Digital Marketing Strategy
Most business owners have the very basic business strategy of growing their company, but a marketing strategy tells you a bit more than that. It defines who you are, what you want to become, what you will offer to your target audience. It’s the essence and foundation of everything about your company.
Let’s look at two discount retail stores to illustrate how their marketing strategy defines who they are and where they are going. The two stores are Target and Walmart. Both are discount stores, both carry similar merchandise but they cater to two different customers. Target, whose customers have an average household income of $64,000, is known for carrying discount designer clothes and home décor as well as household items and in some stores food. Walmart, whose customers’ average household income, ranges between $30-$60,000, focuses on the lowest prices and stocking basic clothes and household items.
The big reason we see similar companies with similar products but strikingly different marketing strategies is that two companies cannot hold the same market position in the mind of the consumer.
Digital marketing involves what is referred to as the 4Ps the price, product, promotion and distribution of a product or service. Your marketing strategy will drive the tactical aspect of each marketing function. With a sound foundation of a clear, written marketing strategy all of your other efforts will fall short. Everything your company does should be measured against your marketing strategy.
A company’s tactical tools such as a Website, logo and marketing materials are the result of their marketing strategy. A poor or no strategy yields a poor Website.
Today, some refer to their marketing strategy as a "brand strategy". Over the years, the term "marketing" as been misunderstood and misused by many people. Many people think of the term "marketing" as only advertising, others think marketing and sales are synonyms. The phrase "branding" or "brand strategy" which was developed in the mid 1980's, seems to be a common trend among advertising agencies and graphic design firms. However, even the phrase "branding" has been misused and to some people it means the look and color of your logo without an in-depth analysis of what your product or service represents or how it's placed in the mind of the consumer.
Is your marketing strategy working for you? Ask yourself the following questions:
- Is your marketing strategy written down?
- Does everyone in your company know what it is?
- How long has it been before you measured your current position against your marketing strategy?
- Have you done research to determine your true target audience? If you did, how long ago?
- Do you have written processes and procedures for each of your marketing tactics?
- How often do you review your marketing strategy?
If you don't know the answers to most of these questions, we need to talk. Chances are you are not getting the leads, sales and profit you need with your current system.
Let us take a look at your digital marketing strategy with a marketing assessment.ePlus Marketing can help you assess your current strategy or help build a strategy for you. It’s the first step prior to creating a Website, social media, email campaign or video.
Call us now! Ask for a complimentary Marketing Analysis.
Bruce and Nancy were founders and owners of a local women’s dress shop since 1988. For over twenty years they have developed a successful business focusing on formal and designer clothing for women. They became known as the place to go for formal dresses. They also carried a stylish line of women’s sportswear. In addition, they offered customized fashion consulting including direct buying through New York fashion trips, closet assessment for up-to-date styles, alterations, and buying records to avoid fashion event duplications.
Meet Bruce Lehtman,
Owner of Distinctions in Fashion
Their customers mainly came from word-of-mouth and newspaper print ads in a local newspaper. After the year 2000 Bruce knew that his marketing and advertising methods needed to add online efforts. Through a loyal customer, they contacted ePlus Marketing to help the company increase sales and profits.
Our first steps included an owner survey and interview to determine their strengths, weaknesses, opportunities and threats to their company. Our assessment and research helped produce a branding strategy, marketing strategy and marketing tactics.
Through the years, Bruce and Nancy have relied on our company to lead all marketing efforts including multiple websites, social media, direct mail, promotions, contests, email marketing, video marketing, events and more.
Results: The company soon saw a 30% increase in sales. The most dramatic turn-around was with their high-school prom dress line. They went from selling on average 200 dresses to over 3,000 dresses from in-store purchases only. The average price of the dresses was $500.00. This success enabled Bruce and Nancy to retire early and enjoy their grandchildren.
“They've over delivered with everything and every idea they bring us has increased our business tremendously. Our overall sales increased each year.” - Bruce Lehtman