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Digital Strategy - Lecture Two...
This document provides an overview of developing a digital marketing strategy using the SOSTAC model and various analysis frameworks. It discusses performing situation, customer, competitor, and internal analyses to understand the macro environment, micro environment, and company strengths/weaknesses. Objectives and key performance indicators are defined that are linked to strategic approaches like segmentation, targeting, positioning and the customer journey. Tactics are outlined for the marketing mix and implementation is planned using project management techniques. Evaluation and control metrics are suggested to optimize the digital strategy over time.
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Digital Strategy - Lecture Two...
- 1. Digital strategy #DS 2 implicationsand planning management
- 2.
- 3. marketing the macro environment themicro environment strategy systems functions resources suppliers other stakeholders intermediaries competitors customers political forces social cultural forces technological forces economic forces environmental forces legal forces environments the internal environment Situation analysis...
- 4. external (macro) context… presentorganisations with opportunities and threats political economic social technological environmental legal
- 5. PESTEL analysis… Your NotesPESTEL Factors Potential Impact Implications & Importance About your organisation & how the factors might impact on marketing for your organisation/SBU Political Economic Social Technological Environmental Legal H = High M = Medium L = Low U = Undecided Time Frame: Short Medium Long Type: Opportunity or Threat Implication: Increasing Reducing Not yet determined Relative Importance H = High M = Medium L = Low
- 6. customer analysis... segment characteristics decision-makingprocess involvement perceived risks awareness, perception and attitude influence media consumption and use
- 7. investment priorities, objectives& goals market importance & commitment relative strengths & weaknesses competitors - now? 5 years on? weaknesses making them vulnerable changes likely in future strategies ‘7 step competitor analysis drill’ effect on industry, market & you Davidson, 1997
- 8. Internal analysis... strengths andweaknesses linked to use and availability of resources… and analysis of current digital activity…
- 9. TOWS Analysis Strengths Weaknesses Opportunities “Maxi-Maxi”Strategies Strengths used to maximise opportunities “Mini-Maxi” Strategies Minimise weaknesses by taking advantage of opportunities Threats “Maxi-Mini” Strategies Strengths used to minimise threats “Mini - Mini” Strategies Minimise weaknesses and avoid threats Weihrich, 1982
- 10. digital objectives... avoid solelyfocusing on sales, what are the key metrics help to determine/clarify position, drive traffic, create interest, retention, engagement, interaction… help highlight the balance of tactics needed provide a time frame provide a means of evaluation and measurement SMART
- 11. the 5S’s... sell… growyour sales speak… dialogue, participation and engagement serve… add value save… costs sizzle… take your brand online Smith, 2017
- 12. strategy… Segmentation …can use‘classic’ bases and variables for B2C and B2B …often developed further as persona’s
- 13. …persona’s profile personality influencers technology user experience devices apps andsoftware do’s and don’ts relationship
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- 15. positioning… products can bepositioned in the market by focusing on specific factors such as… features, benefits or advantages solutions presented specific usage (occasions) positioned against other products class disassociation
- 16. strategy… OVP closely tiedto the brand position the reasons why the customer will click, register, buy and share the intrinsic benefits from the site, content, service and functionality
- 17. the customer journey… acquisition,conversion, retention reach, act, convert, engage reach, engage, activate, nurture
- 18. …reach social media, SEM,affiliates, display…
- 19. …convert/activate web optimisation, userexperience, interaction
- 20. …nurture …social media, earnedmedia, direct
- 21. …developing intelligent strategicobjectives Objective Substantiation Strategies to achieve goals KPI’s Link to stage of consumer journey and SMART Link to audit findings and TOWS options Link to STP, OVP, growth and positioning What will you be measuring? Conversion – increase average order value to £30 per customer - Increase in disposable income - Increased desire for product - Position as luxury against key competitors - Differentiation through features OVP – exclusivity % of unique visitors responding to promotions
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- 23. implementation… is the schedulingof digital campaign Gantt chart or project plan Key resourcesare determined responsibilities are allocated management processesare put in place
- 25. control and evaluation... evaluatethe success of… different digital mix elements different digital channels different digital media finally, feedback and learn key focus on analytics here… but what are the metrics?
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- 27. References and reading Armstrong,G & Kotler, P. (2008) Marketing- An Introduction. 9th ed Pearson Education: London Chaffey, D. & Smith, P.R., (2017) Digital Marketing Excellence. Routledge: Oxon Dibb, S., Simkin, L., Pride, W.M. & Ferrell, O.C. (2012) Marketing: Concepts and Strategies. 5th European ed. Houghton Mifflin: Abingdon Richardson, R., James, J. & Kelley, N. (2015) Customer-Centric Marketing. Kogan Page: London Ryan, D. and Jones, C. (2014) Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation London: Kogan Page http://www.smartinsights.com/digital-marketing-strategy/online-business- revenue-models/dealing-with-digital-disruption/ http://www.smartinsights.com/digital-marketing-strategy/sostac-model/