RACE towards success in the Digital Realm.

#raceframework #digitalmarketing

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Introduced in 2010, RACE has been a well known framework in digital marketing strategy making, in connection with brand development. RACE focuses on attracting the customer through a funnel via different stages; namely REACH, ACT, CONVERT AND ENGAGE.

This is a gradual process where the digital marketing strategy of the brand would develop each stage with the customer involvement taken fully in to account. RACE is highly practical and very much customer centered.

The integration of all channels utilized by the brand in to one strategy is the main feature of RACE. This multi channel digital strategy helps the brand to improve its efficiency and would go a long way in reducing waste of resources.

Marketing is a process that's not fully understood by the finance teams primarily due to strong investments it requires and the RACE Framework could help develop trust, and the much needed total involvement by all divisions of an organisation, due to its well laid out approach, which is completely data driven and critical analysis along its approach, towards generating customer loyalty.

The company needs to identify the key performance indicators [KPI] in order to set objectives for each of the stages in RACE. RACE FRAMEWORK being very much data driven as a strategy, leaves little room for assumptions. Detailed research on the customer base would help to convert them in to point of sale, followed by that cherished repurchase.

Eventual goal is to nurture a long term relationship with the customers.

?Let's take a bulleted path along the Framework for simpler analysis.

?PLAN- In fact this is not a specific stage but it matters to do it with optimum capacity as in any development of strategy - be it digital or otherwise.

Notice the action;

1. Overall digital marketing strategy needs to be figured out here.

2. Identify the KPI that play a crucial role in measuring the performance of each stage.

3. We need to bring our digital strategy and the business strategy as one single strategy – not two. There is a need to bring both of them aligned to each other.

4. Our Marketing strategy needs to speak in one voice across all channels online or offline.

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REACH.

1. Doing all we can to increase website visits, and traffic to our adverts online.

?2. Lot needs to be done to develop the reach via paid or organic promotion.

3. Enhance our presence in social media. We might need to utilize multiple channels since different segments need to be reached.

4. Increasing the brand awareness and our products

5. Objective during this stage is to create maximum reach with the view to generate maximum reactions.

?6. Search engine optimization [SEO] operations need to be in full gear by this stage to enhance the reach to targeted segments.

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ACT.

1. Purpose in this stage is to create as maximum interactions with the targeted segments. Direct interactions would help more than any other.

2. These interactions in our web pages, other sites and social media need to be developed in to LEADS. Here we are encouraging the leads to come along our marketing funnel.

?3. It’s simply about the customers indicating interest in finding out further information about our products. So our strategy needs to be fully capable to supply the needed inputs wherever/whenever the search is done by the customer.

?4. When the target segments indicate interest in information search, our platforms need to be fully ready and capable in providing it to the level aspired by the customer.

5. Google Analytics can help; Better to include "Viewed product", "Added to Basket", "Registered as a member" or "Signed up for a newsletter’’ in our content

6. Customer reviews by initial customers also play an important role. Experiential marketing is a powerful tool in generating interest among targeted segments.

7. Demos, free trials, blog posts, and storytelling also play a very relevant role at this stage.

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CONVERT.

1. This stage is where the interest is developed in to a purchase.

2. Let’s be mindful that this would happen either online or offline. So we need to be ready and able in every sales point of our operations.

3. Getting our e-commerce strategy and other offline platforms at optimum levels is highly crucial by this stage.

4. Conversion is also about getting our freemuim users [those who enjoy our free basic products] to first time buyers of main product

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ENGAGE.

1. Let’s make sure that this is for the long term.

2. We need to focus on the first time buyer to encourage him to do that all important repurchase.

3. Developing customer loyalty is never to be taken for granted and it needs a coherent strategy.

4. Carefully planned, constant but non invasive direct communication via selected digital channels could help.

5. We need to build the customer lifetime value and personalized engagement with the brand would develop his affinity to other products of our brand as well.

Digital Marketing is one sphere where most organisations suck at, to be straight and honest. The leadership in the average organisation belong to the 90s- the era of Windows 98. One primary reason for our failures in the Digital space is our inability and at times our refusal believe in its vitality and effectiveness over the traditional. Simplicity of RACE could help convert these 'old hands' in high places to get a hands-on experience at the 21st century marketing. ?

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