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Digital strategy - An Overview on how to start winning online

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Digital strategy - An Overview on how to start winning online

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Presented in 2017 at a public speaking event held by Expertise Events; The Gift and Lifestyle Fair, I was asked to give retailers at the event an overview on how they can be competitive in the digital environment, how to set a digital strategy and what the online marketing funnel looks like.

Presented in 2017 at a public speaking event held by Expertise Events; The Gift and Lifestyle Fair, I was asked to give retailers at the event an overview on how they can be competitive in the digital environment, how to set a digital strategy and what the online marketing funnel looks like.

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Digital strategy - An Overview on how to start winning online

  1. 1. DIGITAL STRATEGY How to start winning online
  2. 2. WHAT’SYOUR STRATEGY?
  3. 3. 50% 34% 16% No Yes, it's integrated to our marketing strategy Yes, defined in a separate document Source: Smart Insights 2016
  4. 4. Where does strategy start? • There is a difference between strategy and tactics or channels • You need to have a plan and be ready to execute that plan
  5. 5. CASE STUDY
  6. 6. Case Study: DmaxWatches • New watch brand within Australia • Started with a website • Spent months getting things together but didn’t have any real plan. • Currently has a website but, doesn’t make sales online
  7. 7. Case Study: MVMTWatches • Started with a strategy • Dominated facebook first • Email newsletters • Moved to paid search ads • Cross-sold • Retargets visitors to its site • Doesn’t provide watch quality that’s better • Just started with a plan and worked the plan • Data drove their strategy • Over 600,000 watches sold in under 3 years!
  8. 8. MARKETPLACE
  9. 9. Marketplace analysis:What’s the opportunity? • What are your digital marketing capabilities? Channels, budget etc • Know your customers –Who, where, what, paths to purchase • The biggest competitors you have are? How are they are selling (not what). • Who are the influencers in your space?
  10. 10. Goals • Where do you want to be in a year? In 5 years? In 10 years? • All strategy starts here. • Make sure your goals follow the SMART framework • Specific • Measurable • Achievable • Relevant • Time-bound • The #1 reason most people don’t succeed online is they don’t do this. • “Sell more product” is not a defined goal • Sell $100,000 of product by June 30 next year
  11. 11. Primary Goals • Primary Goals for any business online usually could be one or a mix of the following; • Brand awareness • Sales generation • Lead generation • Educating potential customers • Generating traffic • Fostering engagement
  12. 12. STRATEGY You know your marketplace and goals. Now you can start setting a strategy!
  13. 13. The Hub: your website • Your website is the central hub that everything works off of • A well designed site is needed to make these channels work • Each digital channel works best when your website is up and running and optimised for your target audience • That means your website has; • Content • Pictures of what you’re selling • Prices • A means of contacting you • Details about your products and shipping
  14. 14. How can digital channels help? • Digital channels need to be part of the strategy not the strategy itself • It’s not a magic bullet • Each channel can help you reach one goal or another but, your goals need to be aligned to the channel you use
  15. 15. What are the digital channels? • Each channel has a paid and organic version • Each channel is better suited to different activities • Your audience will respond differently on each channel
  16. 16. Paid vs Organic Paid • Pros • Faster results • Has direct ROI • Scales quicker and easier • Can be changed and tweaked with minimal effort • Quick to set up • Cons • Direct costs upfront • Intrusive to your audience Organic • Pros • Free (sort of) • Less intrusive to your audience • Sustainable • Cons • Slower • May not show ROI for months • Labour intensive
  17. 17. Demand fulfillment vs demand generation • Think about economics – there is supply and demand for any product • When you have no demand you need to generate it • When there is demand you need to be able to supply it • Each channel falls into a demand fulfillment and demand generation category
  18. 18. Demand Generation Demand Supply
  19. 19. WHICH WORK BEST FORYOU? Based on your products/strategy/goals
  20. 20. Primary Goals • Primary Goals for any business online usually could be one or a mix of the following; • Brand awareness • Sales generation • Lead generation • Educating potential customers • Generating traffic • Fostering engagement
  21. 21. Brand Awareness • Establishing a strong brand can help to motivate people to buy from you • Not just about remembering your logo • Connecting with people about your mission and values • Channels that are great for this are commonly social media based; • Facebook • Instagram • Pinterest
  22. 22. Sales/ Lead Generation • Trickier than just using the right channel • Necessary to be in business! • All of these channels can generate sales or leads but each will have different timeframes that happens in • Socials media is a medium term solution for sales whereas Google or Bing is a quicker solution if the fit is right the same is true for leads.
  23. 23. Educating Potential Customers/Engagement • Best done through content • Organic works well for this but paid campaigns on social media can also work • This is a long term approach and requires consistency • Talking to your audience here not lecturing is the key • Make sure you throw a little fun into it!
  24. 24. BUILDYOUR FUNNEL
  25. 25. Funnels • Everything online is sold in some form of funnel (whether you know it or not). • All of these channels (and your website) contribute to your funnel • A funnel is just a defined system for leading customers from learning about you to buying from you. Sales Website Google Fb
  26. 26. What funnels are made of • Funnels are made from your strategy which is informed by those goals we spoke about earlier. • Your funnels will have at least 3 parts a top, middle and bottom. • To reach your goals (usually sales) you will want to move people from one stage in the funnel to the other. Top Middle Bottom
  27. 27. Breaking DownYour Funnel:Top • The top of the funnel is the broadest part its where we reach our audience • Our personas come in here. • We want to reach as many people as possible • Our goal is to peak interest get people to start to engage with you brand • Fb likes, comments, website visit (blog or content) Top
  28. 28. Breaking DownYour Funnel: Middle • The middle is the guts of the funnel • Its about moving people from just interacting with you once or twice to interacting consistently • Bringing them into your outer circle Middle
  29. 29. Breaking DownYour Funnel: Bottom • The sexiest part of the funnel (and also the trickiest) • People who are close to a sale are in here. • They have bought into your brand, your mission and you but they haven’t bought anything yet. Bottom
  30. 30. Ok so now what? Sales Website Google FbTop Middle Bottom
  31. 31. BUILDINGTHE FUNNEL R.A.C.E Framework
  32. 32. RACE Framework Reach • Buyer stage: Exploration • All about getting in traffic: Social, Search Engines etc • Top of funnel Act • Buyer Stage: Decision making • Inspire people to act and spend time on your site or social offerings • Middle of funnel Convert • Buyer Stage: Purchase • Get people to convert and spend money • Bottom of Funnel Engage • Buyer Stage:Advocacy • Thrilled customers who come back for repeat purchases • Bottom of Funnel – Pushes to top. Top Middle Bottom
  33. 33. BE PATIENT!

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