A digital marketing strategy can be defined as a set of targeted actions to create a plan to reach business goals. This is achieved by utilising digital channels and assets. This blog will guide you through the many benefits of digital strategy implementation to your business.
Firstly, a digital strategy can provide your business with valuable guidance. By instating measurable goals and objectives, your business can determine the best course of action. Tracking key performance indicators (KPI’s) can be a helpful tool. They measure and validate the success of your digital strategy. From here, you can adjust any any weaknesses you detect. Overall, your digital strategy will aid you in continuous improvement of the key aspects of your online marketing. It will also highlight where you are receiving your best results.
Connecting With Your Target Audience
It is getting easier to tap into global and new markets due to the universal use of smartphone technology and constant internet connection.
Implementing a digital strategy means that you will be able to connect better with your existing target audience. This will in turn allow you to gain a greater understanding of your audience’s online purchase behaviour as well as digital engagement. Once you have this insight, you will be able to refine your consumer profile, thus personalising your content and creating customised offers.
Engage Customers at Different Points of the Funnel
By implementing a digital strategy, you will be able to target consumers at a specific stage of the purchase funnel. Tailored marketing is optimal in three key aspects; the brand awareness stage, evaluation stage and final purchase decision. By adhering to the following ideas throughout your digital strategy, you will be giving your business the best chance of success:
Attracting a New Audience
At the top of the funnel is the ‘Awareness’ aspect. This relates to engaging a new audience who may not currently be aware of your brand. Here, you could take a number of approaches to capture your target audience. By reaching a large audience with a specific demographic and geo-location through targeted digital advertising, you are benefiting from an increased consumer base.
Re-engage Existing Audience
Consumers who have purchased from your brand in the past, or expressed interest in purchasing are great targets for re-engagement. For instance, you can achieve this by marketing specific products which they have previously added to their Cart or Wishlist but have not made a purchase action. This way you know they have already shown some interest in your offerings they may just need that extra reminder or ‘push’ to re-engage them with your brand.
Continual Purchasing from Loyal Consumers
At the end of the funnel lies the ‘advocacy’ section where loyal consumers can share their approval of your brand through endorsement. You want these customers to leave reviews as well as encourage their networks to trust your business. In order to encourage this behaviour, you could offer a reward through a discount code or simply a few words of gratitude.
Customer Acquisition and Retention
Through planned out digital strategies you will also be able to acquire new customers. Your digital strategy will benefit your rate of customer acquisition if you ensure it is sustainable, targeted, flexible, and diversified.
Planning out your brand’s content will mean you are delivering relevant and high-quality posts. This will keep your current audience engaged. It is more worthwhile to retain your existing consumer base, rather than constantly working to replace consumers who have lost interest. Not only is this method more cost-effective, but it means consumers are more likely to transition into loyal customers who will advocate for your brand.
Increased Leads and Purchases
A digital marketing strategy will help you set targets and accountability for generating new leads and purchases. By doing so, you will find it easier to identify exactly what you need to complete at each point of the strategy to increase sales and leads. Through instating these assurances, this will ease your decision-making process and overall project management by making sure everything is completed with the best results.
Project management is an essential part of your digital marketing strategy as it will help you pinpoint all the tasks that will need to be done each month. Not only this, but it assists in streamlining your communication. By clarifying tasks and setting deadlines, it enforces accountability to complete tasks on time and to a high standard. Overall, this will promote increased work efficiency and better output.
Return On Investment (ROI)
It is important to remain conservative with your marketing budget in the event of any future problems arising. By having an grasp of how your digital budget is distributed on each social platform or search engine, you will be able to determine your return on investment (ROI). Having knowledge of these financial aspects will allow you to best optimise your digital strategy in accordance. The overall benefit being that you will have more control over your costs.
Although producing a content calendar and content bank is time-consuming itself, it will save you lots of time in the future. Doing this means that you have content ready to use, which you can schedule in line with optimal post times related to your target market. Not only is this a massive time-saver, but also a means of refining your digital presence.
Reporting will help you realise where you went wrong in previous months and what you need to do to improve. When marketing offline, it is hard to quantify the outcomes of your campaigns. On the other hand, digital marketing allows you to measure anything you need. Analytics and metrics are available on both social platforms and software.
In terms of evaluating metrics, it is important to prioritise important data such as Key Performance Indicators (KPI). These KPI’s are specific and measurable and are a response to business objectives that are defined in your digital strategy. Examples of effective KPI’s include:
- Return on Investment
- Customer Lifetime Value
- Click Through Rate
- Cost Per Click
- Customer Acquisition Cost
- Lead Conversion Rates
Stand Out From Competition
By optimising your digital marketing to target your preferred consumers, this will allow you to stand out from competitors. You can do this by effectively tracking your audience interests. In addition, a digital marketing strategy can help develop a strong brand identity which will streamline the process of your brand recognition.
Overall, it is crucial to implement a strong digital marketing strategy as this will benefit your business in many ways. At BUSINESSNAV, we develop tailored digital marketing strategies that help your business achieve its goals. Click here to discover how we can help optimise your digital marketing today.