The world is changing everyday! Don’t miss the latest trends in Creativity, Marketing and Business! We will bring the whole world to you.
By American Marketing Association
In the modern age of business and technology, a strong digital marketing strategy is absolutely crucial to organizational success. Companies that thrive in the digital world typically allocate significant resources to the development of digital marketing strategies. In the process, organizations can reach customers across various digital platforms, driving positive revenue gains and improved conversion rates.
From a higher-level standpoint, marketing strategy is the process of identifying specific marketing goals. An overall marketing strategy will highlight achievable goals for both traditional (print, radio, broadcast) and digital channels. Using established strategies and goals, compelling marketers will evaluate various marketing tactics necessary to achieve those strategic goals.
Digital marketing strategy involves an assessment of specific goals that are achievable through online channels. In an era when many consumers transact business on their mobile devices, a well-executed digital marketing strategy can be crucial to organizational success.
In this context, it is important to audit the current state of an organization’s media assets. Viewed through a macro lens, this means that marketers need to evaluate their organization’s owned, paid, and earned media:
Ultimately, a digital marketing strategy will seek to maximize the impact of owned, paid, and earned media in the digital world. Consequently, these marketing strategies will encompass multiple channels and approaches — spanning website content and blogs as well as online advertising, testimonials, and reviews. At the end of the day, a digital marketing strategy will change based on the type of business and industry in question.
Whereas marketing strategy involves identifying goals, marketing tactics represent the specific steps or actions needed to achieve those goals. In the process of creating a marketing strategy, it is necessary to create tactics as well to delineate the plan and the timelines. Otherwise, it may be difficult — if not impossible — to properly execute a marketing strategy and achieve marketing goals.
Digital marketing campaigns are also vital to evaluate in this discussion. These digital campaigns involve the execution of marketing strategies across all of an organization’s digital channels. The marketing tactics used to execute these campaigns often vary by channel, audience, and other factors. But an effective digital marketing campaign will reflect a substantially similar message across multiple channels.
There are countless digital marketing tactics in existence, often adjusting to meet the varying organizational goals and marketing strategies. But there are several common digital marketing tactics that many organizations employ successfully, including:
Taken as a whole, there are many different marketing tactics that organizations employ every single day. Successful marketers are able to clearly identify goals and then choose appropriate tactics to achieve those goals, while maintaining focus on overall strategy, business needs, and budget constraints.
As explored in more detail below, it is possible to create an effective digital marketing strategy by adhering to this five-step process: (1) Conduct SWOT analysis; (2) Establish SMART business goals; (3) Engage in market segmentation; (4) Create buyer personas; and (5) Identify budget constraints.
A cornerstone of marketing strategy, SWOT analysis is an acronym for Strengths, Weaknesses, Opportunities, and Threats. From this standpoint, SWOT includes both internal (strengths/weaknesses) and external (opportunities/threats) components:
Another popular acronym in the marketing strategy context, SMART refers to business goals that are Specific, Measurable, Attainable, Relevant, and Timely. By establishing SMART business goals, organizations can help ensure that their marketing strategy moves forward in a positive direction.
In order to establish SMART business goals, marketers and leaders should evaluate the following questions:
Market segmentation is usually a vital piece of an effective digital marketing strategy. This practice involves dividing an organization’s target market or audience into smaller groups. By segmenting an entire customer base into digestible pieces, it becomes easier to tailor unique marketing tactics to each market segment.
Within the sphere of market segmentation, organizations typically start with four categories:
Often utilized in conjunction with market segmentation, buyer personas are fictional profiles that represent the customer. Buyer personas are particularly helpful in helping to understand a company’s customers — whether existing, prospective, or desired. Correspondingly, buyer personas vary greatly from industry to industry and organization to organization.
As noted above, it is common practice for marketers to unify buyer personas with market segmentation initiatives. In doing so, marketers attempt to create profiles of ideal customers based on demographic, firmographic, psychographic and behavioral data. In that way, organizations can individually customize their messaging, products, and services to match each different buyer persona and market segment,
Fundamentally, commercial and nonprofit organizations of every flavor must ensure that they budget appropriately to roll out an effective digital marketing strategy. Even the best marketing strategies and tactics are dependent upon adequate cash flow. Consequently, it is vital for organizations to think realistically about their budget to determine which marketing tactics are achievable and affordable.
The components of an ideal digital marketing strategy can fluctuate greatly from organization to organization. After all, the overall business directives and specific marketing goals will reflect differences, often based on culture, product offerings, revenue targets, and the like.
But by aligning multiple strategies and tactics with SMART business goals and segmented buyer personas, businesses of all shapes and sizes can enjoy the benefits of digital marketing. Though the precise benefits do vary based on the amount of resources dedicated to digital marketing strategies and tactics.
For startups and small businesses, digital marketing strategy will likely focus on cost-effective tactics to meet organizational goals. These organizations can leverage SEO, SMM, and content marketing at a low cost to realize digital marketing goals. The lower barrier to entry and cost for these tactics enables organizations of every shape and size to take advantage.
As organizations grow, their marketing and advertising budgets typically expand in kind. Accordingly, the potential benefits from effective marketing tactics can increase exponentially through overlapping marketing, advertising, and public/investor relations campaigns. Add this all together, and organizations that dedicate significant budget and resources to digital marketing can reap tremendous rewards.
The world is changing everyday! Don’t miss the latest trends in Creativity, Marketing and Business! We will bring the whole world to you.