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5 Steps to Build a Formidable Digital Marketing Strategy

Steps to Build a Formidable Digital Marketing Strategy
Steps to Build a Formidable Digital Marketing Strategy

Digital marketing isn't just the rave of the moment; it is a must-have for every business out there today. With a digital marketing strategy in play, both small and big organizations can maximize their marketing efforts and reach more target customers with less investment and less time.

Digital marketing is the best way businesses can leverage the teeming presence of people on social media and other online platforms. At the core of any digital marketing campaign is the overarching need to increase brand awareness, drive more website traffic, and generate more leads. But surprisingly, almost half of businesses out there today do not have a digital marketing strategy in play. One reason for this is because many businesses do not know how to begin or sustain their digital marketing strategies.

The truth is, if you must succeed at digital marketing, you must have a digital marketing strategy in play first. In this piece, you'll discover 5 essential steps to building a formidable digital marketing strategy for your business.

1. Define Your Digital Marketing Goals and Objectives

You could say, for instance, that you want to increase your social media followers from 2000 to 6000 people in the next four months. Setting a clear goal is essential if you're going to succeed with your digital marketing strategy. So you have to first decide what you want to accomplish.

Are you looking to grow your website traffic? — by how much and within what timeframe? Do you want to increase your social media influence, instead? Would you like to use LinkedIn to generate more leads? Whatever the case is, remember to always set goals that align with your business objectives.

2. Zero in on the Right Target Audience

Before now, you probably know the kind of people who need your service or are willing to buy what you're selling. The important thing at this point, therefore, is to find them where they are.

A bit of study is required here. It is not enough to know who needs your service; you also need to understand their spending habits and what version of your product/service they prefer. What time of the year do they need your service the most? Understanding your target audience's pain points helps you tailor your services to precisely what they want, and this allows you to keep their patronage and eventually earn their loyalty.

The next thing is developing an effective means to reach them. For example, if your target audience are beauticians and dealers in all kinds of beauty products and they are mainly on Instagram, then you should take Instagram seriously. Optimize your page to improve your visibility. This is a critical aspect of digital marketing strategy.

Analyze Your Past Results and Learn from Your Mistakes

Unless you have never tried to implement a digital marketing strategy for your business, you should take stock of your past successes and failures at digital marketing. While it is not as hard as it seems, you need to know certain things to guide you when giving digital marketing another shot.

When you want to do this, it is advisable to analyze a specific time and use that as a benchmark for the future. For instance, you can look at the efficiency or effectiveness of your digital marketing strategy for the first quarter of the year.

Additionally, you can also analyze the digital marketing strategies of your competitors. Studying the practices of the competition will give you insights into what you may be missing. You can use tools like Google's Benchmarking Reports to compare your results with that of the competition.

4. Create a Digital Marketing Budget and Choose the Right Channels

You need a budget for your digital marketing strategy. Do you plan to use organic traffic to boost your brand awareness and website traffic? Do you prefer paid advertising for lead generation? Are you going to use Google Ads to improve your website ranking? Do you intend to use SEO best practices instead to improve your organic SERPs ranking? Which channel will bring in more clients?

All these questions will help you create a realistic budget to run with. Based on your past performance or the results you got from the analysis above, you can determine which channels are more effective for your digital marketing strategy.

Another thing to keep in mind is how you want to implement your strategy. While you can run your digital marketing strategy yourself, you should consider outsourcing the job to an expert or a reliable digital marketing agency. If you have a digital marketing expert or unit in your firm, that's even better.

5. Roll Out the Strategy and Track Results

Once you've been able to develop a plan and you are aware that everything you need has been featured in the strategy, the next step is to set the project in motion. With all the insights you got from analyzing your past digital marketing efforts, you can make smarter choices and achieve better results.

Don't forget to track your results so you can measure your performance at any point in time. However, it is best to mark out a specific time within the year when you can look back and make a thorough assessment of the results you have and consider if you're headed in the right direction or not.

Will Every Business Benefit from Digital Marketing?

The answer is yes. Every business can indeed benefit from digital marketing. Whether you run a furniture company with a handful of employees or handle a solely-owned small delivery business within the city, your business can benefit from digital marketing strategy just as well as a large corporation would.

Wrapping Up

Having a digital marketing strategy is a must for businesses looking to utilize their online presence maximally. Both small and medium-sized businesses can benefit from developing and implementing a digital marketing strategy.

However, not all businesses can implement these strategies in the same way or to the same level of accuracy. This means that your company's digital marketing strategy has to be adaptable to your specific needs.