Digital Marketing – Five Points
Marketing has changed over the years. Before the 1990’s, companies manufactured and promoted what they believed consumers wanted and needed. Market research, demand, sales, and media were the tools they used to develop products, services and brands. Communicating with consumers was done by advertising in newspapers, magazines, television, and radio. With the introduction of digital marketing, the consumer is more involved in deciding what they will buy and how loyal they will be to any organization.
Here are five interesting points about digital marketing:
Point 1 – Digital Marketing Strategic Planning
Strategic Planning is an important tool in every organization that plans to sell any type of product or service. Organizations need to create a strategic planning team to develop, maintain and execute the plan. Because of the dynamic nature of consumer buying, the plan must be reviewed often. A good cycle time would be every few months. The plan should include assessment and analysis of current internal structure and external influences, documented goals, operational action items, evaluation guidelines. The plan should be documented and updated as necessary.
Point 2 – SWOT Analysis
One good way to start off a strategy plan is to begin with SWOT Analysis. SWOT Analysis is a tool that helps the planning team define the internal Strengths and Weaknesses as well as external Opportunities and Threats. It is easy to use and understand and should be used to identify future goals and modify the strategic plan if necessary. One problem with SWOT is that analysis can be based on opinions and not facts.
Point 3 – SMART Objectives
SMART objectives and KPI’s (Key Performance Indicators) should also be documented in the strategic plan. These objectives are loosely defined as follows:
- Specific – the objective should be clearly defined and very specific. An example could be whether to make Widget A or Widget B.
- Measurable – the objective should have a measurable attribute such as quantity, dollars, etc.
- Actionable – the objective should be an action that improves a process or outcome
- Relevant – the objective can be applied to an existing problem
- Time-bound – the objective can be implemented in a timely manner
Point 4 – Digital Business Maturity Model
Digital marketing maturity is a measure of how well an organization is successful “online”. There are five levels:
- Level 0 – No digital presence
- Level 1 – Web Presence
- Level 2 – Organization is “engaged”. There is communication between the organization and the consumer.
- Level 3 – Fully integrated. The organization is considered to be fully digital. An example would be Amazon or Google.
- Final Level – The future
Point 5 – Zero Moment of Truth (ZMOT)
ZMOT describes the way consumers look for information online and make purchasing decisions. For example, buying a television means going online to read reviews, see how it is rated by other consumers, find the best price, what the return policy is, and what happens if it needs to be fixed (or replaced). The order is placed online. The television shows up at your door within days.