Digital Marketing from Zero: Step 1 Digital Strategy
As a digital marketing specialist or manager the first steps or contract you would have with a company is creating their digital strategy.
What is a digital strategy?
An organization’s comprehensive plan to use digital tools, data and strategies to achieve business goals, connect with target audiences, improve customer experiences, drive growth, and to be competitive in today’s business environment.
Why is a digital strategy important?
- Business growth and transformation.
It helps organizations identify new revenue streams, explore innovative business models, and adapt to evolving marketing dynamics. - Competitive advantages.
By leveraging digital tech and data, businesses can streamline processes and operations and deliver innovative products and services. this allows to quickly respond to market changes, customer expectations, and outperform competitors. - Data-driven decision making.
By gathering info about their customers, market trends and performance indicators, businesses can make data-driven decisions and have growth opportunity. - Customer Expectations.
Customers expect seamless and personalized experiences, so a digital strategy will help understand customer needs, behaviors, preferences, and helps build stronger relationships with them and loyalty.
Digital Strategy Template (To edit yourself)
https://docs.google.com/spreadsheets/d/15OH8g0FUqlOsf2nty2egIcXksUnIe8g2zpkQv6F0_l4/edit?usp=sharing
Digital Marketing & PR Goals and KPIs
The different types of goals can be the following:
- Brand awareness
- Lead acquisition
- Customers acquisition
- Keep Customers (satisfaction)
- Sales and Revenue
Also they have to be SMART
- Specific — answer the what, where and why
- Measurable — link metrics to your goals
- Actionable/Achievable — set realistic goals
- Relevant — align your goals with the business vision
- Timely — set deadlines
Goal Template (To edit yourself)
Example 1: Increase brand recognition among American youth by implementing a social media campaign within six months, the goal of which will be to gain 10,000 followers on Instagram.
OR
Example 2: Increase online sales in the USA market by 20% in the next quarter through targeted digital marketing campaigns and conversion optimization strategies.
KPIs (Key Performance Indicators)
KPIs are metrics used to measure performance and the progress of marketing activities and campaigns.
Conversion KPIs
SITE CONVERSION RATE= Divide the number of buyers acquired in a given time period by the number of visitors to your site, multiplied by 100. Average rate is 2–5%
CUSTOMER CHURN RATE= Lost customers minus total customer at the beginning of period multiplied by 100. A permissible rate is 5–7%
Acquisition KPIs
CPM COST PER MILLE= Advertisement metric cost per 1000 ad impressions (for brand awareness), can range from $1–10 but also depends on industry
CPA COST PER ACQUISITION= Cost of acquiring a new lead or customer in advertising, divide the total cost of campaign by the conversion number. A good number is 3:1, 3 times lower than customer lifetime value.
CAC CUSTOMER ACQUISITION COST = Sales and marketing costs divided by the number of new customers, averages here https://firstpagesage.com/seo-blog/average-cost-per-lead-by-industry/
ROAS RETURN ON ADVERTISING SPENT = Is how much you make for the money you spend on advertising. Total revenue divided by total ad spent. A good ROAS is 4:1, $4 revenue for $1 spent
TRAFFIC TO MQL MARKETING QUALITY LEADS RATIO = The identification of good and bad channels, to know which directions to go more towards
Engagement KPIs
WEBSITE TRAFFIC
BOUNCE RATE = Percentage that leave site, a good rate is 30–50%
TIME SPENT ON SITE = Average is 50 seconds
CTR CLICK THROUGH RATE = The number of people who have clicked on the link, divided by the number of viewers multiplied by 100. Generally a good CTR is 1.5–3% but depends on industry
Brand Awareness and Social Media KPIs
BRAND AWARENESS = can calculate by organic visitors per month (Use tool UberSuggest)
SOCIAL MEDIA ENGAGEMENT = Total number of interactions your content received divided by your total number of followers multiplied by 100. A good indicator is 1–5%
NPS NET PROMOTER SCORE = is measuring customer satisfaction, hoe likely are they to recommend to a friend, when asked from scale 0–10 how likely are you to recommend? 0–6 are detractors, 7–8 are passives, 9–10 are promoters. Promoters minus detractors = NPS
Objectives and Key Results OKR
IMC Integrated marketing communications = ensure that all marketing efforts work together to deliver clear and synchronized info for the target audience.
