Discover what a digital marketing strategy is and how to build one for your business.
As a startup or an established business looking to scale, you may think that implementing an effective marketing strategy requires a lot of time and money, or you may be confused about how to even begin developing one. With so many new tools available for small businesses and marketers every day, you can easily become overwhelmed.
The truth is, it does take an effort in order to have your brand stand out in today’s saturated digital marketplace, where there are now about 4.7 billion searches done on Google each day. But unlike many business owners are led to believe, you don’t need to allocate a big chunk of your budget towards your marketing in order to gain brand awareness and start generating leads for your business. There are many simple and cost-efficient tools available for small businesses t
Every small business needs a clear digital marketing strategy to guide its marketing efforts and measure ROI. Without one, you can lose focus very quickly and end up spending money on tactics that are underperforming, targeting the wrong audience, or missing out on the opportunities of connecting with new prospects.
What is a Digital Marketing Strategy?
Let’s start with the basics.
A digital marketing strategy is defined as a brand’s overall roadmap or framework for reaching new prospects and turning them into customers using digital channels. It contains information about the company’s goals, value proposition, competitors, target audience, core offerings, online channels, messaging, and how success will be measured (KPI’s).
A good marketing strategy should serve as a guide for your company’s marketing efforts, outlining how to achieve your defined goals and how to effectively communicate your value proposition to your audience. It should also be adaptable, keeping in mind potential new trends and that in the beginning, you will be doing a lot of testing until you identify what marketing efforts are working best to drive brand awareness and growth for your business.
Create Your Own Digital Marketing Strategy
A marketing strategy is based on deep research and analysis, factoring in what can positively or negatively impact your business's success. If you are looking to craft a solid marketing strategy for your business, these are the most important components to include:
1. Brand Overview
Start with a brief background on what you do, your offerings, and your vision/mission.
To make sure your goals are clear and reachable, each one should follow the SMART framework. SMART is an acronym that you can use to guide your goal setting: Specific, Measurable, Achievable, Relevant, Time-bound.
3. Target Audience
Research your audience and develop different profiles for all of your ideal buyers including:
What are their pain points?
How do you solve their problems?
4. Competitor Analysis
Research your competitors to understand the alternatives available to your customers and where you fit in the overall market. Then you can define strategies that address the needs of your target market better than your competitors.
When researching competitors online, it's important to ask these fundamental questions:
What are their core offers?
What are their main features/benefits?
What channels are they using to promote their brand?
What is their messaging/content strategy?
5. Market Analysis (SWOT)
Research your market to learn what external and internal factors could impact the success of your business.
Follow the SWOT framework to help you identify these factors and make better business decisions:
Strengths (internal) - what do we do well?
Weakness (internal) - what could you improve?
Opportunities (external) - what opportunities are open to you?
Threats (external) - what threats could harm you?
6. Core Products/Services
Identify and develop a clear description of your core offers, whether products or services.
7. Key Performing Indicators (KPI's)
Key performance indicators (KPIs) refer to a set of quantifiable measurements used to gauge a company’s overall long-term performance.
Establish how you will measure and optimize your marketing performance with clear KPI's.
A few common marketing KPI's include:
Landing page conversion rates
Digital advertising ROI
Social media traffic
Customer acquisition cost (CAC)
Click-through rate (CTR)
Establish the budget that your business wants to allocate towards marketing efforts and campaigns.
This budget might change over time or per campaign, but it's important to set aside a budget for advertising from the beginning and always align it to your overall business goals.
9. Marketing Channels
Select the online marketing channels most relevant to your business according to your budget and information gathered from the previous sections.
These could include:
Organic Search (SEO)
Paid Search (SEM)
Valēre Marketing is a digital marketing agency from Miami dedicated to empowering startups and growing businesses with strategic branding, websites, and results-driven marketing solutions.
Ready to elevate your marketing strategy? We'd love to chat!