Introduction of Digital Marketing Strategy

INTRODUCTION OF DIGITAL MARKETING STRATEGY

A strategy indicates the most advantageous direction for an organization to take over a defined period of time. It also outlines which tactics and means should be used to execute this direction. Originating as a military term, strategy is about using your strengths, as well as the context in which you are operating, to your advantage.

In marketing, strategy starts with understanding what the business wants to achieve, or what problem it wants to solve. It then considers the context in which the business and its competitors operates and outlines key ways in which the business and brand can gain advantage and add value. In the early days of TV, when the medium was new and not yet entirely understood, there were separate ‘TV planners’ who created a ‘TV strategy’ for the brand Over time, this was incorporated into the overall marketing strategy (as it should be).

The same has happened with digital. Digital thinking should be incorporated into marketing strategy from day one. This issue considers digital strategy separately in order to highlight some ways in which digital has affected our strategic approach to reaching customers and solving marketing problems.

WHAT IS MARKETING?

A simple definition for marketing is that it is the creation and satisfaction of demand for your product, service, or ideas. If all goes well, this demand should translate into sales and, ultimately, revenue. In 2012,?Dr. Philip Kotler?defined marketing as

“The science and art of exploring, creating and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential” (Kotler, 2012).

The American Marketing Association (AMA ), defines marketing as

“The activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large” (AMA, 2017).

In order to motivate people to pay for your product or service, or to consider your organization superior to your competitors, you need to create meaningful benefits and value for the consumer. The design of the product or service itself can arguably be a function of marketing. The value that a marketer should seek to create should be equal to or even greater than the cost of the product to the consumer. Doing this often and consistently will grow trust in and loyalty towards, the brand and create strong brand equity.

WHAT IS DIGITAL MARKETING?

How does digital marketing fit into this definition? There is, in fact, no difference between traditional marketing and digital marketing. They are one and the same, apart from digital being specific to a medium. Ultimately, the aim of any type of marketing is to keep and grow a customer base and stimulate sales in the future. Digital communication tools contribute towards connecting and building long-term relationships with customers.

WHAT IS DIGITAL?

Bud Caddell defines digital ‘as “A participatory layer of all media that allows users to self-select their own experiences and affords marketers the ability to bridge media, gain feedback, iterate their message and collect relationships” (Caddell, 2013).

In other words, digital is a way of exploring content and ideas (for users) and connecting with and understanding customers (for marketers). Digital marketing is powerful in two fundamental ways. First, the audience can be segmented very precisely, even down to factors like current location and recent brand interactions, which means that messages can (and must) be personalized and tailored specially for them. Second, the digital sphere is almost completely measurable. Every minute and every click by a customer can be accounted for.

In digital you can see exactly how various campaigns are performing, which channels bring the most benefit and where your efforts are best focused. Cumulatively, access to data that measures the whole customer experience should lead to data-driven decision-making. The complete scope of marketing is practiced on the Internet. Products and services are positioned and promoted, purchased, distributed and serviced. The web provides consumers with more choice, more influence and more power. Brands constantly have new ways of selling, new products and services to sell and new markets to which they can sell.

Digital marketing helps to create consumer demand by using the power of the interconnected, interactive web. It enables the exchange of currency but more than that, it enables the exchange of attention for value.

AN EXCHANGE OF VALUE.

If marketing creates and satisfies the demand, digital marketing drives the creation of demand using the power of the Internet and satisfies this demand in new and innovative ways. A brand on the Internet can gain value in the form of time, attention and advocacy from the consumer. For the user value can be added in the form of entertainment, education and utility. Brands build loyalty among users who love their products or services and must align with users values and aspirations. Users fall in love with products and services when their experience is tailored to their needs and not the needs of the brand.

WHAT IS DIGITAL MARKETING STRATEGY?

The purpose of a marketing strategy is to determine what the business is about and to then address the business or brand challenge, or objective that has been revealed. An effective strategy involves making a series of well-informed decisions about how the brand, product or service should be promoted. The brand that attempts to be all things to all people risks becoming unfocused or losing the clarity of its value proposition.

For example, a new airline would need to think about how it is going to add value to the market and differentiate itself from competitors. It will need to consider whether their product is a domestic or international service; whether its target market is budget travelers or international and business travelers; and whether the channel is through primary airports or smaller, more cost-effective airports. Each of these choices will result in a vastly different strategic direction.

To make these decisions, a strategist must understand the context in which the brand operates, asking, “What are the factors that affect the business?” This means conducting a situational analysis that looks at the following four pillars:

• The environment
• The business
• The customers
• The competitors

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