A strong digital marketing strategy is essential for organizational success in today’s age of technology and business. Digital marketing strategies are a key component of companies that succeed in the digital age.
Here at ACG Digital Marketing we offer a range of digital marketing solutions to help you grow your business.
What is the best way to build a digital marketing strategy?
This five-step process will help you create an effective digital marketing strategy.
- Do a SWOT analysis
SWOT analysis, which stands for Strengths and Weaknesses as well as Opportunities, and Threats, is a cornerstone of marketing strategy. From this stance, SWOT includes both internal (strengths/weaknesses) and external (opportunities/threats) components:
Strengths — These are internal factors that can help an organization achieve and possibly exceed its goals. High sales and profits, customer loyalty, and an attractive brand/culture are all examples of strengths.
Weaknesses — Weaknesses refer to internal factors that hinder businesses from reaching their goals. You can find weaknesses in poorly marketed products and services, frequent customer complaints, high employee turnover, inadequate funding, or supply chain problems.
Opportunities — These are external opportunities that could help an organization succeed in its future. Opportunities can be described as changing attitudes, legislation, trade agreements, or the removal of tariffs/sanctions.
Threats — These are potentially dangerous, external situations that could harm an organization in the future.
- Establish SMART Business Goals
Another common acronym in marketing strategy is SMART. It stands for Specific, Measurable. Attainable. Relevant. And Timely. Organizations can ensure their marketing strategy is moving in a positive direction by setting SMART business objectives.
Marketers and leaders need to answer the following questions to set SMART goals.
Specific — What are you trying to accomplish, why is this important and what will it take?
Measurable — How does the individual track and measure progress in meeting deadlines and achieving the end goal?
Attainable — Is the goal achievable based on current constraints and available resources?
Relevant — Is the end goal-relevant in light of current business realities and the overall environment?
Timely — When should the audience expect to see progress towards the goal? What are the immediate benefits versus those that can be expected?
- Participate in Market Segmentation
Market segmentation can be a crucial part of a digital marketing strategy.It is easier to create unique marketing strategies for each market segment by segmenting a customer base.
Organizations typically begin with four categories when segmenting a market.
Demographic — Demographic segmentation is done in the context of business-to-consumer, or B2C. It focuses on individual characteristics.
Firmographic — Firmographic Segmentation is done in the context of business-to-business (B2B), and focuses on organizational characteristics.
Psychographic — Psychographic segmentation is possible in both B2C and B2B settings. Psychographic segmentation looks at factors like personality, opinions, and goals to help you classify prospects.
Behavioral — This can be done in both B2C and B2B settings. To classify prospects into different categories, behavioral segmentation uses factors like purchasing history, brand loyalty, or usage patterns.
- Create Buyer Personas
Buyer personas, which are fictional profiles of customers, are often used in conjunction with market segmentation. Buyer personas can be very useful in understanding the customers of a company, whether they are existing, potential, or desired.
- Recognize Budget Limitations
All commercial and non-profit organizations must budget properly to implement a digital marketing strategy. Companies need to be realistic about their budget to decide which marketing tactics are feasible and cost-effective.