You’re clueless on digital marketing strategy
Over the years I have been fortunate enough to market over 100 brands and thousands of products. It is clear as day that a business without a digital strategy lacks a defined goal. Without goals you can’t grow. Without understanding KPIs you don’t know you’re lost. Strategy gives you direction
You don’t know your online footprint
If you do not know what the demand for your goods or services may be. You probably will not know which digital marketing channels are driving the best and most profitable customers to your site. Equally as important, you will not understand how to effectively message prospects effectively, leading to losing touch with an audience you didn’t even know was there. If this is occurring, it’s a red flag and you need to step back and examine your digital strategy.
Many of your competitors are hungrier than you and will eat your market share
I guarantee you that somewhere out there a leaner company is painting a target on your back. Without a defined digital strategy you are probably allocating insufficient resources to defend your market share. Hungrier, smarter competitors can will sense this and will devour your market share before you even know it!
You provide no reasons to believe
Reasons to believe are value propositions that make your brand stand out in todays cluttered market. Understanding your product differentiators is key to all strategy. Why is it so hard to sell a PC to a MacBook owner? Having a clearly defined value proposition makes the job of the marketer that much easier. Customer relate to what they know and if you have a bad value proposition you are going to struggle conveying your message to new customers
If you’re not integrated, you are wasting effort
Digital marketing works best when all guns are firing in the same strategic direction at the same time. Integrated digital marketing provides a consistent marketing experience regardless of the channel. Integrating your marketing efforts allows you to amplify your marketing results.
Not allocating enough budget or people to digital strategy given its importance
With a developed strategy you are able to intelligently plan resources or confidently face the threat of competitors. A properly defined strategy will insure that you are able to set priorities and define strategic areas of importance. As Michael Porter said, “The essence of strategy is choosing what not to do.” Strategy allows you to properly allocate scarce resources across your company in order to get the most bang for your buck.
You do not know where to take your digital strategy next.
Strategy involves a metric-based approach of testing to identify scalable areas of opportunities. This metric based approach will help you quickly react to the changing needs of your prospects. It allows you to think ahead and take your company to where the customer is going and not where they have been.
How can you optimize?
Strategy helps force you to get the basics right: effective call-to-actions, messaging and offers. Once you have the basics down you can set in motion a process of testing and optimizing your spend, for all marketing channels and customer experience. This is how companies maintain online growth. Test, test and test again.
About: Hawke Media is full service outsourced CMO and digital advertising agency with clients in Santa Monica, Los Angeles, San Jose, San Francisco, Chicago and New York.