Transcript Bonus Lesson – Digital Marketing Plan

Digital Marketing Plan
Putting Together
Your
Digital
Marketing
Plan
Dr Ivan Surjanovic, [email protected]
Copyright by iPower Lab, www.ipowerlab.com
Strategic Marketing Process
1. Vision
2. Situation Analysis
3. Objectives
4. Strategies and Tactics
5. Implementation
6. Evaluation & Control
Digital Marketing Plan: SOSTAC® Model
1. Situation Analysis
2. Objectives
3. Strategy
4. Tactics
Sostac®
Planning System
by PR Smith
5. Action
6. Control
1. EXECUTIVE SUMMARY
Describe your key findings and recommendations
regarding digital marketing. Write a short overview
of your plan. This is best done at the end, once
you are clear on your approach.
1.1. KEY FINDINGS
1.2. KEY RECOMMENDATIONS
2. INTRODUCTION
Describe the purpose of your plan here (e.g. to improve
your overall business, to secure bank loan or to attract
investors, to launch new products, etc.).
Provide background information about the company, its
history, its offline/online business, its key products and
services, customers, and about your overall marketing
strategy.
2.1. THE PURPOSE OF THE PLAN
2.2. BACKGROUND INFORMATION
3. SITUATION ANALYSIS
Answer the first of three central questions for the
planning process: WHERE ARE WE NOW?
Conduct 5C analysis of the environment and the
company. Summarize your thoughts in the SWOT
format. Create your website visibility report card
and compare it with competition. Make sure to
draw important conclusions from the situation
analysis.
3. SITUATION ANALYSIS (continued)
3.1. 5C ANALYSIS
Customers: market segments, target market
Context: Social, Technology, Economic and Political factors and trends
Competition
Company: resources and capabilities
Collaborators: distributors, partners, agencies, suppliers
3.2. SWOT ANALYSIS
Strengths
Weaknesses
Opportunities
Trends
3.3. WEBSITE REPORT CARD
3.4. CONCLUSIONS
3. SITUATION ANALYSIS (continued)
Website Visibility Report Card
4. OBJECTIVES
Answer the second of three central strategic
planning questions: WHERE DO WE WANT TO
BE?
In this section you are supposed to set S.M.A.R.T.
(specific, measurable, achievable relevant and
timely) objectives for your online marketing.
4. OBJECTIVES (continued)
Make sure to align your objectives: start with the desired
key end-goals, such as specific increase in profit and
sales, then work "backwards" and figure out how many
online customers or orders do you need in order to
achieve your sales and profit targets.
How much extra traffic on your site do you need in order
to get target number of online customers? What level of
website visibility and promotion will bring you the target
traffic?
4. OBJECTIVES (CONTINUED)
4.1. PROFIT
4.2. SALES
4.3. CUSTOMER ACQUISITION AND CONVERSION
4.4. TRAFFIC
4.5. WEBSITE VISIBILITY / PROMOTION
OBJECTIVES
4.6. OTHER OBJECTIVES
4. OBJECTIVES (continued)
For example, to increase your profit by $10,000
per year, you might need to increase sales by
$50,000 (assuming that your profit margin is
20%).
Suppose that your average online order is $200:
you will then need 250 new customers per year
(250x$200=$50,000)
4. OBJECTIVES (continued)
What is your expected conversion rate?
Divide the number of new customers from the
previous step (e.g. 250) by the expected
conversion rate (e.g. 1%) to calculate how much
extra website traffic you will need in order to
achieve your profit and sales target.
In our example, your traffic objective should be
25,000 website visits (250/0.01=25,000).
4. OBJECTIVES (continued)
What level of website visibility (e.g. search engine
rank, number of mentions or followers in social
media, number of incoming links, number of
social media posts, number of sent e-mails,
number of visits from your PPC campaigns, etc.)
will bring you the target traffic?
5. STRATEGY
Answer the last of the three central strategic
planning questions: HOW WILL WE GET
THERE?
Make sure to have a clear idea HOW you plan to
create and sustain a competitive advantage and
achieve your goals in the long run.
5. STRATEGY (continued)
Strategy defines:
1. How to achieve our goals
2. How to respond to opportunities and threats
in the environment
3. How to outcompete rivals in the long run
5. STRATEGY (continued)
MARKETING STRATEGY IS ALL ABOUT STP:
SEGMENTING – TARGETING – POSITIONING!
5. STRATEGY (continued)
SEVEN KEY STRATEGIC DECISIONS
What are your market segments?
Which segments do you want to target?
What is your positioning strategy?
Which of the four generic competitive strategies are you
going to use?
What are your SWOT strategies?
What are your product / market strategies?
What is your revenue model strategy?
5. STRATEGY (continued)
5.1. MARKET SEGMENTS AND TARGET MARKET
5.2. POSITIONING
5.3. COMPETITIVE STRATEGY
5.4. SWOT STRATEGIES
5.5. PRODUCT / MARKET STRATEGIES
5.6. REVENUE MODEL
5.7. SUMMARY: KEYS TO SUCCESS
Market segmentation for online
accounting software
Perceptual Map
Attribute 2 (e.g. interactivity
of the site)
Competitor A
Competitor B
Attribute 1 (e.g. great
content on the site)
Competitor D
Competitor C
FOUR GENERIC COMPETITIVE STRATEGIES
Cost
Leadership
Differentiation
Focus
Hybrid strategy
(Best-value)
SWOT STRATEGY MATRIX
Internal Factors
Opportunities (O)
Weaknesses (W)
BE AGGRESSIVE:
Use your strengths to take
advantage of great
opportunities
REDESIGN:
Redesign your business, fix or
neutralize your weaknesses in
order to take advantage of
opportunities
MAX - MAX:
MIN - MAX:
Maximize use of strengths Minimize weaknesses - Maximize opportunities Maximize opportunities
External
Factors
Strengths (S):
Threats (T)
DIVERSIFY:
BE DEFENSIVE:
Use your strengths in new Consider divestiture or
markets
liquidation
MAX - MIN:
MIN - MIN:
Maximize use of strengths Minimize weaknesses - Minimize threats
Minimize threats
SWOT STRATEGY MATRIX (Example)
Strengths (S):
- Effective, professionally done
website
- Innovative, high end products
Weaknesses (W)
- Low visibility on search engines
- Lack of e-commerce capability on the
site
- Lack of online marketing experience
- Expensive product
Opportunities (O)
- Growing offline and
online demand for
products
- Growing online sales on
international markets
BE AGGRESSIVE
(MAX – MAX)
- Advertise on Google locally
and internationally
REDESIGN
(MIN – MAX)
- Optimize the site for search engines
- Build e-commerce (shopping basket)
capability on the site
- Hire experienced web marketing
professionals
Threats (T)
- Emerging international
competition with lower
priced products
DIVERSIFY
(MAX – MIN)
- Build an online brand, build
relationships with existing
customers through e-newsletter
marketing
BE DEFENSIVE
(MIN – MIN)
- Outsource part of the web work
internationally
- Partner with or acquire international
suppliers
Product / Market Strategies
Product Growth
Existing
Markets
Market
growth
New
Markets
Existing Products
New Products
MARKET PENETRATION STRATEGIES
PRODUCT DEVELOPMENT
STRATEGIES
Use Internet to:
- sell more to existing customers (better
“stomach share”)
- sell products to more customers
- improve customer loyalty
-improve customer service , convenience,
add value
- better inform and educate customers
Use Internet to:
- increase product range (introduce
new, digital products)
- add value to existing products (e.g.
online manuals, online updates)
- improve payment models (e.g.
subscription)
MARKET DEVELOPMENT STRATEGIES
DIVERSIFICATION STRATEGIES
Use Internet to:
- sell in new countries
- sell to new customer segments
Use Internet to horizontally diversify
into related and unrelated
businesses
Use Internet for (forward and
backward) vertical integration
6. TACTICS
In this section you should focus on “WHAT”.
What actions do you need to take to successfully
implement your strategy?
6. TACTICS (continued)
6.1. ONLINE MARKETING MIX
6.2. WEBSITE CONTENT,
STRUCTURE AND FUNCTIONALITY
6.3. SEARCH ENGINE OPTIMIZATION
6.4. ONLINE ADVERTISING
6.5. SOCIAL MEDIA MARKETING
6.6. E-MAIL MARKETING
6.7. MOBILE MARKETING
6.8. OTHER TACTICS
6. TACTICS (continued)
Describe your online marketing mix (4Ps), and
how it needs to change to successfully compete
online: for example, you might want to market new
products, open new distribution channels, or try
new pricing models.
6. TACTICS (continued)
Think how you want to improve the content,
structure and functionality of your website. Create
a web site prototype, including a website map,
website wireframe, and visual layout of your future
site.
Site Map
Home
About
Services
Team
Consulting
Projects
Design
Location
Login
Contact
6. TACTICS (continued)
Describe in more detail how you will promote your
site.
To improve clarity, make sure to use visuals such
as SEO tables, screen shots of recommended
PPC campaign setup, etc.
7. ACTION (IMPLEMENTATION)
Describe how you will put this plan into action.
3Ms: MEN/WOMEN, MONEY, MINUTES
What kind of skills (job titles), organizational
structures and systems do you need in place?
Who will be responsible to conduct each activity
and / or to supervise the implementation?
7. ACTION (Continued)
What budget do you need for various activities
described in the previous section?
What time frame do you need for each activity?
To improve clarity, make sure to use visuals (e.g.
Gantt charts or tables).
Activity
Complete
Responsible Budget
estimate
1. Website
Nov ember 1
redesign (visual)
December 31
Graphic
Designer (Anne)
$5,000
2. Writing new
website content
December 1
December 31
Copy writer
(David)
$2,500
3. Search
engine
optimization
January 1
January 31
SEO specialist
(John)
$5,000
4. Running new
PPC campaign
January 1
February 28
PPC Manager
(Chris)
$2,500
5.
6.
Start
7. ACTION (Continued)
7.1. SKILLS, STRUCTURES AND SYSTEMS
7.2. BUDGET
7.3. ACTION PLAN (ACTIVITY SCHEDULE)
8. Evaluation and Control
Describe how you will track your performance
over time in order to establish if you are making
progress as planned.
8. Evaluation and Control (continued)
Create measurable KPIs (key performance
indicators) to align against objectives and stay on
track.
8. Evaluation and Control (continued)
Consider KPIs that relate to your key objectives
and tactic, such as:
 Monthly website traffic
 Sales
Conversion rate
Number of new customers per month
Number of new social media connections per month
 Monthly advertising cost vs. budget.
8. Evaluation and Control (continued)
8.1. PROCESS
8.2. KEY PERFORMANCE INDICATORS
Digital Marketing Plan
Putting Together
Your
Digital
Marketing
Plan
Dr Ivan Surjanovic, [email protected]
Copyright by iPower Lab, www.ipowerlab.com
Digital Marketing Plan
Thank You!
Dr Ivan Surjanovic, [email protected]
Copyright by iPower Lab, www.ipowerlab.com