Digital Marketing Strategy: A non negotiable for business success
Your company's online presence is no longer a nice-to-have; it's a necessity. Dive into this comprehensive guide that reveals why a robust digital marketing strategy is pivotal for business growth and competitiveness in the B2B tech landscape.
Picture this: you've got the best product in the B2B SaaS or Tech market, a talented team, and a killer website. But somehow, you're still not seeing the results you expected. Sales are stagnant, and customer engagement is not where you'd like it to be. What could be the missing piece of your business puzzle? The answer may lie in a powerful digital marketing strategy.
In a digitally-saturated business landscape, is your company harnessing the full potential of online channels to reach the right audience? Are you engaging customers effectively and standing out amid fierce competition? If these questions have sparked even an iota of doubt or curiosity, then read on. This guide will delve into why a robust digital marketing strategy is not just a nice-to-have, but a must-have for your business to thrive.
What is a digital marketing strategy?
Before diving into the how-to's, it's crucial to understand the what's. A digital marketing strategy is a comprehensive plan outlining how your business will achieve its objectives through various online channels and tactics. These can range from SEO and content marketing to social media and paid ads. The goal is not merely to broadcast your message, but to engage with your audience meaningfully, thereby fostering brand loyalty and driving conversions.
Importance of a digital marketing strategy
A robust digital marketing strategy isn't just a cog in the machine—it's the engine that propels your business forward. It gives you a clear roadmap to acquire, engage, and retain customers, ultimately translating into increased revenue and brand equity.
With rivals just a click away, the importance of a well-planned digital marketing strategy cannot be overstated. It provides you with the intelligence and execution power to stand out, capture market share, and make your competitors play catch-up.
No longer is marketing a one-way street; it's an interactive experience. Crafting a digital strategy that resonates with your audience can result in not just one-time transactions but a community of brand advocates.
Main stages of a Strategy
Richard Rumelt, a prominent strategy professor and consultant, outlines a framework for strategy that is often cited in both academic and professional circles. According to Rumelt, effective strategy formulation can be broken down into three critical stages:
The first step involves diagnosing the challenges and opportunities that the organization faces. This analysis often includes identifying the problem or obstacle that needs to be addressed, as well as understanding the internal and external factors that affect the organization. The diagnosis sets the stage for the development of a guiding policy.
2. Guiding Policy
Based on the diagnosis, a guiding policy is developed. This policy outlines an approach for overcoming the challenges identified in the diagnosis stage. It essentially serves as the general framework or direction that guides the organization’s efforts. While the guiding policy is meant to address the problem, it is often not very detailed in terms of actions or steps.
3. Coherent Actions
The final stage involves the development and implementation of coherent actions. These are the specific steps, tactics, or initiatives that are designed to carry out the guiding policy. These actions must be coherent, meaning they should be coordinated and focused, in order to effectively implement the strategy and achieve the organization's goals.
Rumelt emphasizes that a good strategy is not just a set of goals or objectives, but is rather a focused response to a challenge. The combination of diagnosis, guiding policy, and coherent actions constitutes a robust strategy, according to his model.
How to implement a Digital marketing Strategy?
1. Craft a highly targeted buyer persona
You wouldn't go on a road trip without a map. So why would you undertake a digital marketing journey without knowing your audience? Drop the shotgun approach and pick up the sniper's lens—detailed buyer personas are your first key to a robust digital marketing strategy. Backed by solid research and data, these personas should be meticulous blueprints of your ideal customers.
No assumptions—only data. Your research pool should be an amalgamation of current customers, potential leads, and even individuals beyond your current database that align with your target market. Whether you're a B2B or B2C enterprise, high-ticket or low-margin, the essence of your persona should be grounded in both quantitative elements like demographics and income, and qualitative factors like goals and challenges.
2. Align your goals and toolset
Let's get real. Your digital marketing aspirations should be a mirror reflection of your core business objectives. Yearning for a 20% revenue surge? Your marketing team better be aligned, setting their sights on boosting web leads by at least 50% over last year. And guess what? You can't manage what you can't measure. Opt for comprehensive tools that bring all your data under one roof for actionable insights.
3. Audit your marketing channels
The expansive digital landscape can easily lead you down the rabbit hole, diffusing your focus. An audit of your existing digital channels can act as your North Star. Categorize your channels and assets into owned, earned, and paid media to understand the current state of your digital reach. And remember, it's not about using every channel; it's about using the right channels that bring results.
By taking this meticulous approach, you're not just another player in the digital arena. You're a strategist, a tactician, and above all, a winner. Feel you can amp up your strategy but need a partner for the journey? Schedule a call with our CEO, Alex Hollander, and let's explore how you can rewrite your company's digital future.
4. Audit and plan your owned media campaigns
The nucleus of your digital influence rests on owned media, which in essence is your content. From blog posts to podcasts, your content not only amplifies your brand voice but drives palpable business outcomes. If lead generation saw an uptick of 50% last year through your website, you owe it to your content.
- Step 1: Conduct an incisive audit. Rank your existing content based on performance metrics that align with your current objectives. For example, if your goal is to skyrocket leads, identify those golden nuggets — be it ebooks, blogs, or specific landing pages — that have been lead-magnets.
- Step 2: Identify gaps. Leverage buyer personas to understand what's missing in your content arsenal. If a particular type of content — say, ebooks on landing pages — shows higher conversions, then it's time to double down.
- Step 3: Craft a purposeful content blueprint. Not just a checklist, but a strategic document that outlines the 'why', 'what', and 'how' of each content piece. Factor in budget or time estimates, depending on whether you're outsourcing the content creation or doing it in-house.
5. Review and plan your earned media campaigns
Earned media isn't just vanity metrics; it's a testament to your brand's magnetic pull. Utilize analytic tools like HubSpot's Traffic Analytics to rank your earned media impact. Whether it's an article in an industry publication or a massive LinkedIn share, learn what's already working to bolster your credibility and reach.
The past informs the future, but doesn't tie it down. Never discard an innovative approach solely because it hasn't been tried before. Break the mold, experiment, and track.
6. Review and plan your paid media campaigns
Paid media can be a slippery slope. Assess the ROI across platforms such as Google Ads, Facebook, Twitter, and beyond. If you've poured resources into a channel that isn't delivering, it’s not a sunk cost—it's a learned lesson. Shift your focus to platforms that promise a higher yield.
7. Integrate your digital marketing campaign
Congratulations, you've armed yourself with a data-backed, strategically nuanced plan. You understand your buyer personas, you have outlined precise digital marketing objectives, and you possess an audited inventory of your owned, earned, and paid media.
But the journey has just begun. Your ultimate success lies in continuous learning, adaptation, and relentless execution. A degree in marketing or a related field may enhance your acumen, but let's not forget, the best lessons come from the trenches.
So there it is, a digital marketing strategy is not a part of the game—it's the whole game. If you're serious about scaling your B2B SaaS or Tech company, then mastering this art is non-negotiable. If you're intrigued and would like to learn more about how to apply these learnings to your own company, why not schedule a call with our CEO, Alex Hollander? It could be the conversation that elevates your business to new heights.