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Types of Marketing Strategies for the Digital Marketplace

Your company’s marketing strategy should address your customers’ needs with a unique approach that leverages your company’s differentiators in a competitive marketplace. Strategy befits the goals and objectives of the company.

One growing trend is to leverage a digital marketing strategy. As consumers become more reliant on technology, different types of digital marketing strategies become more important as the key to driving revenue and improving the customer experience. Digital marketing – which can yield as much as 5 times more ROI than traditional channels – allows you to connect with customers across multiple channels: websites, emails, social media, content, search engine optimization, paid search, retargeting, and more.

Here are a four key steps to consider in defining the right marketing strategy for your business. 

Step 1:  Complete a Situation Assessment

Begin with a known understanding of your company’s current situation. Make your situation assessment an overview of your company’s strengths, weaknesses, opportunities and threats – what you may have seen as a SWOT analysis. In addition, describe any marketplace opportunities that can be exploited and/or any marketplace threats that could impede your company’s ability to gain market share. Specifically, you’ll need to analyze your product or service and determine how it’s differentiated from the competition.

Step 2:  Describe your Target Audience

Next, identify the target audience who is most likely to purchase your product or service. In fact, defining the targets as personas – fictional characters created based on research to represent the different user types that might use your product or service – will help you to understand your users’ needs, experiences, behaviors, and goals. Describe personas in terms of demographics, firmographics, and any other distinguishing factors that establish the foundation for your marketing strategy.

Step 3:  Establish your Marketing Goals

Clearly articulate what you want your marketing plan to achieve as it relates to revenue acquired and customers engaged and/or retained. However, your marketing goals should clearly be tied to your business goals. Develop a short list of goals that will align every member of your organization to a common objective. And make these goals measurable or SMART – Smart, Meaningful, Actionable, Results-oriented, and Timebound. 

Step 4: Define your Marketing Strategy

And finally, to bring this full-circle, the time has come to define your marketing strategy based on the marketplace opportunity and how your brand is differentiated (Step 1), based on the targeted persona that is most likely to purchase your product or service (Step 2), and based on the goals that you’ve established that support the business objectives (Step 3). Based on how, where, when, and why the targeted customer wants to engage with your differentiated offering, utilize the marketing strategy and specific marketing tactics to attract and retain those prospects and customers that are most receptive to your message.

Contact us today if you want to leverage a digital strategy or if you’d like to explore a specific marketing strategy that drives revenue.

 

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