BCE 437 Lecture 1 - Introduction to Digital Marketing (Ch 1 _ 2) (1).pptx

BCE437- Business and Marketing Aspects of e-Commerce Systems Lecture 1 Introduction to Digital Marketing (Chapter 1 & 2) 1 Learning Outcomes 1. Describe the role digital can play in a marketing plan 2. Define and distinguish marketing, digital marketing and marketing strategy 2 Overview - Understand...

BCE437- Business and Marketing Aspects of e-Commerce Systems Lecture 1 Introduction to Digital Marketing (Chapter 1 & 2) 1 Learning Outcomes 1. Describe the role digital can play in a marketing plan 2. Define and distinguish marketing, digital marketing and marketing strategy 2 Overview - Understanding Marketing - Understanding Digital Marketing - Understanding Marketing Strategy Reference: Stokes, R. (2014) eMarketing: The essential guide to marketing in a digital world 5th edition Quirk eMarketing Ltd 3 What does “DIGITAL” mean? “no marketing strategy is complete if it does not incorporate digital strategy and expression” Agree? Disagree? Digital is not just a set of marketing channels – it’s a different way of thinking about how people engage with media, each other and the world around them. Digital enables you to segment your audience and customise messages in a valuable and measurable way. 4 Understanding Marketing What is Marketing? “Marketing is that function of the organization that can keep in constant touch with the organization's consumers, read their needs, develop products that meet these needs, and build a program of communications to express the organization's purposes.”* What is digital Marketing? 5 Understanding Digital Marketing What is Digital Marketing? If marketing creates and satisfies demand, digital marketing drives the creation of demand using the power of the Internet, and satisfies this demand in new and innovative ways. 6 Understanding Digital Marketing What is Digital Marketing? Digital marketing is powerful in two fundamental ways: 1. The audience can be segmented very precisely – even down to factors like current location & recent brand interactions (message can be tailored and personalized specially for them). 2. The digital sphere is almost completely measurable – every minute and every click by a customer can be accounted for. 7 Understanding Digital Marketing Segmenting & Customizing Segmentation, the process of taking a single, general Messages audience and dividing it up to specific groupings or characteristics. Each group can be targeted differently depending on their needs from the brand Customized messages sent to the customer Example? 8 Understanding Digital Marketing Segmenting & Customizing Messages (cont.) Amazon recommends item based on past purchases and views 9 Understanding Digital Marketing Measurability - Measurability, almost every action on the web can be tracked, captured, measured and analyzed 10 Web analytics Web analytics – the discipline of tracking, analysing and drawing insight from online data. Data mining (process) Big data (term) 11 Understanding Digital Marketing Digital Audience The ways in which people use digital media* 12 Digital Audience There are many media channels people’s attention is fragmented by the many new media channels and tools available Solution? Ideas must be remarkable Nowadays, people are the media channels (word of mouth) 13 Understanding Digital Marketing Crowdsourcing Using the Internet, organization can tap wider range of talent and knowledge - can be done in 3 ways: Crowdsourcing – involves asking and enabling people to share their ideas or creations in exchange for an emotional or monetary reward. (Ex. Wikipedia) Crowdfunding – asking many people in a large crowd each to donate a small amount of money to fund a specific project. (Ex. Kiva) https://www.youtube.com/watch?si=hVIL6YZPDloAT75t&v=TL QX_5kQHyo&feature=youtu.be Microtasking – involves breaking a big task into tiny components and asking many people to each complete a few 14 Understanding Digital Marketing Crowdsourcing Crowdsourcing is a powerful example of the way digital tools have enabled certain ways of thinking : - Distributed problem-solving and production model that relies on an active community to find solutions to problems. - Relies heavily on the tools and communication forms made possible by the Internet. - By listening to the crowd and asking for their contributions, organizations can build products and services that meet those needs and desires. 15 Understanding Digital Marketing The TCEO Model Think. Develop strategic plans for the digital world. Create. Brings concepts to life by executing campaigns & shaping platforms. Engage. Driving traffic and building relationships. Optimize. Continuous improvement. 16 Part 1 Think 1.Digital Market Strategy 2.Market Research 3.Content Marketing Strategy 17 How to define and distinguish business strategy, marketing strategy and digital strategy The key building-block concepts that are essential to any strategy The questions that need to be asked when assembling a digital marketing strategy 18 Understanding Marketing Strategy Understanding Marketing Strategy Business and brand strategy. The end-goal of any business is to make money. The brand justifies why the business matters. How aware are people of the brand? How loyal are people to the brand? Marketing Strategy. An effective strategy involves making a series of well-informed decisions about how the brand, product or service should be promoted. 19 Understanding Marketing Strategy Marketing Strategy To make these decisions, a strategist must understand the context in which the brand operates: What are the factors that affect the business? The analysis looks at four pillars: 1. 2. 3. 4. The The The The Environment Business Customers Competitors 20 Understanding Marketing Strategy Marketing Strategy (cont.) 1. Understanding the Environment. Is the overall context or ‘outside world’ in which the business functions. It can involve anything from global economics to development in the industry. Every brand will have a specific environment that it needs to consider. An analysis of the business and brand environment will consider political, economic, social, technological, legal and environmental. 21 Understanding Marketing Strategy Marketing Strategy (cont.) 2. Understanding the Business. There are several levels of branding to investigate and find the USP: 22 Understanding Marketing Strategy Marketing Strategy (cont.) 3. Understanding the Customers. There are several levels of branding to investigate: The customer journey is cyclical 23 Understanding Marketing Strategy Marketing Strategy (cont.) 4. Understanding the Competitors. The competitors are not just aiming for the customers’ money; they are also those who are capturing the customers’ attention. When considering competition, it’s also worthwhile looking at potential replacements for the product. 24 Digital Marketing Strategy TV strategy 25 Understanding Marketing Strategy Digital Marketing Strategy Digital marketing strategy builds on and adapts the principles of traditional marketing, using the opportunities and challenges offered by the digital medium. User Centric thinking Digital also allow greater opportunities for interaction and consumer engagement than were possible in the past; can create interactive experiences for consumers, not just broadcast messages Digital marketing is empirical, everything can be measured. 26 Understanding Marketing Strategy The Building Blocks of marketing Strategy The following building-block technique will help you structure a marketing strategy – both online and offline – that addresses your core business challenges. These strategy models help you think through problems; as you grow in experiences and insight. - Porter’s Five Forces analysis - The Four Ps - SWOT analysis 27 Understanding Marketing Strategy The Building Blocks of Marketing Strategy (cont.) 1. Porter’s Five Forces analysis. 28 Understanding Marketing Strategy The Building Blocks of Marketing Strategy (cont.) https://www.youtube.com/watch?v=jP2d1aW4VUY 2. The Four Ps. Help you structure the components that make up a brand’s offering, differentiators and marketing. a. Products (and services). E.g. allow customers to customize the product. b. Price. Easy for customers to compare prices. c. Placement for distribution. Information and services distributed throughout the world. d. Promotion. The internet naturally – promoting products. e. A new P: People. The powerful of human element; peer-topeer sharing, communities allow them to participate 29 Understanding Marketing Strategy The Building Blocks of Marketing Strategy (cont.) 3. SWOT analysis. 30 Understanding Marketing Strategy Crafting a Digital Marketing Strategy 1. Context. - What is the context in which you are operating and how is this likely to change in the future? - Who are you, why does your brand matter and what makes your brand valuable? - Who are your customers, what they needs and desires? - Who are your competitors? 31 Understanding Marketing Strategy Crafting a Digital Marketing Strategy (cont.) 2. Value exchange. - What unique value your organization can add to that market? 3. Objectives. When setting your digital marketing goals, there are four key aspects to consider: objectives, tactics, key performance indicators (KPIs) and targets. - What are you trying to achieve? - How will you know if you are successful? A. Objectives need to be SMART: - Specific : clear, detailed - Measurable : to know whether you are attaining the desired - Attainable : possible for brand to achieve - Realistic : sensible and don’t exaggerate 32 Understanding Marketing Strategy Crafting a Digital Marketing Strategy (cont.) B. Tactics: - Specific tools or approaches that helps you meet your objective. - Maybe multiple tactics working together to achieve the objectives. C. Key Performance Indicators (KPIs): - Specific metrics to measure the tactics. D. Targets: - Specific values that are set for your KPIs. 33 Understanding Marketing Strategy 34 Understanding Marketing Strategy Crafting a Digital Marketing Strategy (cont.) 4. Tactics and Evaluation. Many digital tools and tactics available: - SEO (Search engine optimization) Search advertising Online advertising Affiliate marketing Video marketing Social media Email marketing 35 Understanding Marketing Strategy Crafting a Digital Marketing Strategy (cont.) 5. Ongoing optimization It is important for brands to be dynamic, flexible and agile when marketing online. New tactics and platforms emerge every week – customer behaviors change over time, and people’s needs and wants from brand evolve as their relationship grows. 36 End of the Chapter 37