Prior Proper Planning Prevents Piss Poor Performance
Step 1 of a Digital Marketing Strategy – SWOT Analysis
These are the factors within your organization that lend themselves to its success. To determine strengths, ask yourself what your company does well and how those abilities will enhance your potential business.
It’s great to be enthusiastic about your business idea, but you also have to be realistic. Examine the prospective business closely for internal weak points and consider how to eliminate or minimize them.
Opportunities are external positive factors that can affect your business. For example, they can include weak competition in your niche, growth in your particular market that increases demand, and technological changes that make it cheaper or easier to deliver your product or service.
Threats are external negative factors that can undermine your potential business. For example, a home renovation business can rise or fall based on the overall strength of the local real estate market or an economic downturn.
“A SWOT analysis is the first step to create a digital marketing strategy.”
Step 2 of a Digital Marketing Strategy – SMART Business Goals
Your digital marketing goals should be specific, meaning they are detailed and clearly defined. If you want to increase sales or website traffic with digital marketing, define the goals with specific numbers.
Digital marketing goals should be easy to measure using quantifiable data. Goals like stronger brand recognition or increased product awareness aren’t measurable. Examples of measurable goals include generating 20 new email newsletter signups or 30 new contact form leads per month.
There’s nothing wrong with being optimistic about your digital marketing campaigns, but you should create goals that are realistically achievable. You can’t expect to grow your small business into a Fortune 500 company overnight.
No two businesses have the exact same needs, so it’s important that your digital marketing goals are relevant to your business’ needs. A real estate agency, for example, may seek additional leads from prospective home buyers, and an e-commerce business that sells dresses would want to target women.
Finally, your digital marketing objectives should be time-based. Attracting 30 new customers, for instance, doesn’t specify a time. It takes time to achieve a goal. And without a time frame, this isn’t an effective way to measure success.
“Creating SMART goals will help to make your digital strategy a success.”
Step 3 of a Digital Marketing Strategy – Market Segmentation
Market segmentation is the art and science of arranging a company’s target market into segmented groups by geographic, demographic, psychographic and behavior. This allows marketers to be more efficient with their time, money, and resources rather than targeting consumers on an individual basis.
Geographic segmentation creates different target customer groups based on geographical elements like city, region, communities, countries and more.
Demographic segmentation sorts a market by demographic elements such as age, gender, race, education, income, occupation and more.
Psychographic segmentation explores the psychological aspects of consumer behavior by dividing markets according to budget, values, beliefs, pain points and more.
Behavioral segmentation divides markets by behavior and decision-making patterns including hobbies, habits, purchasing styles, social media use, media consumption and more.