According to Smart Insights, 45 percent of companies don’t have a clearly defined digital marketing strategy; 17 percent of companies have a digital marketing strategy in place, but it’s separate from their marketing plan.
This means 62 percent of companies are unprepared.
They don’t have the strategy, tactics, or tools they need to market their business well. The bad news is that marketers waste 37 to 95 percent of their marketing budget. This is really common, but it doesn’t have to be; if you have the right digital marketing strategy in place, growing your business is easier.
If you’re feeling unprepared, don’t worry.
Today we’re going to cover the important ins and outs of creating a winning digital marketing strategy.
Why You Need a Digital Marketing Strategy
Your digital marketing strategy gives your company direction. With a plan in place, you’ll have the details you need to help your company grow consistently. Your digital strategy document should:
Why go to all the trouble?
Is it worth the time to create a strategy document? CoSchedule’s State of Marketing Strategy Report found winning marketers:
It seems too good to be true, but it’s actually the reality.
The more time you spend thinking about your goals, getting to know your audience and planning how you’ll approach your digital marketing, the more likely you are to achieve success.
What Should Be Included In Your Digital Marketing Strategy
I’ve already given you a sneak peek, did you catch it?
To be successful, your digital marketing strategy should focus on four specific areas.
You’ll want to break each of these areas down in enough detail so you (and your team) can work with each of these areas properly. With each of these areas, you should have a pretty clear idea about:
Each of these points needs to be defined clearly for the four steps areas above.
Let’s take a closer look at these four areas and break things down a bit more clearly.
1. Setting Goals, Objectives, and KPIs
This step is all about deciding what you want..
Planning your marketing strategy begins with setting quantitative and qualitative goals; you’ll also want to set KPIs. These goals are sort of like the railroad tracks that keep your digital marketing strategy on the right track.
What’s the difference between qualitative and quantitative goals?
G2 has a really helpful way of defining these, so I’m going to paraphrase their definition here.
Quantitative goals can be counted, measured, or displayed using numbers. Goals like increasing monthly recurring revenue by 15 percent or boosting your conversion rate by 3 percent are good examples of quantitative goals. Qualitative goals are abstract, descriptive, or conceptual — these goals are usually tied to the question “why.” Goals like increasing customer trust or improving brand reputation are examples of qualitative goals. They’re difficult to measure but just as important.
You’ll want to make sure that your goals are:
Your goals are important, but they’re difficult to achieve if you don’t have a step-by-step plan to follow. That’s where milestones come in; milestones are tactical. They’re great because you can use them to move towards your goals quickly.
What about KPIs?
Scoro has a list of 136 KPIs you can use to jumpstart your planning. I’ve listed a few of the more common examples you can use below.
Focus is really important.
It’ll be tough to focus on lots of metrics at once. Instead, you’ll want to focus your attention on a small number of really meaningful KPIs and metrics.
Which ones are meaningful?
They’re the KPIs that have the biggest impact on your company, the ones that generate consistent returns or a large amount of cash for your company. You’re looking for the 20 percent of KPIs and metrics that produce 80 percent of your results.
That’s a pretty easy place to start.
If you’re not sure which KPIs you should focus on, start with the common KPIs and metrics that have a direct impact on your business. These are typically metrics that focus on traffic, conversions, and optimization.
2. Understanding and Defining Your Audience
You know what your goals and objectives are. Now you need to figure the same things out for your customer. This step requires some upfront research, but the success (or failure) of your digital marketing strategy starts here.
Think about it.
If you find the right customers, the people are excited to buy your product, then selling is a whole lot easier. It’s especially easier if you can understand what they want and how you can go about selling to them. So to do that, you’ll need information on your customer’s demographics and psychographics.
What are you trying to figure out?
Remember the research I shared earlier?
Elite marketers study their audience, conducting audience research once or more per month. This step is important because it gives you the instructions you need to create a winning digital marketing strategy. Audience research shows you how to persuade your customers.
This isn’t rocket science.
But it requires more effort than most companies are willing to give.
Here’s why.
Most companies assume they already know their customers. They believe they know what their customers want and the best ways to approach them.
They may be right.
But the data they have on their customers changes often. Consistent research is the only way to stay on top of what your customers actually want. At this point, you’re ready for step three.
3. Creating and implementing your digital marketing strategy
If you’ve done your homework, you should have the building blocks you need to create a well defined digital marketing strategy. You should be able to identify the marketing channels that will work best for your business. There are lots of digital marketing channels you can choose from.
You can focus on:
In fact, there are more than 51 different marketing channels you can use to promote your business. Which one are you supposed to use?
There are a few ways you can approach this.
Start by testing the channels where there’s more overlap.
If your customers use popular channels like Google search or Facebook, those are great places to start. If you’re looking for a channel that gives you maximum control and works well with other channels (i.e., email), you can start there.
Don’t forget to test.
Testing shows you what works. The tools you use for testing tend to be consistent with the channel (e.g., email comes with analytics. Google offers Google Analytics, etc.). Typically, you can branch out once you’ve identified the marketing channels that perform best for your business.
You’re looking for stability.
You want to get two to three channels working well before you decide to add more. Once you’ve identified your channels, use the data you’ve collected in step two to create the kind of marketing content that fits well with the customers you’ve identified.
Your content should:
Here’s another important detail. The research you’ve done should help you create a strong value proposition that answers the “why me?” question. Your value proposition is basically a promise. It’s the most important part of your marketing copy.
It gives your customers a persuasive reason to do business with you.
Your value proposition sets you apart from the competition. It gives your business an unfair advantage, and it gives you the opening you need to attract more customers, increase customer loyalty, command higher prices, and beat your competitors.
Here’s a detailed breakdown if you need help creating your own value proposition.
If you’ve followed the steps I’ve mentioned above, you should have the information you need to create amazing content that draws customers in.
4. Auditing and improving your marketing campaigns
If you can’t measure your marketing, you can’t improve them. Part of the reason marketers waste 37 to 95 percent of their marketing budget is the lack of measurement. Forrester’s research stated that between 60 – 73 percent of a company’s analytics data goes unused.
Companies don’t know how to work with their data.
The other three steps aren’t all that helpful if you can’t see your marketing results. If you’re going to create a successful digital marketing strategy, you’ll need a plan that helps you to capture, report, and analyze the data.
You’ll need analysts who can use your data to solve problems.
That’s part of the problem.
Most companies don’t have the people or processes in place to handle this. This is why it’s so important for businesses to get help. It’s too much for most companies to handle on their own — small, medium, and large companies all struggle with these issues.
If this is the case for your organization, it may be a good idea to get help from an agency.
You should be able to plan, implement, and optimize your digital marketing strategy. If you can’t, it’s a good idea to get help with all or part of the process.
Almost half of companies don’t have a clearly defined digital marketing strategy in place. A smaller segment of respondents haven’t connected their strategy and their marketing. Most companies are unprepared; they’re not ready to handle the requirements that come with creating their digital marketing strategy.
If you’re feeling unprepared, don’t worry; use the information we’ve discussed as a guide. If you’re aware of the ins and outs of planning, you can create a winning digital marketing strategy in four easy steps.
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