What does a competitive digital marketing strategy include?

What is a digital marketing strategy?

Digital marketing is a fast pace changing industry. With thousands of algorithm changes per search engine and social media, new trends emerging every week and competitor’s moves, it’s very difficult for business owners to keep track and make decisions accordingly. Therefore, a proper competitive digital marketing strategy with clearly defined objectives and targets is necessary for any business looking to grow. The odds of reaching the company objectives you’ve established will be substantially better once you have designed the correct map.

It implies that the preparation phase must be carefully researched and analysed so you won’t waste your marketing budget and energy in the long run and will generate a steady, long-term growth.

Lets’ start with the beginning: what is the focus of a digital marketing strategy?

A digital marketing strategy, like a classic marketing strategy will take in consideration these four main points:

 

  • The goals of the business:

In order to achieve your goals, you need to define them in a very clear manner.

Tasks, quotas, KPIs, and other performance-based standards may all be used to assess marketing success. Measurable goals are critical for marketers to be successful and to assess the efficiency of different marketing campaigns.

  • Your target audience profile, pain points and expectations:

A digital marketing strategy will address an online target audience. To create a communication and remain memorable, you need to understand your audience. Who are they? What is important to them? Which of their problems will your product or service solve?

  • Your competitors:

A classic part of any marketing strategy is a competition analysis. Understanding what your competitors offer, how they present themselves and their products is key to be able to differentiate yourself. However, a digital competition analysis will also give you access to their visible or estimated marketing strategy, analysing how they get their clients online. To be able to compete with another company, your strategy needs to focus on doing better than your competitors.

  • Your current marketing and data:

What have you done so far? What data have you collected about your clients and your existing marketing? What works for you, what doesn’t? All these questions are crucial and can help making your digital marketing strategy more accurate and could save you some budget in A/B testing.

How does a digital marketing strategy process that data?

The second crucial part of a digital marketing strategy is the analysis of the data collected in phase 1.

What does it all mean? How do they relate to each other? How do they relate to your business? What would it take in term of marketing to become or remain competitive? How can we leverage this data to reach your goals?

  • Analysis of your customer profile:

Does your current marketing relate to the data collected with your audience? What needs to be improved, added, or changed?

  • Analysis of your competitor’s data:

This phase might be the most crucial part of your digital marketing strategy. To get clients, you must be better than your competitors who are trying to get the same clients.

How can you remain or become competitive? How can you beat their SEO strategy to get ahead? How do you create a lead generation strategy that is different than theirs? At Marketable Strategies, the list of competition-related questions that we answer through this phase is close to a hundred. This ensures accuracy and help to anticipate the moves of your competitors, to provide you with a competitive edge.

  • Analysis of your current marketing:

In this phase we will compare your current marketing with your competitors and how it relates to your goals to have a solid base to write a strategy.

The final phase: The strategy

The strategy is a plan, including a set recommended actions to reach the measurable goals defined in phase one. It will take in account all the market research and its analysis that were done previously. Designing a digital marketing strategy isn’t about doing what you think is best or trying to be creative. The strategy will answer questions such as:

  • What should be your message?
  • What channel should you use?
  • What will be the implementation phases?
  • If implemented correctly, how long should it take to reach your goals?
  • What should be your overall budget?
 

To be competitive, you must know your audience, your environment, you competitors and your own strength and weaknesses. All these factors need to be carefully considered in your decision-making process.

Want to learn more about digital marketing strategies? Read: “Competitive Intelligence, An Important Part Of Digital Marketing Strategy”

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