Digital Strategy 2 PDF

DIGITAL STRATEGY Session 2 Key Concepts of Marketing Strategy & Implementation KEY ASPECTS FOR A SUCCESSFUL DIGITAL MARKETING STRATEGY WHAT ARE YOU GOING TO OFFER THEM? VALUE PROPOSITION IMPLEMENTATION WHAT DO YOU WHO DO YOU HOW ARE YOU WANT TO WANT TO GOING TO ACHIEVE? TARGET? ACHIEVE...

DIGITAL STRATEGY Session 2 Key Concepts of Marketing Strategy & Implementation KEY ASPECTS FOR A SUCCESSFUL DIGITAL MARKETING STRATEGY WHAT ARE YOU GOING TO OFFER THEM? VALUE PROPOSITION IMPLEMENTATION WHAT DO YOU WHO DO YOU HOW ARE YOU WANT TO WANT TO GOING TO ACHIEVE? TARGET? ACHIEVE IT? SMART GOALS: BUYER PERSONA CONTENT MARKETING, MEASURE ANALYTICS: APPROACH & Differentiation: what do you offer that no other brand offers? Position: how do you want to be remembered by? Define your objective: By setting a SMART Goal, you will know which direction to take, what techniques to use and what results where achieved Semi-fictional representation of your ideal customer based on market research and real data about your existing customers This can only be identified through a Segmentation Expercise TECHNIQUES: i) Define Content Strategy ii) Decide on Approach, Touch points, Channels, resources, tools... iii) Marketing Techniques Analytics: continuos analytics-> real time analysis which can be done on website or app, social media, customer journey, email mkt, mobile... Market research needs to be employed all along to properly understand the Market Place: Trends, Competitors, Customers, Environment, etc. DIGITAL MARKETING COMM’S OVERVIEW STRATEGY OPERATIONAL VALUE PROPOSITION it is the answer to: “Why should I buy your product?” You need to define the following 3 elements: 1. Relevancy: Explain how your product solves customers’ problems or improves their situation. 2. Quantified value: Deliver specific benefits. 3. Differentiation: Tell the ideal customer why they should buy from you and not from the competition (differentation). DIFFERENTIATION Differentiating the market offering to create superior customer value. This differentiation sometimes can become "points of parity" vs your competitors - meaning both of the brands offer the same benefit or sometimes they can become "points of difference" - meaning each brand has a diffierent differentiating benefit PRODUCT DIFFERENTIATION SERVICE DIFFERENTIATION CHANNELS DIFFERENTIATION PEOPLE DIFFERENTIATION IMAGE DIFFERENTIATION Features, Speed, convenience, Direct or Sales people highly Brand recognition, performance, style, VIP treatment... intermediates trained personality as a whole: design. Technological Technological colours, symbols, innovation Innovation characters i.e.: Volvo -> "Security", Slack-> "The Digital Headquarters" i.e.: Disney-> Guests’ pleasure and safety must be ensured, the staff must be courteous, the show must be full of magic i.e.: Amazon -> Direct "seamless" experience i.e.: Lululemon -> Yoga instructors as sales employees i.e.: Coca Cola-> red, happiness, moments DIFFERENTIATION EXAMPLE APPLE BENEFITS: Points of Parity, Points of Difference (USP) PRODUCT DIFFERENTIATION SERVICE DIFFERENTIATION Points of parity PEOPLE DIFFERENTIATION Points of difference Points of difference CHANNEL DIFFERENTIATION Points of parity Own physical store Special Distributor's stores Online own stores App & App Store IMAGE DIFFERENTIATION jingle Points of difference “I” POSITIONING 1 ROOTS/ HISTORY 2 TARGET AUDIENCE 3 COMPETITORS 4 CONSUMER INSIGHT 5 FUNCTIONAL BENEFIT 6 EMOTIONAL BENEFIT 7 REASONS TO BELIEVE 8 PERSONALITY / VALUES 9 UNIQUE SELLING PROPOSITION/ DISCRIMINATOR 10 BRAND ESSENCE 10 ELEMENTS NEED TO BE DEFINED ELEMENTS OF POSITIONING EXPLAINED ROOTS COMPETITORS They are the elements The definition of who is that defined the your competition: direct company historically or indirect CONSUMER AUDIENCE INSIGHT The ideal consumer for the brand - The problem, tension, your BUYER PERSONA The existence of the brand: the history, a Some would define: strength, the The frame of founder's history, the Reference founders experience TARGET feeling your target audience has that no brand has solved. Expressed in the first person. ELEMENTS OF POSITIONING EXPLAINED FUNCTIONAL EMOTIONAL REASON TO PERSONALITY BENEFITS BENEFITS BELIEVE /VALUES Are the tangible benefits that the consumer perceives when consuming the product (not the brand): what does the product Are the emotional rewards that the consumer experiences before, during or after noticing the Functional Benefits: how Are the factors by which the consumer will continue to believe in the Functional benefits and Emotional brand: prizes, does the product make awards, testimonials... do? Is the tone of voice, style, language and the way the brand connects with the consumer: beliefs, ideology, convictions. your customers feel? ELEMENTS OF POSITIONING EXPLAINED USP/ BRAND DISCRIMINATOR ESSENCE The factor or consideration presented by a brand as the reason that one product or service is different from and better than that of the competitors - the “discriminator”, It defines what a brand stands for, shapes the overall identity, and aims to invoke a particular thought, feeling, or emotion in consumers “your differentiation”. TOOL FOR POSITIONING - "BRAND KEY MODEL" VALUE PROPOSITION POSITIONING DIFERENTIATION The way a product or brand is defined Competitive advantage: An advantage by consumers on important attributes— over competitors gained by offering the place the product occupies in greater customer value either by consumers’ minds relative to competing having lower prices or providing more products benefits that justify higher prices VALUE PROPOSITION The full mix of benefits (rational or emotional) on which a brand is differentiated and positioned. It is the answer to the customer’s question: “Why should I buy your brand?” EXAMPLES OF VALUE PROPOSITION Headline: "Manage Your Home Deliveries" (problem) Sub-headline/Paragraph: Sending and receiving packages is convenient and safe for individuals (solutions) who want to ship ideas and innovations across the globe (differentiation) Visual Element: see screenshot VALUE PROPOSITION EXAMPLE FOCUSED ON THE BENEFITS AND HOW THEY ARE UNIQUE How would you improve it? "Offering a wide range of well-designed, functional home furnishing products at prices so low that as many people as possible will be able to afford them" THE MARKETING STRATEGY: OBJECTIVES & GOALS / EXAMPLES METHODOLOGY USED TO SET GOALS: MARKETING OBJECTIVE They are related to the marketing activities and closely linked to the brand. ORIENTATED TOWARDS: Brand Identity & equity: how it is viewed and valued Brand Recognition: how recognizable it is? Brand Awareness: how known it is? Brand Engagement: level of interaction with brand Brand Loyalty: repeated customers Brand Advocate: Ambassadors of a brand Market Share: share of the target market in sales Household Penetration: share of the target's market in households Brand's Margin Brand's sales EXAMPLE Increase Market Share by 10points by the end of June 2023 More on the course: “Strategic Marketing" Achieve a 30% of Engagement Rate in content related to the new services in SoMe by end of December. MAIN MARKETING GOALS 01 03 05 Sales: Marketing needs to define a sales revenue, together with the sales department on their sell-in: the company sales to resellers and the sell-out: the resellers sales to final customers. ROI Return on Investment: Understanding whether the initiatives carried out by marketing are making an impact on sales and profit is crucial for any brand. (Revenue - Mkt. Investment) / Mkt. Investment = % 02 04 Brand Experience: Net Promoter Score. A score between -100 and +100 that compares the percentage of detractors (those who would not recommend a brand) to promoters (those who would recommend a brand). Customer Satisfaction. A score that rates how satisfied a customer is in the moment. Useful for gathering feedback on specific interactions and brand touchpoints. More on the course: “Strategic Marketing" Market Share: Through information of the sell-out, a brand can measure its sales under the whole category and therefore calculate their market share and competitors' market share. This can be done for sales or household penetration. Brand Awareness: Top of mind awareness. The ability of consumers to think of a brand in relation to a product or service category. This can be divided into prompted or unprompted top of mind awareness. Brand recognition. The ability of consumers to name a brand when presented with a tagline, logo, or other brand asset. Advertising recall. The ability for consumers to accurately recall or describe an advertisement they have seen recently from a given brand. Share of voice. In the offline space, this often refers to a brand’s share of paid advertising in a competitive space. As we would calculate a share of market in sales, we can do this for our brand and competitors. MAIN DIGITAL MARKETING GOALS 01 03 05 Awareness: Ads, Social Media. etc.. Reach: The number of users who have come across particular content on a social platform. (Metrics: Impressions, views, reach) Influence/ Engagement: An individual’s ability to affect other people's thinking in a social online community (Engagement rate, CTR) Brand Activity & UX: - Click-through rate (CTR). A comparison of the number of times a CTA button/ad is shown (impressions) to the number of times it is actually clicked on. This can be measured in SEA, Ads, Email Mkt..... -Engagement Rate: assess the average number of interactions your social media content receives per follower. The engagement rate is calculated as the total number of interactions your content receives divided by your total number of followers, multiplied by 100% (Mainly on social media) Cost of Retention: Equally important is to define the investment associated to retaining a customer so he/she becomes a repurchaser for a long period of time. This is normally lower than the acquisition costs, as customers are more likely to be convinced again. Calculation: investment in retention / repeating customers 02 04 06 Awareness: Ecosystems Website Traffic: visitors, new visitors, source of traffic, bounce rate... Search Volume: branded search volume, backlinks Media Monitoring: impressions, earned media mentions, sentiment, share of voice, CAC: Cost of Acquisition. This allows you to define the investment associated with acquiring a customer for your brand. Calculated by dividing total cost of your acquisition initiatives (ie. advertising) by the number of customers acquired or conversions Conversions: A conversion = sales, download, attendance, etc. has been made. Calculation of Conversion rate (CR%) : The number of conversions the campaign received divided by the total clicks of the campaign Customer Life Time Value: is the total profit a company expects to earn over the lifetime of their relationship with a single customer. The calculation takes into account repeating revenue over a period of time as well as acquisition costs, and retention costs. THE BUYER PERSONA VIA SEGMENTATION Segmentation: Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes. Market Segmentation Demographics Age Marital Status Marital Status Gender Geographics Ethnic Background Local Income Psychographics Lifestyle Personality Values Attitudes Behavioral Benefits Usage Patterns National Regional International SEGMENTATION: CONSUMER MARKETS We look at the market and Cluster the market into 2, 3, 4 or more segments according to the following criterion - we divide the market into smaller segments: 1.GEOGRAPHIC 2.DEMOGRAPHIC 3.PSYCHOGRAPHIC 4.BEHAVIORAL Dividing the market into different geographical units, such as nations, Divides the market into segments based on variables such as age, Divides buyers into different segments based on lifestyle, Divides buyers into segments based on their knowledge, life-cycle stage, gender, social status or attitudes, uses, or regions, states, income, occupation, personality responses to a counties, cities, or education, religion, characteristics product. even neighborhoods, ethnicity, and languages, climate... generation 5.MULTIPLE Mixture of two or more Applying only one type of segmentation, for example, demographic, can lead to an unsucessful marketing tactics THE KEY TO SEGMENTATION: MULTIPLE EXAMPLE GEOGRAPHIC: LOCATION If companies have your location data, it may impact the kind of sales ad messages you receive. For example, if you’re looking for nearby restaurants in New York City, then Google search results will use your location (based on your device’s IP address) to search for places to go in a small radius SEGMENTATION: BUSINESS MARKETS We look at the market and Cluster the market into 2, 3, 4 or more segments according to the following criterion - we divide the market into smaller segments: OPERATING CHARACTERISTICS PURCHASING APPROACHES SITUATIONAL FACTORS Countries, type of product/ service they sell, Purchasing power, purchasing situation, User rate, non user, heavy user..., structure of Business Unit, PERSONAL CHARACTERISTICS Lifestyle Personality Values Attitudes towards vendors Attitudes TYPE OF BUSINESS Benefits Usage Size, Industry, Patterns SEGMENTATION: INTERNATIONAL MARKETS GEOGRAPHICAL Segmenting consumers who have similar needs and buying factors across countries. ECONOMIC POLITICAL & LEGAL CULTURAL FACTORS FACTORS FACTORS Segmenting by population level of income, or economic crisis. INTERNMARKET country's stability, Segmenting according to languages, Segments of consumers who have similar needs monetary regulations, religions, values and and buying behaviors taxes, wars, .. attitudes and although they are behavioral patterns located in different Segmenting according countries. PRACTICAL EXERCISE How can Durex segment their Consumer market? GOOD SEGMENTATION -> BUYER PERSONA 1 2 SEGMENTATION BUYER PERSONA More in session 3 Buyer personas are semi-fictional representations of your ideal customers based on data and research. They help you focus your time on qualified prospects, guide product development to suit the needs of your target customers, and align all work across your organization DIGITAL MARKETING OVERVIEW STRATEGY OPERATIONAL Content: The main problem with Content is identifying the right Content The Content Process 1.DEFINE STORYTELLING, TONE, & PERSONALITY 6. CONTENT CURATION 2. GENERATE IDEAS 3. RUN CONTENT AUDIT 4. CHOOSE FORMATS 5. WRITING 9. DEFINE CONTENT FRAMEWORK 10. CONTENT ANALYTICS Internal and external 7 . TOPIC CLUSTERING AND PILLAR PAGES 8. PROMOTE CONTENT: ORGANIC & PAID Attraction, Retention, and Conversion More in session 6 KEY ELEMENT OF CONTENT 1.Storytelling BIG IDEA - COCA COLA EXAMPLE: "SHARE A COKE" Narrating the “Big Idea” you will be using to engage and create conversations with your Buyer Persona: - the "what" : your story through the Product reflecting Big Idea brand positioning - the "how": your story through emotions, or Social Media reflecting Big Idea - the "why" : your story through the why you are doing what you are doing Out of Home reflecting Big Idea Street Mkt.reflecting Big Idea Influencer Mkt. reflecting Big Idea DIGITAL MARKET APPROACHES OUTBOUND MARKETING Outbound marketing is a traditional method of marketing seeking to push messaging out to potential customers. Outbound marketing includes activities such as advertising, trade shows, seminar series, and cold calling. It is costly and the ROI is difficult to identify. Often used to create Awareness, but is a one way communication channel where no feedback from the consumer is received (push marketing) Techniques involve: Advertising, TV, radio, press….), Emailing, Display Advertising (banners), ads on SoMe INBOUND MARKETING Inbound marketing is a strategy where you create content that spread brand awareness so people learn about you, might go to your website for information, show interest in your product, and potentially make a purchase.The way to turn strangers into customers and promoters of your business (pull marketing) as it is the customers who communicates with the brand Techniques involve: Content Marketing, SEO/ SEM, CRM, Email Mkt., Social Media CUSTOMER JOURNEY A representation of the pathway that your customers or prospects follow when considering making a purchase right through to repeat purchasing and advocacy. It allows you to anticipate emotions, content, techniques, resources and risks. Techniques: ALL (outbound, inbound and more) BLENDING STEPS, TECHNIQUES & CHANNELS IN THE CUSTOMER JOURNEY 1 - AWARENESS 2 - "ZMOT" 3 - EVALUATION What is happening? The Buyer Persona is being impacted by a need, a new product launch, a new event, a new brand, etc... What is happening? The Buyer Persona might search for your brand on search engines. What is happening? The Buyer Persona might search for your in sites or influencers and search for other options as well. Mkt. Techniques: Mkt. Techniques: Advertising: Search Engine Display, Paid Social Marketing: Search Media (SoMe), Email, Engine Mobile Ads, Game Ads. Advertising (SEA) Viral Marketing and Search Influencers Engine Blog/Community Optimization PR activity: Events, (SEO) Sponsorships, Press Social Media Release Optimization (SMO) App Search Optimization (ASO) 4 - "1st MOT" What is happening? The Buyer Persona is now convinced and is landing in any of the brand’s ecosystem and might make the conversion. Mkt. Techniques: Mkt. Techniques: Social media (SoMe) Conversion Influencer Mkt. Techniques: Web, Blogging & App, testimonials Community/Blog Review Sites Owned SoMe SEO, SMO, ASO handle (ratings and testimonials) 5 - "2nd MOT" 6 - LOYALTY What is happening? They Buyer Persona is now a Customer, and is waiting for the product or service to arrive/start. What is happening? What is happening? The Customer can be The Customer is so impacted by other delighted that will talk products/ services of the and post about the brand and might want product/service to make a re-purchase Mkt. Techniques: Mobile Mkt Mkt. Techniques: Email Mkt./CRM/ Earned SoMe Newsletter Email Mkt./ Notifications Newsletter Loyalty Review Sites platforms/programs PR Activities Mkt. Techniques: Mobile Mkt. Email Mkt./CRM/ Newsletter Notifications More in session 3 7 - ADVOCACY Digital Marketing Operational: The Marketing Mix TRADITIONAL MARKETING MIX 4 P's (Product Perspective) DIGITAL MARKETING MIX 4 C's (Consumer Perspective) - PRODUCT - CUSTOMER - PLACEMENT - COMFORT - PRICE - COST - PROMOTION - CONVERSATION 8 P’s: 4 P’s + People, Process, Performance and Programs 7 C’s: customer, content, context, community, convenience, cohesion, and conversion Summary: The Marketing Mix Product / Customer Price / Cost Example of customer-value, cost-based, & competition-based pricing Example of Digital Product: NFT Example of Convenience Goods Example of Inseparable Service Place / Convenience Example of Price Bundles Example of app pricing models Promotion/ Communication Example of sales promotion Example of online advertising & influencers Example of personalization THE COMMUNICATION TECHNIQUES ADVERTISING SALES PROMOTION PERSONAL SELLING Any paid form of non-personal presentation Short-term incentives to encourage the Personal customer interactions by the and promotion of ideas, goods or services by purchase or sale of a product or service. company's sales team for the purpose a brand/company/sponsor, targeted at a of engaging with customers, making a large audience through media channels sale or building customer relationships. Examples: Ad commercial, radio commercial, Examples: Samples, discount codes, point billboard ad, YouTube ad... of purchase promos, cash refunds... Examples: The "blue T-shirt guys" at the Apple store. PUBLIC RELATIONS Building relationships not only with the company's customers but with the company's publics, obtaining favorable publicity with media and word of mouth, building corporate image and organizing events. Examples: Communicating a CSR campaign or organising a trade show. DIGITAL MARKETING Engaging with a carefully targeted individual audience to obtain an immediate response, influence decisions, and build lasting customer relationships. Examples: Online advertising, search engine marketing, social media marketing, mobile marketing, email marketing, creation of digital ecosystems, etc. Exercise: What type of IMC action is this? See video LegaL Implications Marketing & Comm's Liability and contractual information Clearly defining a product’s liabilities and warranties, especially if you deal with third-party vendors. Ex.: Amazon dog collar that cause blindess Data protection and privacy General Data Protection Regulation (GDPR) to notify visitors when they gather user information and seek explicit consent before collecting or reusing personal data (cookie policy), Opt-in & Managing fraud and securing electronic transactions Protecting customers’ information on your site, application performance management, if hacked, you’re legally obligated to inform your customers and the public Intellectual property Make your graphics for any advertisements or listings yourself. If outsourced, consider all work as copyrighted unless you use a platform that requires a subscription fee Opt-out PRODUCT MARKETING ALLEGATIONS MADE ON PRODUCTS, ADVERTISING COOKIES CRM EMAIL MKT Data protection and security Data mining and controlling Online Behavioural Advertising Using data for advertising (targeting/retargeting, etc.) GENERAL TO THE WHOLE COMPANY COPY RIGHTS TRADEMARKS TRADE SECRETS INTELLECTUAL PROPERTY COPYRIGHTS Copyrights ensure that companies do not infringe on any existing copyright law protection for images and videos Companies should seek copyright registration on any artistic materials that will be sold or publicized digitally. This includes presentations, advertisements, images, or product designs TRADEMARKS TRADE SECRETS Businesses must register wordmarks, logos, icons, and similar identifying symbols and then use the “™” or “R” indicator to signify that the business is registered. This is especially critical on websites and all other external platforms to ensure consistency When digitizing operational processes and methods, companies are no longer able to keep secrets in a physical file cabinet, so to speak. Instead, they rely on cloud storage, remote servers, email chains that never disappear OR CRMs THE IMPORTANCE OF DATA ON DECISION MAKING COLLECTING DATA FROM: Website/App Social Media CRM (Emails, Lead Magnets) Google Ads, Social Media Ads & other Ads Influencers Events All the data collected from our behaviors can be processed and analyzed to impact the business, and allows us to have business decisions on several axes: 1.Improve the customer relationship at all touch points. 2.Enrich the customer experience. 3.Predict user behavior to increase customer conversion rate. 4.Optimize products and services and even create new ones. 5.Improve efficiency in work processes, saving costs and time. DATA Four key areas where data can help make better decisions in a company and in the Digital Strategy of a Marketing Department: Decisions relating to customers, markets, and competitors Decisions related to finance: marketing investment, profitability Decisions related to internal operations: automation, costs, process Decisions related to your people 1.REVIEW THIS PRESENTATION What Now? 2. READ TECHNICAL NOTE:DIGITAL MARKETING: SOCIAL MEDIA AND MOBILE MARKETING (MKS020091-U-ENG-HTM) 3. GROUP PROJECT START DOING IN GROUPS -TASK 1 YOU WILL FIND THE ASSIGNMENT UPLOADED SINCE DAY 1 IN YOUR BLACKBOARD WITH ALL THE TASKS YOU HAVE TO DELIVER 4. NEXT SESSION - SESSION 3: INTERMEDIATE TEST 1 10 multiple Choice questions = 10 mins We will use Blackboard Test based on the Content of Session 1 and 2