Ever Since the Rise of Google and Facebook
Ever since the rise of Google and Facebook, digital marketing has been on an unrivaled growth trajectory. In 2019, for the first time ever, digital advertising revenues overtook traditional revenues in the US.
To further cement this inflection point, the larger global macro-trends that have facilitated this historic growth have been turbo-charged by the global Covid pandemic. According to PwC, digital will continue to grow at the expense of traditional offline channels for the foreseeable future (see chart below).
As the Coronavirus pandemic continues in 2021, consumer behavior is shifting from legacy ‘bricks and mortar’ commerce, towards online e-commerce. Simply put, we’re swapping bricks for clicks.
These broader themes are accelerating marketing trends too, most notably in the direct-to-consumer space, as marketers rush to capitalize on the e-commerce boom. It’s fair to say, that now more than ever, a good digital marketing strategy is critical to the success of your business. So how do you create a good digital strategy?
What makes a good digital strategy?
Google defines a strategy as 'a plan of action designed to achieve a long-term or overall aim'. Indeed, a good strategy is as much about deciding what you should do, as it is deciding what you shouldn’t do. It’s also worth pointing out that your digital marketing strategy should be viewed as part of a wider marketing strategy and not in isolation.
While Google’s definition rings true of all strategies, there are specific nuances that can be applied to a digital marketing strategy that reflect the unique strengths of the digital landscape. These include the collection of customer data and audience targeting.
So now you know what digital marketing strategy is, how do you create the right strategy for your business? There are 5 parts to an effective digital marketing strategy. They are objectives, insights, plans, activation and measurement.
Let’s start with objective . . .
Objectives
Most marketing objectives fit into 3 categories. They either increase sales, increase awareness, or change behaviors. The truly exceptional marketing campaigns achieve all three.
The first step towards an effective strategy, is a clear understanding of your objective. A good digital strategy simply outlines how best to get you from A (where you are) to B (where you want to be). It’s the horse that leads the cart.
So be clear on your objective and the timeline required to achieve it.
Insights
Actionable insights are the foundation of successful marketing campaigns. They enable optimization and improve effectiveness. To generate actionable insights, you need to analyze audience data. Understanding your audience, what media they consume and what motivates them is key to ensuring your best chance of success. Remember, the more you understand your audience, the better you can communicate with them.
These insights will directly influence your marketing plan.
Plan
Now that you know your objective and fully understand your audience, you need a marketing plan. Your marketing plan should balance cost of audience acquisition against potential for ROI (return on investment). Your insights will inform channel selection and help you refine the right message for your audience. This will help minimize wastage and improve your chance of success.
Activation
Now you have a marketing plan, it’s time to put it into action! Hiring the right people is essential. Whether you choose an agency like Sprout Strategy or freelancers, you will need access to talent, particularly Paid Media, Social, SEO and Content specialists. We have that!
Measurement
What does success look like to you? Is it a sales boost, more sign ups or greater traffic to your website? To understand the success of your marketing you need to be able to measure it. You should choose your KPIs (Key Performance Indicators) at the same time you confirm your objectives. This will ensure your plan is tailored to maximize results against your KPIs.
Conclusion
The digital landscape can seem complex at first. But creating a great digital marketing strategy, and sticking to it, will give you the best chance of success.
The world around us is changing, fast. Let’s make sure your business is ready for that change. Contact shannon@sproutstrategygroup.com today to get started. 907.390.7287.