Digital Strategy - Lecture Four...
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Transcript of Digital Strategy - Lecture Four...
Digital Strategy #DS
4
and strategy in a digital plan
objectives
SOSTAC® planning model…
1
2
3
4
5
6
situation
objectivesstrategytactics
actioncontrol
corporate
marketing
digital
resources scheduling
Smith, 1990
5S’s
marketing mix
TOWS Analysis
Strengths Weaknesses
Opportunities“Maxi-Maxi” Strategies
Strengths used to maximiseopportunities
“Mini-Maxi” Strategies
Minimise weaknesses by taking advantage of
opportunities
Threats“Maxi-Mini” Strategies
Strengths used to minimisethreats
“Mini - Mini” Strategies
Minimise weaknesses and avoid threats
Weihrich, 1982
How to complete a 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
The original model … developed by Heinz Weihrich, 1992
The TOWS matrix in action...
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...
digital objectives...
avoid solely focusing 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
types of objectives…
Unique visitors, 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
the 5S’s...
sell… grow your sales
speak… dialogue, participation and engagement
serve… add value
save… costs
sizzle… take your brand online
Smith, 2000
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
…web/online/customer persona’s
…persona’s
profile
personality
influencers
technology
user experience
devices
apps and software
do’s and don’ts
relationship
targeting...
three key approaches…
undifferentiated
differentiated
concentrated
positioning…
products can be positioned 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
strategy… OVP
closely tied to the brand position
the reasons why the customer will click, register, buy and share
the intrinsic benefits from the site, content, service and functionality
the customer journey…
acquisition, conversion, retention
reach, act, convert, engage
reach, engage, activate, nurture
…a further objective-linked strategic consideration
acquisition
conversion
retention
…how do we gain new customers?
…OVP and integration with other channels
…build relationships, develop advocates and engage
Ansoff’s Growth Matrix
Market Penetration Product Development
Market Development Diversification
Existing
Existing
New
New
Porter’s Generic Strategies
Differentiation Overall Cost Leadership
Focus
Uniqueness perceived by customer Low cost position
Industry-wide
Segment only
Competitive Market Positions…
Market challenger
Market follower
Market leader
…there are four competitive positions an organisation can adopt in the market place
Kotler and Armstrong, 2013
Market nicher
…developing intelligent strategic objectives
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 averageorder value to £30 per customer
Increase in disposable incomeIncreased desire for product
Position as luxury against key competitorsDifferentiation through featuresOVP – exclusivity
% of unique visitorsresponding to promotions
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