Your digital marketing strategy is the series of actions that are going to help you achieve your goal(s) using online marketing. The term ‘strategy’ might seem intimidating, but building an effective digital strategy doesn’t need to be difficult.
In simple terms, a strategy is just a plan of action to achieve the desired goal, or multiple goals. For example, your overarching goal might be to generate 25% more leads via your website this year than you drove last year.
There’s a need to have a dedicated digital marketing strategy that results in a strong return on investment.
Because online marketing is so broad, it’s easier to look at your strategy as three distinct strategies that all share a common goal.
These strategies cover your Business, your Customer, and your Marketing. Now we’ll dig deeper into each of these. And my goal is to help you develop a cohesive online marketing strategy. And to do that, you’ll need to have a:
1.Business Plan – Understand the plan for your business at a high level.
2.Market Perception – How you intend to be perceived by your market.
3.Target Market – What that market actually is?
4.Digital Technology Usage – How your customers are using digital technology.
5.Channels – And what channels you’ll build into.
Having a clear and well thought out strategy keeps you focused. And it serves as your road map as you explore new marketing channels. Now there isn’t a one size fits all solution here, every business needs to create its own strategy.
Marketing Strategy – Individual marketing plans, each customized and tailored for goals for each audience segment we specify.
Audience: The audience we’ve narrowed down on, and would be targeting.
Channels: – It refers to channels we would be using to market on so as to reach our customers.
Marketing Media – Paid, Earned, Owned
If you’re selling sports goods online, the plan would be much different than that of a Fashion brand. Your strategy would vary, but the effort and focus are always to create a shared value. Shared value is when the goals of your customers overlap with goals of your business.
The entire marketing strategy should be made with shared value in mind.
Before your start with a digital marketing strategy, you need to ask yourself:
- Is your business digital?
- Do you have the right structure in place?
- Will your online marketing efforts fit into your existing process?
- Do you have the time necessary to maintain your strategy?
One of the big challenges of digital marketing is of keeping things up to date. You can plan an effective digital marketing strategy if you have a clear understanding of your business. You need to have a bird’s eye view of how to overcome roadblocks and hurdles to reach your destination in time and style. Your Digital Marketing strategy may or may not include every available Digital Marketing channel. You may use the channels we discuss, but at the same time, may find success in exploring other avenues that may not be part of core components.
Since the technology is constantly evolving, and availability of such wide array of choices, it becomes all the more important evaluate channels that I most sense to your line of business and add value to it. If you’re working with limited resources, you may have to prioritize the channels you want to start with, and if you’re exploring unfamiliar territories with a new channel, you might as well explore how it would impact your business day to day.
To do this, we would compute the effort required to build a presence on each channel, and value required to do so, and from there, we can plot them on a matrix. To do this, let take a look at four main channels of Digital Marketing..Once we’ve identified channels we would be using for Digital Marketing, let’s drop them into a table. Next, we’ll score the effort on a scale of 1-6. 6 Being most amount of effort, and 1 being the least. We’ll also score the value. Which of these will get us best ROI.
These scores may vary from business to business.
Your strategy document will be very individual to your business, which is why it’s almost impossible for us to create a one-size-fits-all digital marketing strategy template. Remember, the purpose of your strategy document is to map out the actions you’re going to take to achieve your goal over a period of time — as long as it communicates that, then you’ve nailed the basics of creating a digital strategy.
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