By Paul O’Brien
4 Key Questions to Ask for an Effective Digital Marketing Strategy
Before you put together a digital marketing strategy you need to ask the following 4 key questions below:
Identify Digital Marketing Goal
- What is the goal of your Digital Marketing Strategy?
- What is your budget for the strategy?
- Who is your target market?
- Is Re-marketing Required?
To understand what we’re asking of these questions, let’s take these questions 1 at a time.
1. What is the goal of your Digital Marketing Strategy?
Digital marketing can be used for many reasons and if you don’t understand what you want to achieve, then is hard to put together a digital strategy which will meet your goals.
Please find 4 key goals for helping to understand how to implement a digital strategy as follows:
- Branding of Company or Product – This type of campaign is about raising awareness for your company or product, where the goal is put your brand/product in front of as many people as possible (impressions) to raise awareness. You may get sales, but it isn’t the key goal for the campaign.
- Increase Traffic to Website/Social Media – This type of campaign is more about click through from your advert and trying to get as many people to go to your website/social media as possible (Click Through). You may get sales, but it isn’t the key goal for the campaign.
- Direct Sales on-line – This type of campaign is about driving the right type of person to your website to generate sales. This includes campaigns where you target specific types of people or search terms on search engines to then get them to click to your website or social media to then convert them to sales. This can be done through 2 different types of strategies which I will explain later on.
- Generating Sales through Physical Retail Outlets – This type of campaign is similar to Direct Sales On-line types of campaigns, but the strategy is slightly different in that it is directing people to their closest stores for your product.
2. What is your Budget for the Digital Strategy?
If you don’t know how much you want to spend, then it makes it hard to put together an effective digital marketing strategy for your goals. So here are a couple of tips which may help you to allocate a budget.
- Per Product Budget – The general rule is to allocate a budget is to allocate around 15-20% of the Recommended Retail Price (RRP) towards marketing of your product, i.e. if your product RRP is $100, then allocate $15-20 per service/product. This may be different if you are wholesaling a product and you will need to allocate a similar percentage of your profit per product.
- Per Service Budget – Work out what your profit margin is for offering your service, taking into account things like labour costs, materials, etc… and then allocate 15-20% of this profit towards marketing. i.e. if you make $1,000 for each service, allow for $200 per service as your marketing budget.
- Final Budget Calculation – Taking into account the above 2 figures at a …read more
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