Business Objectives of your digital marketing programme – such as increase brand awareness, increase sales, increase customer retention, reduce cost per lead, reduce cost per acquisition of customers – these are all standard business objectives but on their own they do not give you a pathway to implement them digitally.
So, for example, to ‘increase sales’ – as a digital goal, it would look something like: increase the conversion rate* on my website, reduce cart abandonments on my checkout process, increase average order size etc.
‘Digital Goals’ give your plan a clear direction – you can then start to adopt tactics that will deliver these objectives.
To get your Conversion Rate, you divide the total conversions by the number of visitors to your site. For example, a site with 5000 visitors and 50 conversions has a conversion rate of 1%.
E.g. – For reducing cart abandonment rates, the Digital KPI should be the abandonment rate goal tracked in your analytics software that tracks how many users proceed to checkout and ultimately get to the payment stage.
The digital plan then becomes how you are actually going to deliver these goals and projections through digital channels.
Develop customer personas (target audience). You should articulate the problems that you as a business solve for specific types of personas, their needs (emotional, lifestyle, informational), where they digitally coalesce, media preferences, perceptions they have of you as a business/brand etc.
When defining your target audience, be as detailed as possible.
Break up your tactical solutions into: Customer Reach, Customer Acquisition, Customer Retention or some variation of this – essentially map the Digital channels on to the Sales/Buyer Cycle.
This will also help to produce a matrix of core metrics that indicate whether you are on track to meet targets or not (and have a plan to take remedial action when not meeting targets).
Each element covers some essential digital marketing techniques which will inform you of best practices and then show you how to apply them to increase your ROI.
This phase involves creating a digital strategy and transformation plan. You’ll review your current use of digital media and technology, create a vision, define objectives and create KPI dashboards to track performance.
Reach involves building awareness of your brand, products and services on other websites and in offline media to build traffic to different web presences like your main site, microsites or social media pages.
It involves maximizing reach using continuous inbound communications and planned campaigns to create multiple interactions using different paid, owned and earned media touchpoints.
Act is short for ‘Interact’. Devise the best customer journeys and content marketing to persuade visitors to become leads or prospects when they initially reach your website or social network presence.
This is a long-term engagement that involves developing a relationship with first-time buyers to build customer loyalty through repeat purchases.
You also should try to build advocacy or recommendations through ‘word-of-mouth’.
1) Nurture leads and convert them into sales
2) Build a business
3) Reach audiences most likely to convert
4) Generate more leads
5) Conversion Rate Optimized (CRO) landing pages that work to convert