E-Marketing Plan Overview

E-Marketing Plan

• An e-marketing plan is a crucial roadmap for companies, guiding strategic decision-making, resource allocation, and implementation of e-marketing strategies.
• There are two common types of e-marketing plans:
  • Napkin Plan: Simple, informal plans often used by entrepreneurs, focusing on immediate action.
  • Venture Capital E-Marketing Plan: More comprehensive plans for entrepreneurs seeking funding.
• Seven steps for a comprehensive e-marketing plan:

Situation Analysis

     -  Review the company’s environmental and SWOT analysis to understand its strengths, weaknesses, opportunities, and threats.
     -  Assess current marketing plan, including brand information and e-business objectives.
     -  Analyze e-business performance metrics.

E-Marketing Strategic Planning

     - **Tier 1 Strategies:** 
         - **Segmentation:** Divide the target market into groups with similar characteristics
         - **Targeting:**  Focus marketing efforts on specific, carefully selected segments
         - **Differentiation:** Create unique selling propositions (USPs) that set the company apart from competitors
         - **Positioning:** Shape how the product is perceived by target customers in relation to competitors

Objectives

     - E-marketing objectives should be specific, measurable, achievable, relevant, and time-bound (SMART). 
     -  Specify task, measurable quantity, and timeframe.

E-Marketing Strategies

     - **Tier 2 Strategies:** Focus on implementing the marketing mix and relationship management strategies 
         - **Product Strategies:**  Include product development, feature enhancements, and quality assessment
         - **Pricing Strategies:** Consider dynamic pricing and online bidding for greater flexibility and control 
         - **Distribution Strategies:** Leverage direct marketing channels and agent e-business models for efficient product reach
         - **Marketing Communication Strategies:** Utilize various channels like online advertising, social media, email marketing, and content marketing.
         - **Relationship Management Strategies:** Implement CRM (Customer Relationship Management) or PRM (Partner Relationship Management) software systems to maintain strong connections with customers and partners, leveraging customer data and purchase behavior. 

Implementation Plan

     -  Implement tactics to achieve objectives 
         - **Marketing Mix Tactics:** Focus on 4 Ps – product, price, place (distribution), and promotion
         - **Relationship Management Tactics:** Build and nurture customer relationships through personalized interactions
         - **Marketing Organization Tactics:**  Build a team, assign roles and responsibilities, and establish efficient department structures 
         - **Information-Gathering Tactics:** Monitor website traffic and analyze data for insights, conduct business intelligence studies, and utilize secondary research to gain knowledge about target markets and industry trends. 

Budget

     -  Align investments with expected return on marketing investments (ROMI)
         - Conduct cost-benefit analysis to measure the value of marketing initiatives 
         - Calculate ROI (return on investment) to assess profitability 
         - Determine IRR (internal rate of return) to understand the potential growth of marketing investments
         -  Measure ROMI (return on marketing investment) to understand the overall effectiveness of marketing efforts and guide strategic planning

Evaluation Plan

     -  Continuous evaluation is crucial for success
     - Implement tracking systems to measure results
     - Monitor key metrics that align with specific plan goals
     -  Demonstrate the value of intangible goals by showcasing their impact on revenue generation
     - Utilize accurate and timely metrics to justify expenditures