Hello internet community. As we know digital marketing is an imperative communication channel used to reach potential consumers that any business must use to be competitive in the market and gain market share. As the marketing guru Michael Porter states: “The key question is not whether to deploy Internet technology-companies have no choice if they want to stay competitive-but how to deploy it”[1]. And indeed he is quite right. The real question is not if digital marketing is useful or not (we’ve discuss that in previous blogs) but to know how to implement a successful online marketing strategy.
There are many variables and consideration to take into account when implementing a marketing strategy. The size, the type of business and its portfolio makes every marketing strategy unique and non-transferable. Nevertheless, there are key components and foundations that every marketing strategy must follow in order to achieve its purpose. These are the following:
An effective online marketing strategy must be integrated with the overall marketing strategy of the company and hence follow the overall business objectives. This is quite obvious but not achieving it will send a confusing message to the consumer. If the goal of the company is to increase gross profits by promoting a high-quality products but their web-site is offering discounts it will create a contradictory message to the client. The online marketing strategy must be in “synergy” with the business plan, the marketing plan and the communications plan.
Following Chaffey & Smith model any business must have very clear where are they now? What are they doing? Where they want to be? And how do we get there? These questions are essential components before creating an online marketing strategy. By answering these questions the business must have very clear their situation review, their goal setting and the strategy formulation.
It is compulsory to analyse the internal and external factors that can affect the business in the short and long term. The internal environment includes corporate objectives, overall marketing strategy, and strengths and the weaknesses of the SWOT analysis. Within the SWOT analysis do not include all the strengths and weaknesses but only those with relation to the critical success factors that are linked with the marketing strategy. While external factors are “the actors and forces outside marketing that affects marketing management’s ability to develop and maintain successful relationships with its target customers”[2] It is basically composed by the PESTLE analysis and by the opportunities and threats of the SWOT analysis. Consider examining the Political, Economical, Social, Technological, Legal and Environmental factors taking special attention to your competitors marketing strategy and your market structure and demand. The internal and external factors will give you a clear view of where the company is now (situation review).
Answering the question where the business wants to be depends on the marketing objective established. This component is a critical point for the success of the online marketing strategy. First it has to be a SMART objective: Specific, Measurable, Achievable and Timed. Also is important to understand that online marketing has a very broad scope of objectives. It is recommendable to focus in one of the following (take in mind that must be in synergy with the overall marketing strategy): (1) New customer proposition, (2) Customer acquisition, (3) Customer experience, (4) Customer development or (5) Digital infrastructure improvements[3].
Many companies built their marketing strategy without a thorough analysis of what their company is actually selling. BIC pens’ company thought it was selling round ball-cheap pens, but after a board meeting the board members decided to supply “portable cheap plastic containers”. With their sales low due to the invention of the portable computer BIC pen increased its portfolio and market range only by defining its production, the plastic cigarette lighter was a success.
With the product established, with a smart objective and an analysis of the positioning on the firm the company is ready to formulate its online market strategy. Many other components will take place after this process depending on the nature of the business such as website platform, sharing, and E-marketing mix but if you mastered the main pillars for a successful online marketing strategy the rest should be easy. Finally, don´t forget that marketing strategy is a continue changing process especially in the unpredictable channel of the digital world. It is important to measure, control and if you have to correct any marketing strategy through time to reach the desirable SMART objective.
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