Learn how to develop a profitable digital advertising technique in four straightforward steps
According to Smart Insights, 45 percent of companies don't have a clearly defined strategy for digital marketing. 17 percent of companies have a digital marketing strategy that is separate from their marketing plan.
This means that 62 percent of companies are unprepared.
They don't have the strategy, tactics, or tools needed to market their business well. The bad news is that marketers are wasting 37 to 95 percent of their marketing budget. This is very common, but it doesn't have to be. When you have the right digital marketing strategy in place, growing your business will be easier.
If you feel unprepared, don't worry.
Today we're going to cover the important pros and cons of a successful digital marketing strategy.
Why you need a digital marketing strategy
Your digital marketing strategy gives your company the direction. With a plan, you have the details you need to keep your business growing steadily. Your digital strategy document should:
- Define your short and long term goals
- Show who your customers are
- Show where you can find them
- Describe what you need to get your customers' attention
- Offer a step-by-step plan to grab and keep customers' attention
- Show how you can analyze and improve marketing performance
Is it worth creating a strategy document? The CoSchedule State of Marketing Strategy Report found successful marketers:
- Document your digital marketing strategy. Marketers who document are 538 percent more likely to succeed than those who don't.
- Document your marketing processes. Those who do so are 466 percent more likely to consistently achieve success over time than those who don't.
- Successful marketers set goals. Goal-setters are 429 percent more likely to report success than those who don't. 81 percent of these marketers achieve their goals; 10 percent of organized marketers always achieve their goals.
- Successful marketers study their audience. These marketers are 242 percent more likely to conduct audience searches four times a year. Almost 60 percent of the elite marketers featured in their study conduct audience research once or several times a month.
It seems too good to be true, but it actually is.
The more time you spend thinking about your goals, getting to know your audience, and planning how to handle your digital marketing, the more likely you are to succeed.
What should be included in your digital marketing strategy?
I've already given you a little insight, did you understand?
To be successful, your digital marketing strategy should focus on four specific areas.
- Definition of goals, targets and key performance indicators (KPIs)
- Understand and define your audience
- Create and implement your digital marketing strategy
- Review and improve your marketing campaigns
You want to break down each of these areas in enough detail so that you (and your team) can work properly with each of these areas. In each of these areas, you should have a pretty clear idea of:
- The information, tools, and resources you need to create a plan
- Who is responsible for creating your plan?
- Who is responsible for implementing your plan?
- The KPIs and metrics that you will use to measure the success (or failure) of your plan
- The tools and resources you need to implement and improve campaign performance
Each of these points must be clearly defined for the above four steps.
Let's take a closer look at these four areas and let's break things down a little more clearly.
1. Set goals, objectives and KPIs
This step is about choosing what you want.
Planning your marketing strategy starts with setting quantitative and qualitative goals. You also want to set KPIs. These goals are similar to the railroad tracks that will keep your digital marketing strategy on track.
What is the difference between qualitative and quantitative goals?
G2 has a very helpful way of defining these, so I'll rewrite their definition here.
Quantitative goals can be counted, measured, or displayed using numbers. Goals like increasing your monthly recurring income by 15 percent or increasing your conversion rate by 3 percent are good examples of quantitative goals. Qualitative goals are abstract, descriptive, or conceptual – these goals are usually associated with the question "why". Goals such as increasing customer trust or improving brand awareness are examples of qualitative goals. They are difficult to measure, but just as important.
You want to make sure that your goals are:
- Demanding, realistic and achievable
- Tied to your company's mission, vision and values
- Concise – 2-3 main goals 3-5 supporting goals
- Specific, clear and timely
- Broken down into smaller, step-by-step milestones
Your goals are important but difficult to achieve if you don't have a step-by-step plan to follow. This is where milestones come into play. Milestones are tactical. They are great because you can use them to get your goals done quickly.
What about KPIs?
Scoro has a list of 136 KPIs that you can use to speed up your planning. I've listed some of the most common examples that you can use below.
- Unique visitors per day / month
- Pages per visit
- New leads per day / month
- Qualified Leads Marketing (MMS)
- Conversion rates
- Churn / attrition rate
- Cost per conversion
- Conversion rate per keyword
- ROI per content
- Click through rate for paid advertising
Focus is really important.
It will be difficult to focus on many metrics at the same time. Instead, you want to focus your attention on a small number of really meaningful KPIs and metrics.
Which are useful?
These are the KPIs that have the greatest impact on your business, that will generate consistent returns or a large amount of cash for your business. You're looking for 20 percent of the KPIs and metrics that provide 80 percent of your results.
It's a pretty easy start.
If you're not sure which KPIs to focus on, start with the common KPIs and metrics that directly affect your business. These are usually metrics that focus on traffic, conversions, and optimization.
2. Understand and define your target audience
You know what your goals are. Now you need to find out the same things for your customer. This step requires some preliminary research, but the success (or failure) of your digital marketing strategy starts here.
Think about it.
When you find the right customers that people are excited to buy your product, selling will be a lot easier. It's especially easier when you understand what they want and how you can sell to them. To do this, you need information about the demographics and psychographics of your customers.
What are you trying to find out
- The size of your market: You want to find out some important details about your market – new or established, niche or mainstream, broad or specialized. You want to find out who are the main and minor players, market expectations, areas that may bother you, and the financial benefits in your specific market.
- Who your customers are: Are you targeting new mothers, weekend warriors who are active on the weekends? You should have a basic idea of the customer you are targeting. Focus on a specific niche i.e. H. Wealthy Travelers, Budget Conscious Fashion Fans? Use previous sales, competitive research, and market research sources like Ubersuggest and Google Trends to find the answer.
- Where they spend their time: Your customers have specific meeting points. Web developers spend their time on sites like ArsTechnica, Reddit, SitePoint, etc. New moms spend their time on sites like Babble, CafeMom or Bundoo. If you know where your customers want their time to be, you have a pretty good idea of the channels to target and the content to use.
- What they consume: This overlaps a bit with the place where they spend their time. If there is an overlap, you want to break down the differences even further. For example, your customers might spend a lot of time on Reddit, but that doesn't tell you what they are consuming on Reddit. They spend their time on Reddit; The subreddit r / RobinHood is what they consume. See the difference You are told of their specific interests and desires; The other focuses on the location.
- Why you buy: Your customers don't buy for the same reasons. Sources like online reviews are a great way to get really helpful and detailed feedback on why customers are buying from customers themselves. You can also use tools like polls or polls to get answers. You are not looking for an individual answer. You're looking for trends.
- Where and how to buy: Do customers shop offline in your store and then order online from Amazon? Perhaps your customers prefer a one-time purchase over recurring payment options? Knowing when and how your customers are buying enables you to tailor your marketing to their expectations. Perhaps that means convincing customers to do something else or stick to market expectations.
- What to buy: Online reviews are also helpful here. If you are a new business, you can start with reviews from competitors. Go through your competitor reviews and make a list of the concerns that were addressed in each review. Look for customer objections, technology issues, complaints, reputation issues, and issues that customers found deal breakers. If you have reviews of your own, you can do the same there.
Do you remember the research I shared earlier?
Elite marketers study their audiences and do audience research once or more times a month. This step is important as it gives you the directions you need to create a successful digital marketing strategy. Target group research shows you how you can convince your customers.
This is not rocket science.
But it takes more effort than most companies are willing to give.
Most companies assume that they already know their customers. They believe they know what their customers want and how best to contact them.
You can be right.
However, the data they have about their customers changes frequently. Consistent research is the only way to stay current on what your customers actually want. At this point you are ready for step three.
3. Create and implement your digital marketing strategy
When 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 are best for your business. There are many digital marketing channels that you can choose from.
You can focus on:
- Content Marketing
- Show ads
- Online video
- Television commercials
- Cell phone ads
- Channel partnerships
- Social media advertising
- Podcasts and radio advertising
- Print advertising
In fact, there are 51+ different marketing channels you can use to promote your business. Which one should you use?
There are a few ways you can accomplish this.
- Invest in the channels your customers use (e.g. search, social media).
- Invest in the channels that give you independence and control (e.g. email, partnerships).
- Investing in the channels that are most common / popular (e.g. SEO, PPC, social media)
First, test the channels where there is more overlap.
If your customers are using popular channels like Google Search or Facebook, these are good starting points. If you're looking for a channel that gives you maximum control and works well with other channels (i.e., email), that's where you can start.
Don't forget to test.
Testing shows you what works. The tools you use for testing will usually match the channel (e.g. email comes with analytics. Google offers Google Analytics, etc.). Typically, once you've identified the marketing channels that are best for your business, you can branch out.
You are looking for stability.
You want two to three channels to work well before adding more. Once you've identified your channels, use the data you gathered in Step 2 to create the type of marketing content that will go well with the customers you've identified.
Your content should:
- Get their attention
- Be fascinating
- Discuss a problem or challenge
- Offer a solution to the problem or challenge you just identified
Here is another important detail. The research you've done should help you create a strong value proposition that is the "Why Me?" Question. Your value proposition is basically a promise. This is the most important part of your marketing copy.
This gives your customers a compelling reason to do business with you.
Your value proposition sets you apart from the competition. This gives your business an unfair advantage and gives you an opportunity to attract more customers, increase customer loyalty, get higher prices and beat your competitors.
A detailed breakdown can be found here if you need help creating your own value proposition.
When you've followed the steps above, you should have the information you need to create amazing content that will attract customers.
4. Review and improve your marketing campaigns
If you can't measure your marketing, you can't improve it. One reason marketers waste 37 to 95 percent of their marketing budget is because of lack of measurement. Forrester's research found that between 60 and 73 percent of a company's analytics data is unused.
Companies don't know how to work with their data.
- They don't know what problems to fix
- They don't know what they have
- You can't see the value of your data
- They don't know how to evaluate or analyze their data
- Your data is not available to analysts who can use it
- There is too much data to go through and not enough people or time to use it
The other three steps aren't all that helpful if you can't see your marketing results. If you want to create a successful digital marketing strategy, you need a plan that will allow you to collect, report, and analyze the data.
You need analysts who can use your data to solve problems.
That's part of the problem.
Most organizations don't have the people or processes to handle this. This is why it is so important for businesses to get help. It is too much for most companies to deal with on their own – small, medium and large companies all struggle with these problems.
If this is the case for your organization, it might be a good idea to seek help from an agency.
You should be able to plan, implement and optimize your digital marketing strategy. If you can't, it is a good idea to get help with all or part of the process.
Almost half of the companies do not have a well-defined strategy for digital marketing. A smaller segment of the respondents didn't tie their strategy and marketing together. Most companies are unprepared; You are not ready to meet the requirements associated with creating your digital marketing strategy.
If you feel unprepared, don't worry. Use the information we discussed as a guide. Once you understand the pros and cons of planning, you can create a successful digital marketing strategy in four easy steps.