A Digital Approach to Marketing Strategy
The way in which people use the internet is evolving quickly, with mobile accounting for an ever-increasing share of online activities. The way people shop is changing due to the interventions of digital technologies and social media. Consumer decision making has become more complex as consumers are faced with new digital media such as social mentions and comparison sites. This means that businesses can no longer ignore digital channels. In this course we look at the relationship between the Internet and marketing and the most common tools we can use to advertise online.
Digital marketers need to match the right channel to the right customer in order to eliminate waste and improve marketing efficiency. They also need a supplier network that is reliable and effective in carrying out the activities of the business throughout the supply chain. In the context of the digital marketplace, intermediaries play a critical role in getting messages and products to customers. In some cases, though, producers may not want to use intermediaries at all because they might be able to complete the role themselves using the Internet. And in other scenarios, entirely new intermediaries between customers and producers have been created. These changing channel structures impact the way goods and services are marketed and distributed online as well as how businesses can generate revenue.
In the digital world, changes are rapid, and developing the capacity to respond to environmental changes is more important than ever. Marketers must identify any emerging opportunities and threats by looking closely at the micro-, market- and macro-environments. The key is for them to quickly adapt to any changes in these environments in order to satisfy customer needs better than competitors. This may require inventing new business models rather than just rearranging old ones. Examples of companies that have responded effectively to environmental changes are Uber and Airbnb, whereby they have disrupted entire industries.
When people think about online strategies, many often believe that creating a website is enough, but this is no longer the case. It’s so much more complex. For example, there is an increased need to partner with other online intermediaries and make use of additional digital media channels such as email, mobile apps, pay-per-click, SEO and online PR to connect with customers.
Developing a digital marketing strategy provides an organisation with direction for its online marketing tactics and ensures that they are integrated with all other marketing activities. This in turn allows for a consistent message to be communicated to consumers. An Integrated Marketing Strategy supports the overall business objectives, including; getting new customers and retaining and growing current customers. In this course we take you through the SOSTAC strategic planning process in detail.