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The Importance of Using a Digital Marketing Strategy in Business

Digital marketing strategies have made great strides in business and industry over the past two decades, but surprisingly, business leaders are still struggling to find ways to identify potential, optimize opportunities and implement them.

Many companies have started digital transformation without understanding that the main drivers of digital business are fundamentally different from traditional companies. 

They end up applying old marketing strategies and outdated principles to their digital programs, resulting in failures and unfulfilled business plans

Digital Marketing Strategy Transformation

digital marketing wheel

The broad definition of digital marketing strategy transformation can be seen as the integration of digital marketing technology with processes to improve business performance or reach. 

However, a more progressive approach to digital marketing transformation is to use technology to impact these three business areas:

     External , or customer focused, with a view to using digital marketing strategies to have a positive impact on the customer experience, and potentially change the entire customer lifecycle of a business.
     Internally, or operationally, where this strategy impacts business operations, decision making and potentially business structure.
     Holistically, where every function and entire business segment is affected, it often leads to the emergence of entirely new business models.

The best place to start with a digital marketing strategy, is to first understand where your industry is headed, then develop a long-term view of your company's role and place in that digital future.

Plan your digital marketing strategy with short term 'stepping stones'. This will enable you to plan a path towards successfully achieving any vision, while keeping the business plan efficiently in mind.
The Importance of Digital Transformation in Business

Digital transformation is not only for large companies, even medium-sized businesses are starting to feel the pressure to grow. But of course this brings a number of challenges. The main challenges of implementing digital transformation in business are lack of skills or inadequate training, followed by IT or infrastructure challenges, reliance on previous processes, and lack of investment in digital matters.

Barriers to adopting digital marketing include: urgency, communication and project management, staff recruitment, and leadership or vision.

Despite the many challenges, it's worth building digital into your business strategy. The transformation will allow businesses implementing focused digital strategies to effectively reach and engage with their customers, gain a competitive advantage through diversifying their revenue streams, increasing profits, and updating outdated IT systems. All of these have a verifiable return on investment (ROI).

Building a Digital Marketing Strategy for Business

Marketing strategy provides the framework needed to use their digital marketing tools more effectively. Understanding the current condition of digital business, the direction of industry development, and what role must be played in this digital context will lead to a mapping of what the future path will look like, so that your business marketing strategy runs effectively to get satisfying results.

McKinsey's recent survey of 1,542 C-level executives across a spectrum of industries and business sizes found these four areas influence how successfully companies approach digital strategy:

  •      Sustainable. Digital strategies are successful based on sustainable digital marketing strategy practices. This will open up first mover opportunities. The more adaptable you are in planning, executing, and revising your digital marketing strategy; the greater your chances of getting potential traffic, a source of significant economic profit.
  •      Use digital platforms. Increase knowledge and adoption of digitalization across company divisions, taking advantage of digital platforms and capabilities to expand business ecosystems. Use this digital platform to innovate with the latest marketing strategies and dig deep into data
  •      Merge and get . Leverage knowledge and seek new knowledge to build new digital marketing strategies into business. Invest more aggressively than your competitors.


A useful framework for determining whether transformations complement your current key business processes is the Change Matrix, a tool developed by Brynjolfsson, et al.

This matrix allows you to enter ideas for your business, and help critique proposed digital transformations, such as incorporating artificial intelligence (AI) into marketing activities, automation of data capture, and so on, and ultimately reveals whether these digital platforms will help you or not. will cost you

Like many business process transformations, many of the new system components interact with one another, which can make it complicated to implement them separately. This matrix helps determine the feasibility of proposed changes, the ideal speed of execution of these changes, and the optimal sequence of changes and can help ensure implementations of these changes are successfully adopted in the business.

Three Stages of Digital Marketing Strategy Implementation

Once you are ready to launch and accelerate your digital transformation process, understanding the stages of implementing a digital marketing strategy will ensure you maintain your profitability on a sustainable basis.

Stage 1: Determine the value

Once you as a business owner or CEO have learned the magnitude of the potential benefits of digital transformation and made digital marketing strategy a core focus of your marketing agenda with clear ambitious targets, digital transformation will occur.

Implementing your digital strategy may require a significant financial investment to upgrade legacy IT systems. This can result in lower profits in the short term, but without this investment you run the risk of losing profits in the future.

Stage 2: Launch and accelerate

It's easy to launch your digital strategy within your business, but it's much more difficult to sustain momentum, and drive innovation. Appoint a team responsible for this transformation.

Usually you'll need a talented chief digital officer (CDO) to undertake this big step and make your choices carefully. Individuals who produce significant end results with minimal risk.

Review the business structure and embrace a sustainable work model to nurture digital culture in your business.

Stage 3: Upgrade

At this point your company should be making good progress, with key initiatives already showing value. Don't let your company reduce digital momentum in marketing activities, remember consistency is the key!

Digital transformation should be an ongoing priority with a focus on building more capabilities and improving your team and this system will ensure you reap the rewards you have built.

Be prepared for potential changes in your business model when introducing a digital marketing strategy, because digital transformation can impact your business model in three different ways:

  •      Bring improvements to existing business models. Digitalization of products and services can lead to cost optimization across the business.
  •      Transform existing business models through the adoption of digital processes that facilitate better decision making thanks to Industry 4.0, big data or AI. This can lead to a reconfiguration of existing models, and expansion of existing business offerings.
  •      See developing new business models. Bringing digital trends to a business can result in a transformation of its value proposition and operating model through the introduction of new products and services and the elimination of old ones.

Conclusion

If you hope to build a successful digital marketing strategy for your business without changing the basics, your efforts will be in vain. Incorporating digital trends into your business strategy is not about building a digital business, but about bringing about absolute change in your entire business.

Your journey to digital transformation begins when you know where your industry is going, you develop a long-term view of the role your company needs to play in following that digital future, and then set short-term goals to achieve it.

Understanding that implementing a digital marketing strategy is not just about adding digital innovation to your business, but more about rethinking the way your business does effective marketing in the digital age, is the foundation of a strategy that will be successful for your business development.

Don't forget about digitizing your books and accounting processes, this will certainly make it easier for you to make decisions based on proven financial analysis.

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