The Digital Growth Playbook to Dominate Your Industry in 2024

Visionary businesses go for challenges and seize opportunities as the marketing landscape evolves swiftly. This evolution can occur in any direction, from technological advancements to economic uncertainties. While organizations aim to scale through digitization, they often need to pay more attention to the power of brand building.

Instead, they adopt a repetitive, one-size-fits-all approach to strategic development. This poison kills your business. To lead the top charts, your company needs an action plan covering all aspects of competitive analysis, dynamic opportunities, and, most importantly, an in-depth audience analysis.

According to a case study, only 68% of leaders believe that their companies effectively craft annual strategic plans. Over 50% do not dedicate a partial day each month to strategy review; merely 10% feel they achieve two-thirds of their strategy objectives by year-end.

The most important part is using resources wisely for specific goals to justify and track your ad spending. Brands should rethink their plans for 2024, create a strong plan, and adjust the budget to handle the challenges and opportunities ahead.

Optimizing Digital Marketing Efforts for 2024

With an understanding of the digital leads required, it's time to ensure your digital marketing machine is calibrated for optimal ROI. Follow these steps:

Identify Top Digital Channels

Are your audience more engaged on social media, or do they respond better to email marketing? Your digital marketing efforts need to be based on a tailored approach to where your audience is most active.

Estimate Spend Per Digital Channel

Use historical data to determine the cost-per-lead for each digital channel, enabling you to allocate the necessary budget for effective digital marketing.

Strengthen Digital Infrastructure

Please ensure your digital workforce can handle the influx of leads and scale your business effectively.

Are you ready to make the most of these ad tech trends to beef up your marketing in 2024?

It is time again to look into the crystal ball and predict the direction that business and industry will take in the coming year. Despite economic challenges, specific technological and societal trends demand attention and are likely to drive innovation and investment. Let's dive into it.

Generative AI Strategy for Industry Leadership

• Industry leaders need to adopt a decisive generative AI strategy within the next five years.
• AI and machine learning are becoming integral for better customer experience and operational improvements in products and services.

Business Sustainability

• Customers prefer environmentally conscious companies, driving the need for sustainable business practices.
• Companies realize the profitability linked to green solutions.
• For example, Walmart's shift to an electric delivery fleet resulted in substantial cost savings.

Personalized Values for Customer Relationships

• Growing demand for personalized offerings drives multinational companies like from L'Oréal to Nike.
• Personalization at scale becomes common, strengthening customer relationships through tailored solutions.

Data Monetization and Strategic Utilization

• Companies see data as a valuable asset, refining operations and enhancing customer offerings.
• Monetizing data creates new business opportunities.
• Access to data and AI-driven analytics becomes more democratized, leading to widespread adoption across diverse industry sectors.

Customer-Centric Paradigm

• Customer experience places paramount importance on positive interactions.
• Its implementation includes personalized marketing, on-time delivery, seamless setup, and efficient problem resolution.
• Chief Experience Officer, it becomes common to integrate customer-centric principles into business strategies.

Diversity and Inclusion Mandate Amidst AI

• Ensuring diverse and inclusive campaigns becomes crucial as AI influences decision-making.
• The imperative for diversity and inclusivity is underscored as machines increasingly influence decisions impacting human experiences.

Scaling Through Digital Strategies: A Three-Year Roadmap

To grow your business, invest in a long-term marketing approach. You can start by setting clear goals for where you want your brand to be in the next three years. Make your brand goals specific, especially regarding digital revenue and profit targets.

Consider how your operations will evolve and anticipate changes in your digital customer base. Optimize it through data analytics, trend charts, and frequent social media listening.

Defining your digital marketing goals for 2024 and beyond is crucial for leading the digital space. Here are three key metrics from VMI business experts over a 36-month digital scaling cycle.

Digital Revenue and Profit Goals

Always strive for defined financial targets that form the bedrock of any growth strategy. By quantifying your ambitions, you can move forward with further strategic measures.

Digital Customer Landscape

Don't underestimate the power of digital customer base segmentation. Crafting experiences is beyond just making some sales. It's all about enriching your customers for the future. You can study digital demographics, group them, and build deep relationships with your existing and potential clients with a personalized approach.

Digital Growth Sources

Evaluate where you anticipate your digital growth. Will it be driven by new digital product lines, expansion, or increased digital market share?

"Companies that have clarity in their future vision are more likely to realize their digital objectives. They set clearer digital goals, make better digital decisions, and are better equipped to navigate the complexities of today's digital marketplace." - Brian Halligan, CEO of HubSpot.

Let's Decode the 2024 Digital Marketing ROI Goals

Once you've outlined your broader three-year vision, it's crucial to dissect it year by year, treating it as steps on a digital ladder leading to an apex in 2026. For most businesses, especially those engaged in B2B sales, it looks something like this:

Define Specific Digital Goals

Align these with your three-year digital vision, setting the stage for subsequent years.

Digital Customer Acquisition Metrics

Understand how many new digital customers you'll need to reach your digital revenue targets. Consider factors like the Lifetime Value (LTV) of a digital customer.

Retention Metrics in the Digital Realm

As Philip Kotler once said, "It's much more expensive to acquire a new digital customer than to retain an existing one."

Reassess your digital data -gathered over time - to understand customer churn rates. Once you figure it out, you can swiftly hop towards reducing it through:

• Understand why customers churn.
• Provide supporting resources and education.
• Make sure you're targeting the right audience for your products.
• Make the onboarding journey engaging and valuable to customers. While doing this, put more value on reconnecting strategies.
• Figure out the signs that a customer is likely to leave and take measures to optimize them.

Digital Leads Needed

The lead generation funnel has five main stages: awareness, interest, appraisal/desire, action/confirmation, and conversion.?

The secret sauce is that you cannot craft this funnel based on assumptions or inspirations. An in-depth analysis with your marketing partners catering TOFU, MOFU, and BOFU stages acquires the whole game.

Invest in marketing experts who can devise a full-funnel strategy for your business.

Preparing for a Fruitful Tomorrow

A well-thought-out growth strategy for 2024 and a justified marketing budget can be your North Star, guiding you through the unpredictable waters of the business world.?

The growth plan demands you to partner with marketing and business experts who deeply understand your industry and align your business goal with profitable digitization and ad-tech solutions.

As VMI navigates your way, your brand will be a success story. We ensure that every dollar you spend and every strategy turns out to be the utmost profit, both in value and numbers.