Developing good digital marketing strategies is more important than ever, because dozens of other brands are after your target customers. The way your company does business today, is highly influenced by constant market changes, disrupting technologies, and evolving demographics.
It's surprising to see how may companies neglect strategic 'digital marketing planning' in today's business environment, and continue to rely on having executives that simply work hard to deliver different creative. Today's digital marketing world is very agile, and companies need nimble strategies that can withstand unpredictable market changes and competitive blows–customer experience personalization, for instance.
Here are the three reasons your digital marketing strategy needs to be all-inclusive and agile for today.
It's More Than Just Strategy
If you focus on strategy, planning for fair weather environments without considering what other companies (especially start-ups) might be cooking to disrupt your market, then your odds of failing are very high. You need to think beyond strategy–making it an agile process that is flexible enough to allow your team and organization to shift gears throughout the year and re-allocate budgets and resources in a different way without the need to schedule multiple rounds of meetings and going through convoluted review processes.
Your Forecasting, Resources, and Tactics Will Become Outdated
The planning processes most companies follow are outdated. If your company is having deliberations about whether or not its digital marketing strategies are working, you definitely need to start all over again.
Analyze what is happening in your industry so you can plan for market changes and be able to continually optimize your strategy concentrating on your companies competitive edge. From a tactical standpoint, you should look for ways to make sure that campaigns role up to goals, and align with digital marketing objectives.
Also, think about how you will be pulling resources off from 'legacy' campaigns, and reassigning them towards new/more-strategic initiatives for the business.
Empty Engagement Values
This is probably one of most important factors–a great number of companies do not have clear digital marketing goals that contribute to the success of individual marketing objectives, which in turn makes it impossible to calculate the engagement value of campaigns.
It is vital to focus on three types: Transactional, Informational, and Process. You can start by formulating hypotheses of how your goals contribute to success. For example, one of your marketing objective may be to increase survey response rates from all visitors. Potential goals for this objective could include survey completion, and/or requesting survey results. In this case, you would assign a value of (1) to survey completions, and a value of (2) to request survey results. This will allow your company to visualize the engagement value of visitors following this conversion path. Overtime, you will be able to build a digital marketing optimization matrix to clearly identify null, attracting, converting and hero campaigns.
The intricacy of today's digital marketing outlook requires strategic planning. And marketing executives in charge of strategy need to have the right technical background that is necessary to navigate this new digital era of marketing.