Before gatecrashing into digital marketing strategies, let’s first get familiar with marketing strategies and how it differs from a digital marketing strategy. Watch out guys! this understanding will help you decide the right implementation strategy. It could be one (marketing strategy) or the other (digital marketing strategy) or both. Well, Sortd doesn’t compromise; especially when our mission statement is customer satisfaction.
A marketing strategy demands a plan that enables you to meet specific marketing-related goals in a SMART way. Why do you need SMART goals? Well, your goals need to be Simple, Measureable, Achievable, Realistic, and Time bound. This approach takes into consideration the current business performance, the missing pieces, and the steps to accomplish the objective that you have set.
To dive deeper into this, let’s understand what is meant by a strategy? Irrespective of marketing or digital marketing, a strategy comprises of the following three parts:
A strategy doesn’t just define what you do. It’s as much about what you don’t do and what you shouldn’t be doing.
The basic marketing strategies that are commonly utilized by teams across a range of industries include:
Now that you’ve understood what a marketing strategy is, let’s see how it differs from a digital marketing strategy.
Digital marketing strategy
What is a digital marketing strategy?
A digital marketing strategy is a plan that helps your business achieve specific digital goals through carefully selected online marketing channels such as paid, earned, and owned media.
Creating a digital marketing strategy involves the following steps:
Build your buyer persona
Why do I need to know the gender, age, or job title of my target audience? How does it matter to me if the buyer is young or old? Well, if you want your marketing strategy to move in the right direction, it is important to gather and collect information about your buyer persona based upon real data. A mixture of customers, prospects, and people outside your contacts database must be a part of your research pool.
What kind of information should you gather to build your buyer persona? Although this may vary depending on the business and the product, listed below are some pointers that you use:
- Demographic data such as location, age, job title, income, and so on. You can use the web analytics tool to extract the location your website traffic is coming from. You can gather age and job details by identifying trends in your existing prospect and contact database. Sensitive information like personal income must be gathered via interviews.
- Psychographic information such as goals, challenges, hobbies, and priorities. Depending on what challenge your product or service solves, you may already have a fair idea of the goals of your buyer persona. Cement your assumptions by speaking to real customers and internal sales. Ask them about their hobbies and interests to inform future content and partnerships. Talk to them and find out what is most important to them in relation to your business.
Identify your goals and the digital marketing tools
Your marketing goals should always align to the fundamental goals of your business. For example, if your business goal is to increase revenue by 20%, a marketing goal that aligns with it could be to generate 50% more leads to contribute to that success.
Irrespective of what marketing goal is being implemented, you must be able to measure the success of your strategy along the way with the right digital marketing tools. A reporting dashboard that quickly determines what works and what doesn’t serve the purpose.
Assess your existing digital channels and assets
Evaluate your existing digital marketing channels and assets to determine what needs to be incorporated into your strategy. Collate and gather what you have, categorize each asset to get a clear picture of your existing owned, earned, and paid media.
- Owned media: Digital assets such as websites, social media profiles, blog content, or imagery that your brand or company owns.
- Earned media: Refers to the exposure you earn by word-of-mouth marketing. This can comprise of content you have distributed on other websites, PR work, or the customer experience you have delivered.
- Paid media: Refers to the channel you spend money on to capture the attention of your buyer personas. For example, Google AdWords, paid social media posts, native advertisements, or any other medium through which you pay in exchange for increased visibility.
Bring all the pieces discussed above together to form a cohesive strategy document. The document must list out the series of actions you are going to take to achieve your goals through online digital marketing.