Why Do You Need A Digital Marketing Strategy?
Have you written out a formal digital marketing strategy for your small business? If not, you should consider creating one. According to a study by CoSchedule, marketing teams that document their schedule are more than 300% more likely to report success than those that don’t.
A detailed marketing strategy is a great way to ensure that everyone on your team is on board with all of the goals you’re looking to accomplish. Your approach can easily be explained when new employees/agencies join your team, easing any potential transition.
A comprehensive digital marketing strategy has five core principles:
- What is your value proposition?
- What does your ideal customer look like?
- What is your budget?
- What is your typical conversion rate/sales cycle?
- How will you track your success?
This article will outline how to create a digital marketing strategy for your small business.
Strategy Phase I: Creating Your Value Proposition
Your business is unique and offers a different product or service than your competitors. It will help if you create a value proposition that differentiates you from your competitors and makes your business stand out. It would be best if you thought about what makes your business unique and what makes you the best choice for your customer. Once you clearly understand your value proposition, you can start developing marketing strategies that support it.
Let’s use an example of a local car dealership. Many car dealerships have similar offerings. The typical customer is looking to get the best deal possible and will shop around as many locations as possible. As a customer, you come across a particular dealer that is not necessarily offering negotiating room on the listing price. Still, they are adding much value in terms of services. Their value proposition is that any customer that buys from them will receive free oil changes over the next two years and complimentary car washes for life.
Evaluate your product through the lens of a customer. The customer is primarily looking to save as much money as possible. Think of the best value you can provide to them without necessarily lowering your prices. A significant benefit of any digital marketing strategy is creating a customer persona.
Strategy Phase II: Set Your Goals and Objectives
When creating a digital marketing strategy for your small business, it is essential to set goals and objectives that are achievable and relevant to your company. By setting goals and objectives, you can measure your progress and adjust your strategy as needed.
Strategy Phase III: Establish Your Budget
When starting any new business venture or growing your brand, it is crucial to understand the budget for the overall marketing and advertising campaign. A clearly defined budget will help you make informed decisions about how much money to allocate to each phase of the marketing process.
There are several different ways to calculate your budget. Still, the most critical factor is to make sure that you are spending your money wisely. According to Omnisend, “marketers using three or more channels in any one campaign earned a 287% higher purchase rate than those using a single-channel campaign.”
Be sure your digital marketing strategy has established an overall budget. You have allocated which channels in which you will be investing.
Strategy Phase IV: Write Out Your Digital Marketing Strategy
Now it is time to write out your detailed marketing strategy. Start with your objective; these are the goals you want to accomplish. Remember, be thorough, don’t just say increase sales. Use your average conversion rate and sales cycle to create a more specific objective, such as drive X amount in sales over the next Y in time.
Next, state your value proposition; the core message you want to convey to the end consumer; it will also help with copywriting.
The next step is to state your budget and remember which channels you plan to use. This section should be your average conversion rate and ideal cost per customer acquisition. Your budget will receive the most focus when dealing with multiple parties. So be sure that your digital marketing strategy shows you have given specific thought about how you will generate a profitable return.
While writing out your digital marketing strategy, be sure to factor in the typical buyer’s journey. Show you have thought through all phases; Awareness, Consideration, Purchase.
Strategy Phase V: Implement and Track Results
Creating a digital marketing strategy for your small business can be challenging. There are various factors to consider, such as budget, target audience, and content strategy. What can make or break the success of your digital marketing strategy is your ability to plan and track results so you can make adjustments as needed.
We recommend that our customers install Google Analytics on their website, especially when running marketing and advertising campaigns. A tool such as Google Analytics will allow you to measure how much traffic your site receives and which channels are your best performers. If you tag your ads correctly, you will know which creatives are the most effective.
Conclusion
A digital marketing strategy is essential for small businesses. It can help you reach your goals and objectives and improve your bottom line.
If you need assistance creating a comprehensive digital marketing strategy for your business, schedule FREE appointment with one of our specialists. We’ll work with you one-on-one to help you create a plan built for success.
