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Digital Marketing Lecture 4
This document discusses various digital marketing strategies and planning models. It introduces the SOSTAC model for developing digital plans with six steps: situation, objectives, strategy, tactics, action, and control. It also discusses the TOWS analysis framework for generating strategic options by considering strengths, weaknesses, opportunities, and threats. Examples are provided of how to complete a TOWS analysis and use it to inform strategic decision making. Finally, several other strategic frameworks are mentioned, such as segmentation, positioning, marketing objectives, and growth models like Ansoff's Matrix and Porter's generic strategies.
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Digital Marketing Lecture 4
- 1. Digital marketing #DM 5 andstrategy in a digital plan objectives
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- 3. TOWS Analysis Strengths Weaknesses Opportunities “Maxi-Maxi”Strategies Strengths used to maximise opportunities “Mini-Maxi” Strategies Minimise weaknesses by taking advantage of opportunities Threats “Maxi-Mini” Strategies Strengths used to minimise threats “Mini - Mini” Strategies Minimise weaknesses and avoid threats Weihrich, 1982
- 4. How to completea TOWS… How can we make the most of strengths and get around our weaknesses? How can we capitalise on opportunities and minimise threats? These are then considered in relation to each other… …the surrounding boxes are populated with key findings from the audit – and numbered It is a simple tool used to generate strategic options or alternatives
- 5. The original model… developed by Heinz Weihrich, 1992
- 6. The TOWS matrixin action...
- 8. don’t over-complicate –it shouldn’t be a complicated process It is there to help generate options and alternatives – it isn’t perfect Make sure you show your thinking and make it work for you Using the TOWS...
- 9. digital objectives... avoid solelyfocusing on sales help to determine/clarify position help highlight the balance of tactics needed provide a time frame provide a means of evaluation and measurement link back to marketing and corporate objectives
- 10. types of objectives… Uniquevisitors, traffic, bounce rate, revenue, search percentage leads, conversions from leads, page views, time, value per visit sales, sales from leads, sales value, sales volume, average order value active customers, brand mentions, sentiment, shares, virality
- 11. the 5S’s... sell… growyour sales speak… dialogue, participation and engagement serve… add value save… costs sizzle… take your brand online Smith, 2000
- 12. strategy… Segmentation …can use‘classic’ bases and variables for B2C and B2B …often developed further as persona’s online behaviour and digital media consumption is vital
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- 15. positioning… products can bepositioned in the market by focusing on specific factors such as… features, benefits or advantages solutions presented specific usage (occasions) positioned against other products class disassociation
- 16. strategy… OVP closely tiedto the brand position the reasons why the customer will click, register, buy and share the intrinsic benefits from the site, content, service and functionality
- 21. …a further objective-linkedstrategic consideration acquisition conversion retention …how do we gain new customers? …OVP and integration with other channels …build relationships, develop advocates and engage
- 22. RACE model Reach… buildingawareness offsite Act… engaging audiences with site content and other web presence Convert… achieve marketing goals… call to action Engage… build relationships to retain customers Chaffey and Bosomworth, 2012
- 23. Ansoff’s Growth Matrix MarketPenetration Product Development Market Development Diversification Existing Existing New New
- 24. Porter’s Generic Strategies DifferentiationOverall Cost Leadership Focus Uniqueness perceived by customer Low cost position Industry-wide Segment only
- 25. …developing intelligent strategicobjectives Objective Substantiation Strategies to achieve goals KPI’s Link to stage of consumer journey and SMART Link to audit findings and TOWS options Link to STP, OVP, growth and positioning What will you be measuring? Conversion – increase average order value to £30 per customer Increase in disposable income Increased desire for product Position as luxury against key competitors Differentiation through features OVP – exclusivity % of unique visitors responding to promotions
- 26. References and reading Armstrong,G & Kotler, P. (2008) Marketing- An Introduction. 9th ed Pearson Education: London Dibb, S., Simkin, L., Pride, W.M. & Ferrell, O.C. (2012) Marketing: Concepts and Strategies. 5th European ed. Houghton Mifflin: Abingdon Ryan, D. and Jones, C. (2009) Understanding Digital Marketing: Marketing Strategies for Engaging the Digital Generation London: Kogan Page Wilson, M.S., Gilligan, C., (2005), Strategic Marketing Management, CIM/Elsevier http://www.smartinsights.com/digital-marketing-strategy/sostac-model/ http://www.smartinsights.com/digital-marketing-strategy/race-a- practical-framework-to-improve-your-digital-marketing/ http://www.enterprisebucks.co.uk/wp- content/uploads/2014/09/digital-marketing-plan-template-smart- insights1.pdf