In last month’s e-newsletter we asked ‘what is the online category in which you are most interested’. The results are in with digital strategy coming in first, followed closely by social media and customer acquisition collecting the bronze.
So, to make this column of digital marketing goodness relevant to you, we will be tailoring our newsletter around those very topics … for at least a few issues.
Firstly, I need to make one thing clear, I love strategy work; it is such an exciting part of online marketing that is both analytical and creative. When developing an online strategy you can express your brand’s daring or conservative nature, it can foster insightful conversation through options and facts, and it is also calculated and dynamic. With a good digital strategy you can structure your business, develop KPI’s, gain investment and so much more!
But, online strategy isn’t just playing nerd for an afternoon on a spreadsheet. Think of online strategy as working out how you are going to achieve your big audacious goals, about how you can springboard over your competitors. And, once complete you will have a detailed roadmap that will give you direction, team-wide KPIs, and a plan with a dollar value.
A great place to start is working out the framework of your strategy. The SOSTAC process is what I personally use. It is a logical process for developing a winning strategy and was developed by PR Smith in 1990.
This question can be enlightening as it gives you a snapshot of your current business situation. Here is my 5-step process on getting a snapshot of your business.
Review your Google Analytics to extract all relevant information. (This is an example for a non-transactional site. It is more comprehensive for ecommerce)
Analyse your traffic sources and understand their seasonal trends and conversion rates.
Review your customer database and identify specific categories. Depending on how detailed your data is, you may need to make some assumptions. Don’t stress too much. The great thing about a strategy is that
Depending on the size of your competitors, you can actually see the level of traffic through services such as Hitwise, Alexa and Google Trends to name a few. Each site has their benefits. Online analysis tools.
Assess your internal resources for the digital strategy execution. The best course of action may be to outsource, bring it in-house or a hybrid of both.
A good understanding of your business position online gives you a strong foundation for forward planning.
Tune-in next month to learn about – Objectives – where do we want to be?
We believe that good digital strategy is a learned skill, so KND will be running a series of Digital Strategy Workshops to show you how to take advantage of the complex and ever-changing world of online marketing.
Tell us how we can make the course relevant to you by answering a few quick questions.
Posted by Jason Hawkins on 11 September 2012