What’s new for your business in 2023? If like most business owners, one of your goals for 2023 is business growth, digital marketing must be on your mind. However, doing bits of marketing here and there is often inefficient and costly. Digital marketing does work, if it follows a carefully designed plan. For profitable digital marketing and a high marketing ROI, you must start at the beginning: a digital marketing strategy, including market research and analysis of your business.
What’s a digital marketing strategy?
A digital marketing strategy is basically a document where you collect, analyse and plan anything related to your digital marketing. It should clearly state your goal, your starting point and outline how your business will reach the goals through a range of digital channels.
A digital marketing strategy needs to be structured, clear, and state achievable goals.
Why do you need a digital marketing strategy?
First of all, digital marketing can be complicated to implement and coordinate. A plan to follow for a business owner, marketing manager, and a team is necessary to avoid digital chaos.
Secondly, every marketing decision a business makes should be backed up by data and complete, professional analysis, taking in account external factors and context. A digital marketing strategy does that.
Thirdly, a digital marketing strategy includes KPIs, track progress monthly, and make adjustments.
What does a digital marketing strategy include?
The content of a digital marketing strategy depends on the company, the goals, the size of the client, and the marketing strategist.
It generally includes some background, KPIs, market research, and a strategy based on these elements.
A digital marketing strategy must be based on accurate data and lead to an actionable plan, for a marketing coordinator to implement.
The importance of setting up reasonable marketing goals.
Rome wasn’t built in a day.
It’s great to have ambitious long-term goals. But trying to rush to achieve unrealistic goals will be a waste of budget for the following reasons:
- A marketing strategy aims to create digital marketing campaigns as accurately as possible. But with many internal and external variables, a few options need to be tested before dropping large budgets into it.
- You need a step back from it. Let your marketing campaigns run for a bit, before assessing their performance and adjusting or re-evaluating them.
- To achieve sustainable growth, digital marketing must be aligned with the rest of your business. Does your marketing truly reflect your products or services? Will you have the resources to fulfil a high increase in demand in the next 6 months or a year?
For realistic and long-term growth, it’s good to follow the SMART goals rules: Specific, Measurable, Achievable, Relevant, and Time-Bound.
Pro tip #1: Competitive intelligence is key.
Understanding the environment we operate in is key for all humans and organisations. And when it comes to business, it’s a matter of survival.
How will you beat your competitor to get your market share without understanding what they do?
Competitive intelligence is a fundamental part of a digital marketing strategy.
It’s the process of collecting and assessing information about a competitor’s strengths and weaknesses, products, and customers that a company needs to make strategic decisions. Its goal is to provide information that organisations need to remain competitive.
Digital competitive intelligence is a type of competitive intelligence focussing on understanding how an organisation’s competitors interact with their customers and prospects through digital channels.
At Sydney Digital Agency we understand how to leverage insights from the local market to make better decisions and increase our clients’ digital marketing ROI.
Pro tip #2: How to analyse your website data: leverage the new Google Analytics
Making decisions based on assumptions rarely works out in marketing. As consumers, we are exposed to hundreds of pieces of content and ads every day. Every digital marketing decision should be backed up by data.
Your website is the face of your business, and analytics will provide accurate insights about your consumer’s and target audience’s interaction with your online presence. Google just released a new, more powerful version of Google Analytics, click here for more information.
Pro tip #3: Track your progress through the year
Writing a digital marketing strategy is a great start for successful marketing. But it’s only the start.
Evaluating progress according to your monthly KPIs, following and adjusting your strategy on a monthly basis is key to achieve long term success.
Pro tip #4: Don’t forget about customer retention
One of the most common mistakes business owners make when starting a strategy is putting all their efforts into unreasonable customer acquisition strategies. By doing so, they rarely achieve their acquisition target but have low customer retention.
According to Harvard Business Review, customer acquisition costs 5 to 25 times more than customer retention.
Investing in customer retention is key to reaching business sustainability.
Pro tip #5: Hire a good and LOCAL digital marketing agency
An in-house team can be very helpful to help with admin marketing, or sales. Still they don’t have the experience that agency staff does and most likely won’t be objective about evaluating their own marketing performance and competition.
At Sydney Digital Agency, we have worked with hundreds of local business owners and understand the market and target audiences your business interacts with.
Is your digital marketing on the right track? Plan your digital marketing strategy for 2023.
Looking to grow this year but don’t know where to start or if your digital marketing is on the right track?
Contact our Sydney-based Digital Marketing Agency for a proposal!