Visit following link for insight into Digital Marketing Strategy:
Visit following link for insight into Digital Marketing Strategy:
List of 5 hyperlinks referred in video:
Recently, came across to excellent webinar by David, in which wisdom of measuring return on investment in digital marketing is shared. Personally, find it very useful and pragmatic, owing to this decided to share it with you.
It has four easy and logical steps from ‘defining objectives’ to ‘measuring metrics’, then of to ‘DIY Model’ followed up by ‘Focus on KPIs’. Furthermore, in measuring metrics, four kinds of matrices are advised ‘Audience’, ‘Social Channel Engagement’, ‘Universal Engagement’ & ‘Financial’. Lastly, seven habits of agile marketing model were shared to put pragmatism in the approach of developing digital marketing strategy.
Overall, this webinar is a collection of methodology, tactics & approach, making it complete package for digital marketing professionals.
Enjoy learning from this video 🙂
Digital marketing is in vogue, and most of the businesses worldwide, are adopting this dimension of marketing just to earn status symbol of being “Innovative Organization”. Owing to this adhoc approach, decision of indulging into online marketing unfolds unpleasant surprises upfront. In this blog post, we will unearth some of the significant challenges faced by the companies in implementing digital marketing strategies. Awareness of these potential pitfalls may lead to plan contingencies and risk management strategies, before diving into Digital Marketing. However, this is no doubt that digital platform is the bigger stage for marketing, but at the same time if you get it wrong then it will become the reason of your rapid descend as well!
This is one of the key risks in digital marketing, as technology and search engine algorithms are changing with high frequency making digital marketing strategies redundant. Therefore, it is vital to tackle this risk by incorporating mitigation or transferring tactics. Another approach to confront this problem is to make short spanned milestones, which collectively over a considerable period realize strategic goals (may be after one to five years). Thus, mathematics concepts of “Integration” and “Derivation” hold the key for digital marketing strategies.
Diversified Customer Relationship Channels:
Another challenge, which marketers face in digital marketing, is plethora of social networking sites on which they have to interact with customers. Legacy marketing use to revolve around TV and print media for communicating brand value but it is not the case anymore. Organizations need to broaden their presence base across all major or desired social networking sites to keep the reach for their digital endeavors. Furthermore, social networking is not the only fragment, on which digital consumers are present, mediums like search engines, Emails, SMS, Digital Billboards are the other platforms on which virtual interactions are required. Since, there are many channels of engagement for the marketers and it is impossible to keep presence on all mediums, this call for intelligent selection of channels as per the product/service nature.
Organization Readiness for Embracing Digital marketing:
This is the area, which is usually neglected. To introduce change in any system it is vital to make necessary arrangements, in-order to make that system compatible with change. For instance, if business does not possess content writers, bloggers and social media strategist etc. in their line-up and these functions are left on the individual who does not possess the required capabilities, then that system is bound to fail. Moreover, if website does not comply with web 2.0 frameworks, and social networking page is created on social networking website, then instead of increasing brand value it will start diminishing it, as being not share-able on social networks. Hence, it shows clearly that organizations must assess their readiness before entering into digital market.
About a decade ago, there was historic transition in software development industry where Java introduced platform independent programming language. Now is the time when marketing world is facing the same dilemma and there is a requirement of device independent marketing strategies. Further to illustrate, if some company has designed and created an impressive landing page on its website for the promotion of one of its product. However, that landing page has no mobile interface then that company wills failure out on the opportunity not being on the smart phones. Similarly, if website is not tested on all web browsers of computers, tablets or smart phones then it is relying on luck to get beneficial results of the campaign. Therefore, it is pertinent to have device independent approach in all digital marketing strategies to bear successful outcomes.
Lack of international standards in Digital marketing:
Digital marketing alone cannot achieve ultimate objective of marketing, there is a need of Hybrid approach, which combines legacy with digital marketing. There are not international standards like those that we do have in marketing or for that matter in other professional bodies; this adds further grief on the problem. Since, we cannot control this dimension so it is always advisable to make appropriate practices by combining several standards of marketing and information technology.
Digital marketing may turn out to be “Curse in disguise!” because the principle of digital marketing is word of mouth significance and what if it comes from one of your irritated customers. This will lead companies to catastrophe like the famous case of “DELL-HELL”, where one of its customer turn out to be a blogger who ruined DELL reputation on digital landscape with alacrity. Beware of this risk and always look out for the irritated customers and resolve their irritants by rectifying the problem. Contrariwise, this is a favorable dimension for digital consumers having the ability to effect companies brand value and will contribute in raising the level of customer satisfaction.
Overabundance of Data for Analysis:
Moving onto the most touted challenge as we speak; there are almost infinite number of data analytic approaches and software in the marketplace. Without any doubt, the king of analytics is “Google Analytics” for the website and “WordPress Analytics” for blogs. However, the reason for mentioning it as challenge is that the size of the data is huge. To maintain this data for some time is a real overhead, as higher storage is required, Confidentiality-Integrity-Availability of data, Security and safety requirements and last but not the least, integration of all data analytic to assist in making marketing decisions.
Communication with Stakeholders:
Coming to the end of our list of challenges, as a rule in management; communication is the make and break for all businesses. When it comes to digital marketing this is the area where you find most difficulties. Because, it is a relatively new phenomena and there are not more tangible examples to refer in your communication with stakeholders like bosses or investors. This leaves ample task and skill on the marketers to convince their bosses to take decision in their favor but most of the time it gravitates towards the other side. It is recommended, that consistent pursuit and comprehensive details are the two pillars of getting the verdict in your favor and there is no elixir of life, which will fix this problem all of sudden.
Finally, to recapitulate, this is not the complete list of the problems but certainly one of the top most challenges faced by marketing professionals in recent times. Purpose of this blog post is not to discourage anyone, rather it’s a heads up call for all of us.
Ingenious framework for digital marketing strategy development; SOSTAC ® marketing planning model guide is one of the corner stones in digital marketing arena. One of the key strengths of SOSTAC is that it is logical and pragmatic framework to follow and provides ease in communicating to the stakeholders as they grab the concept easily. However, when you start thinking in implementing this framework, you need further help of techniques and guidelines. Focus of this blog post is to throw light on the synergy of SOSTAC, BABOK V2, IELTS and Swarm Intelligence.
SOSTAC recommends, conducting Situation Analysis as a first step in strategy development lifecycle. Suggested elements include customer insights, market trends and internal capabilities etc. BABOK V2.0 provides process and techniques to determine business needs, which are derived from customer needs, or at times business needs are customer needs itself. Relevant domain in BABOK is Enterprise Analysis and Elicitation. Aforementioned domains have documented processes and related techniques to perform activity in a professional manner. Techniques such as, Benchmarking, Brainstorming, Lessons Learned Process, Root Cause Analysis, User Stories, SWOT Analysis, Risk Analysis, Document Analysis, Focus Groups, Interface Analysis and to name but a few. Moreover, Business Analysis Planning and Monitoring comes handy in the phase of Control or Strategy in SOSTAC. Requirement management and communication is the field, which will be required in managing and communicating requirements to stakeholders. There is another blog which provides insight to BABOK in digital marketing.
As per SOSTAC phase of Tactics there is a requirement of Content Plan and for that, IELTS guidelines should be utilized in order to exploit maximum benefit from established processes and standards, instead of re inventing the wheel. This topic was covered in depth in one of my recent blog posts “Rules of IELTS in creating content anatomy to get social media friendly!”
Another aspect of successful digital marketing strategy is conceiving marketing network. Digital marketing works on digital gadgets and virtual interactions are conducted. Critical success factor in implementing digital marketing strategy lye’s in efficient and cost effective implementation of marketing network. Inception of social media marketing in digital marketing arena, compelled us to develop such kind of network, which self organizes and utilize intelligence of millions of users in the shape of influence-rs or brand ambassadors or product reviewers. I suggest swarm intelligence as a guiding principle in implementing such type of networks and series of blog posts are already written on the subject. Quick links to all these blog posts are given below to explore:
Finally, I highly encourage to leave comment on the post as this is an endeavor to seek pragmatic solution to develop and implement effective digital marketing strategy!