28/February/2023

Creating Digital Marketing Strategies: A Walkthrough

The world of marketing has changed significantly over the past few years, and digital marketing has taken center stage. With the rise of technology and the increasing usage of digital devices, companies have been forced to reevaluate their marketing strategies. Digital marketing has become a vital component of any business looking to reach its target audience and generate leads. In this blog, we will explore the different types of digital marketing strategies and provide an ultimate guide to help you navigate the complex world of digital marketing.

One of the key benefits of digital marketing strategy is the ability to target specific demographics, including age, location, and interests. This targeting allows for a higher conversion rate and a better return on investment. Additionally, digital marketing strategies are measurable and provide real-time results, allowing companies to track their success and make changes as needed.

Digital marketing is an ever-expanding field. With the ease of access to information, it's easy to get into execution mode and just start doing. However, investing in your strategy is one of the best ways to grow your digital return on investment. The right strategy saves time, adds focus to your efforts, and builds on what is already working.

Here's how to create a solid digital marketing strategy:

1. Analyze your current digital assets- To simplify the process of reviewing your existing digital marketing assets, it's important to take a step back and have a comprehensive view. Analyze your efforts for your digital marketing strategy to have a clear understanding of your owned, earned, and paid media.

Owned, Earned, Paid Media Framework

Owned Media- Owned media refers to the company's digital properties, such as its website, blog, and social media channels. It is a direct way for the company to control its messaging and engage with its audience.

Earned Media- Earned media refers to publicity that is not paid for but is gained through various efforts such as word-of-mouth, customer reviews, and feedback. It is considered to be the most valuable type of media as it results in a good reputation and positive customer experience.

Paid Media- Paid media refers to advertising or promotion which is purchased, Google AdWords, social media marketing, native advertising (e.g. sponsored posts on other websites), or any other medium through which you pay in exchange for increased visibility. It is a way for companies to reach their target audience quickly and effectively through paid placements.

Because these three parts of the framework work together to help your digital marketing campaigns. For instance, if your owned and earned media are already successful, you might not need to invest in paid. So evaluate what works best for you and incorporate channels that help you meet your goal into your digital marketing strategy.

2. Map out your strategy- A well-defined strategy is essential for achieving your digital marketing goals. To create a clear strategy, consider using the GSOT framework, which stands for Goals, Strategies, Objectives, and Tactics.

Goals represent the high-level achievements you wish to attain for your business in a specified period. Strategies should outline the approach you will take to achieve these goals, which is based on the different stages of the marketing funnel (awareness, consideration, purchase, and desire). Objectives are measurable metrics that are directly linked to your goals. Tactics are the specific actions you take to meet your objectives.

Having a clear strategy allows you to prioritize your efforts on the areas that are most likely to contribute to business growth. In the ever-evolving world of digital marketing, there are endless possibilities, so it's important to know what to focus on to achieve your desired results.

3. Define your target audience- Defining your target audience is crucial as you do not want your efforts to go in vain. Digital Marketing offers you to target your audience as per your niche. You can create digital marketing campaigns with precise targeting based on demographics, behavior, interests, etc.

4.Set key performance indicators and benchmarks-Businesses often need to learn how to measure their desired results before executing their digital marketing campaigns. To avoid this, every strategy should have a precise Key Performance Indicator (KPI) that measures its success. Once you have defined your KPI, you can set benchmarks to help you achieve your goals. For instance, if you are using social media marketing, your KPI could be engagement rate, and your benchmark could be achieving a rate of 25% or higher.

5. Choose your channels- To create your digital presence on every channel and medium will not benefit you. Find where your target audience is present and what they are searching for. Decide which digital marketing channels are more effective for reaching your target audience and achieving your goals. Popular channels include social media, search engines, email marketing, and content marketing.

6. Analysis and optimization- Digital platforms that are available online enable you to analyze your results based on the gap between your KPI and your desired results. Not every strategy is going to yield good results. You don’t have to create a set plan and stick to it. For example, if an ad is not delivering results, pause it or modify your audience or try new creative. Run an A/B testing with different calls to action. For example, test the (learn more) call to action against (sign up now) to see what performs best. Based on that, you can optimize your existing strategies and campaigns.

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