DigitalMKT_Lecture06_Slide_Planning Digital MKT Strategy (1).pptx

DigitalMKT_Lecture06_Slide_Planning Digital MKT Strategy (1).pptx

1. Planni n g digital ma r k eti n g st r a t egy

2. The planning process The phased approach Goals Objectives and strategies Action plans Controls People Budgeting and forecasting L e c tu r e Session title C on tents

3. Digital Ma r k eting Int r odu c tion In order to deliver our digital marketing strategy we need to understand three things: Where are we now (A)? Where do we want to get to (B)? How do we get there?

4. planning is not the most glamorous part of your strategy but often the least glamorous parts of any project are the key success factors

5. Digital Ma r k eting Th e Planni n g Process vision-based planning real-time planning

6. V ision- b ased planning Definition: the process of creating a vision and following a clear six-stage process of delivering against it. → This method is p r o b ably the most common form of strategic planning. The six stage of vision-based planning: Identify your vision statement. Produce your mission statement. Establish your primary goals. Create specific objectives and strategies to reach each goal. Implement action plans to fulfil each strategy. Put the action plans into effect, evaluate and evolve Digital Ma r k eting

7. About s t ep 2 . Produce mission statement: Identify Mission statement Digital Ma r k eting

8. E x ample - an FM C G r etailer Digital Ma r k eting

9. E x ample - a B2B se r vi c e p r o vider Digital Ma r k eting

10. R e al - time planning Definition: a plan that r e t ains fluidity to your planning p r o c ess to ensure your plans are malleable to the circumstances. → The r e al - time model, the r e f o re, keeps the planning process ‘alive’ as an ongoing piece of work. Advantage - Strategy is highly relevant and can change quickly to meet current insights. Disadvantage No document to share with your business No fully formed document to share externally Digital Ma r k eting

11. The case of donut company Digital Ma r k eting

12. THE PHASED APPROACH Digital Ma r k eting

13. THE PHASED APPROACH Calendar-based phasing No specific delivery date in mind, no essential milestone dates, or strategy is not integrated with any other pieces of work. More flexible with setting those deadlines at the start of the planning process. Theme-based phasing Specific themes that would be logical to deliver together. A new training program and online chat technology or direct mail and e-mail. Business-based phasing Aligning the key parts of the company’s plan with the key strategic pillars. A pat h o f leas t resis t anc e resona te s wit h many senior s t akeholder s bu t can compromise the ideal timeline for strategy. Less formalized in a smaller business but there will still be key areas of focus, and funding will be directed toward those. Digital Ma r k eting

14. Digital Ma r k eting GOA L S

15. Digital Ma r k eting GOAL S Goals are high-level statements of what you need to achieve for your business. Goals need to be structured to meet some criteria. The model developed to give this goal-setting memorable structure is the 4 Rs: Relevant : Does it fit with your vision? Resonating : Does it fit with your business’s values and goals? Responsive : Is it adaptable and flexible so that it can change if needed? Recognizable : Is it easily understandable? Some example goals are: Increase sales Improve profitability Provide best-in-class customer service Hire the best talent Gain market share Deliver a world-class digital experience

16. Digital Ma r k eting The main goals of your strategy and the strategic pillars of your business need to be integrated so that fitting together without any conflicting elements. Each goal will have objectives, strategies, and action plans Organization's goals will be realized through the waterfall effect. GOAL S

17. Digital Ma r k eting Goals are unique in the planning process in that the fewest details but the most thought Objectives and strategies will address how to achieve these goals. aspirational goal An can propel your business forward faster than the actual one. Unrealistic goals that are set frequently can affect the realization of your goals. Sales target for the year is 20% (the company has never achieved more than 10-15%) -> still hit 17.5% (still the best result for business) Set a goal of 40% next year and 60% the next 2 years (reduce investment in the business, cancel bonuses, and reduce workforce) -> seriously reduce productivity and have a negative impact on cultural problems (even resignation) GOAL S

18. Obje c ti v es an d St r a t egies Digital Ma r k eting

19. Objectives Digital Ma r k eting

20. Objectives Digital Ma r k eting

21. Objectives Example: If we were to take our goal of increasing sales we might create one of the following objectives: Increase sales of batteries through the online channel by 10% to 100,000 units by the end of the sales year; Increase room bookings by 55% to achieve 55% capacity by this time next year. These give us a target to hit and a deadline to hit it by. There is no ambiguiĒy and it could even be more specific by breafiing down inĒo a series of objecĒives around the different products being sold. If we were to take the example of the doughnut company mentioned above, their SMART objectives could be: To be everyone’s favorite place to buy doughnuts: increase footfall by 25% by end of year. We provide the tastiest doughnuts in the United States to anyone, anywhere, at any time: customer satisfaction levels on food quality at least 98% for full year. Improve brand awareness: brand search queries up 20% within six months. Create a social media strategy: improve engagement on Facebook by 100% by December. Build a viral video marketing campaign: 1 million views in a three-month campaign period. So now we know exactly what we have to do and by when – we have a simple flow. Meeting our action plans means that our strategies will deliver. If all of our strategies deliver then we will hit our goal. If all of our goals deliver then we will deliver against our mission, which means our overall strategy is working. Digital Ma r k eting

22. St r a t egies Your strategies are the plans that spell out how you will achieve your objectives. When goals are fairly broad, strategies must be much more focused. Awareness: are consumers aware of us and our products? Consideration: do consumers find our brand and products appealing? Findable: can consumers find us either deliberately or through generic searches or channels? Informative: do consumers get the information they need from us to make a decision? E ase of use: is it e a s y f or c onsume r s t o buy f r om u s ? Digital Ma r k eting

23. St r a t egies Example: C us t o m er Se r vi c e Increase display advertising across highly targeted sites (awareness); Develop a market-leading proposition (consideration); Make significant SEO improvements (findable); Broaden our content strategy (informative); Improve our funnel signposting (ease of use). Digital Ma r k eting

24. A c tion Plans Digital Ma r k eting

25. A c tion plans What is a c tion plans in digital ma r k eti n g ? A marketing action plan is what businesses use to develop and execute marketing strategies. The purpose of creating a marketing action plan is to put your goals , strategies and other plans in writing and can help your business stay on track and measure progress as it executes marketing campaigns . Digital Ma r k eting

26. A c tion plans What a r e t h e ele m ents of a ma r k eti n g a c tion pla n ? K e y per f o r man c e in dica t ors Using to gauge the effectiveness of your marketing Digital Ma r k eting C am p aign tim ef r am e A major deadline as well as deadlines for key tasks throughout the duration of the project. Product If you're marketing a specific product, it's important to write the product down in your marketing action plan. C om p a n y mission sta t em ent Helping keep your marketing action plan in alignment with your mission. Ma r k etin g budget Marketing budget can be a huge factor in what types of marketing campaigns you can execute. campaign and action plan.

27. 10 s Ē eps Ē o an e f f e c Ēi v e a c Ēion plan: Know your strategy. Understand the bigger picture – your goals. Be specific. Create a written plan. Create deadlines and milestones. Ensure it is measurable. Don’t compromise. Build in known factors. Be clear. Be thorough. Digital Ma r k eting

28. Digital Ma r k eting E x ample ( C ase Study f or e x e r c ise ) Self-made Case Study for class exercise from Tu,Giang,Duy Group (Sat Class) Scan QR to read example of a Campaign (Action Plan)

29. Digital Ma r k eting Checklist of a Digital Marketing Plan Self-made Checklist for class exercise from Tu,Giang,Duy Group (Sat Class) Scan QR for a Digital Marketing Plan Checklist

30. Digital Ma r k eting C o n tr ol s

31. C ont r ols Some clear discipline and control required when formulating and putting in place an important plan for success The most important of these controls is to implement a documented management approach Using a Gantt chart to clearly illustrate the progress of each of the action plans, give a clear reference point at any moment for how progress is being made. Also, implementing reporting and measurement is vital to allow monthly, weekly or daily progress reports against the objectives.

32. C ont r ols A full understanding of this dictates the plans that you produce and how you take action on them throughout their delivery. Constructing a risk matrix is a useful method of visualizing the risks that your strategies will encounter. Risfi managemenĒ Reviews These reviews should cover how each action plan is progressing against the milestones and whether targets are being met.

33. C ont r ols ConĒingency planning A contingency plan should be developed in advance, during calm, so that you can consider and document all actions to be taken. It should be discussed with other departments to ensure alignment and understanding, and be communicated within the marketing team Some examples of Ēhis are: A new competitor enters the market with a significant impact. New technology is launched that our consumers would prefer to use. The global economy is in recession. There is a serious negative PR story about our business. New regulation is brought into force that restricts our operations.

34. P eople Digital Ma r k eting Skill Set Resou r c e

35. Skill Set Digital Ma r k eting Ensuring strategists and planners are experienced and have the right mindset for the role. The rest of the strategies and action plans will be heading in the wrong direction if this early part of the process is not conducted correctly => We need experts who understand their own channels, the other channels and the wider strategy. It is crucial to have people who are good communicators and leading individuals to behave as one team.

36. Skill Set Digital Ma r k eting The leaders play an important role in leading the team in the right direction The leaders absolutely have to understand what each channel and element of the strategy does, how it works and how they should fit together. => Without it, the guidance will not be there for the experts who are delivering the action plans. => Without guidance there is nowhere to turn for direction.

37. Skill Set Digital Ma r k eting => People make decisions being made on personal preference rather than experience or data. The method of discovering the types of personality you have in your business developed by Katharine Cook Briggs and her daughter Isabel Briggs Myers The four dichotomies or scales are: thinking and feeling (T/F); extroversion and introversion (E/I); sensing and intuition (S/N); judgement and perception (J/P).

38. Resou r c e Digital Ma r k eting This refers to the number of hours available for delivery of the action plans. => the strategists have a solid understanding of what resource is available to deliver the plans. allocating time to existing processes or ‘business as usual’ (BAU) work.

39. Resou r c e Digital Ma r k eting Example : A team of 20 marketers may consist of one director, 3 senior managers, 6 managers and 10 executives. They work 40 hours with 5 working days (8 hours per day) in a week. At beginning: => They have 20 staffs *40 hours = 800 hours per week => Th e y h a v e 800 hou r s * 5 2 w ee k s = 4 1 . 600 hou r s per y e ar However, we also need to consider the work that goes on within marketing that forms the foundation of keeping the department running. This may well take another 300 hours per week for the team. => Th e y h a v e 800 hou r s - 300 hou r s = 500 hou r s per w eek . => They have 500 hours * 52 weeks = 26.000 hours per year. Besides, we need to factor in that individuals in the team will have holiday and some sick leave, which will lose us 25 days per person on holiday and 5 days per person on sick leave during the year. => 20 staffs * 30 days off = 600 days => 600 days * 8 hours = 4.800 hours per week => Th e y h a v e 2 6 . 000 hou r s - 4 . 800 hou r s = 21 . 2 00 hou r s per y e ar

40. Budgeting and Forecasting Digital Ma r k eting What is the Budgeting and Forecasting on digital marketing? What’s the story behind Master Budget? How we make decision on running the new product?

41. Digital Ma r k eting What is the Budgeting and Forecasting on digital marketing? - The budgeting and forecasting process of planning, for obvious reasons, and there are some important techniques - This section deals specifically with departmental budgeting media budgeting rather than - Digital marketing is an area that is very transparent . Where some marketing channels may not be able to directly attribute sales or revenue, digital channels generally can. - Example: you can not buy immediately the products on your television. But on digital platforms like shoppee, lazada, you can.

42. Digital Ma r k eting What’s the story behind Master Budget? Review historical performance . Understanding how they have performed historically, and the trends we have seen over the previous period.

43. Digital Ma r k eting What’s the story behind Master Budget? Which technical are the most approach to customer?

44. Digital Ma r k eting How do we make the decision on the new product? Monthly forecasts are fairly standard , especially within digital marketing where updated market and business performance can be considered in close to real time. Provides a view of month-on-month performance and year-on-year performance which showing any trends within the data and the goals from the master budget. For example: if we were to forecast our sales from August 2019, we would look back at the period from August 2018 to July 2019. We could see from this how we performed last year and see any trends since that date right up until the previous month.

45. Thank y ou f or y our a t t ention !!!!

46. REFERENCES Simon, K. (2019) Digital Marketing Strategy: An Integrated Approach to Online Marketing , 2nd edition. Kogan Page.

47. For further information about obtaining CIM Level 3 certificate at VNUK, p l e a s e c o n t a c t : ci m @ v n u k . e d u . v n