Diploma in Digital Marketing - Part I

Transcription

1 Diploma in Digital Marketing - Part I Lesson 8 Strategy - Retention and Recurring Revenue Presented by: Richard Hegarty Course Educator

2 Lesson 7 Recap We gained an understanding of Data analysis You learned how to optimise web analytics We showed the importance of ROIM We started to explore A/B testing

3 Strategy Building a Platform for Success You will gain an understanding of a digital marketing You will learn how to avoid digital marketing failure We will show the importance of digital journaling We will gain an understanding of costing and pricing Summary Q & A

4 Marketing Strategy Definition The process by which a business adopts a web-based approach to marketing and engaging its customers through a proprietary web site. It includes tactical web-based applications for increasing its competitive advantage, improving customer and employee communications, and increasing marketing efficiencies. Business Dictionary

5 Marketing Strategy Marketing Failure WHY?

6 Marketing Strategy No Planning No Strategy Damaging No ORM

7 Marketing Strategy Why Have a Marketing Strategy? Strategic Business Goals Continuous Improvement Market Share Your Market Value Proposition Time and Money Customer Definition and Relationships Alignment and Prioritisation

8 The 4Ps Product Promotion Price Place

9 The 4Ps Product Tangible good Service Idea

10 The 4Ps Price Perceived value Price Points Competition price sensitive

11 The 4Ps Promotion Advertising Public relations Branding Social Media marketing

12 The 4Ps Place Distribution Channels Sales process Competition

13 Marketing Strategy

14 SOSTAC

15 Marketing Strategy Engage the customer Interaction Build community Connection

16 Crowdsource Crowdsource

17 Crowdsource obtain (information or input into a particular task or project) by enlisting the services of a number of people, either paid or unpaid, typically via the Internet.

18 Crowdsource Can you name a business that uses crowdsourcing?

19 Crowdsource Co- creating Both creating and voting Customer very involved

20 Crowdsource Innovation Scale Open input

21 Crowdsource Customers feedback Learn about customer Large data Improve process

22 Without a Strategy Miss opportunities Will not know your market share Competition will get ahead You can double up work You will not know your customer Not full optimised

23 Strategy Marketing Mix SEO Content marketing PPC Affiliate

24 Crowdsource

25 Recurring revenue Recurring revenue

26 Recurring revenue Monthly Recurring Revenue Definition. Monthly recurring revenue (MRR) is income that a business can count on receiving every single month. Simply put, monthly recurring revenue (MRR) is income that a business can count on receiving every single month - a predictable revenue!

27 Recurring revenue Contract Simple loyalty Auto renewal Sunk money consumables Sunk money sub Annual renewal

28 Recurring revenue Business models Tea/Coffee Pet food Gluten free Stationery Vitamins

29 New business versus repeat business We need new customers Not at the expense of existing customers Make clear value proposition Offer differ pricing segmentations Reward loyalty

30 New business versus repeat business Referral Awareness Repeat Engagement conversion Satisfaction

31 Digital Marketing Campaign For example, advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels

32 Digital Marketing Campaign What should you consider with your digital campaigns in relation to our marketing strategy?

33 Digital Marketing Campaign Attribution Do not attribute current success to new found greatness. Be realistic and find out the cause. Recent success does not mean you just mastered marketing. We must not fall into the trap of attributing loses to bad luck Marketing winning streaks do occur as well A LOT. We must attribute that to our Strategy and not personal wisdom.

34 Digital Marketing Campaign The Kill Switch Stop Evaluate Learn Take ownership acceptance

35 Digital Marketing Campaign Costs and Pricing How much is your strategy going to cost? Are you approaching cost as an expense for your business. Are you a consultant needing to set pricing for your own services?

36 Digital Marketing Campaign Discipline - Distractions During your digital marketing create positive habits. These will help you stick to your plan. Same time, in the same environment each day. Communication with the outside world is minimal Rise Earlier or Manage this Later if needs be. This also is excellent from your own peace of mind

37 Digital Marketing Campaign Focus on the Improvement To become a member of the elite in digital marketing practice you must alter your outlook. Rather than focus on return you must strive for C.I. (continuous improvement). One step to do this is to only ever think of net income not just money in. Your major aim should be to bring in an increasing business profit relative to time. Focus on the process and the correct application

38 Digital Marketing Campaign Focus on whether or not you stuck to your plan. prevent yourself deviating further. Focus on the overall outcome Develop a passion for Online Marketing You will of course need Plan/Strategy

39 Digital Marketing Campaign Don t Ever Count Profits Until the Campaign is Finished Have you got the budget Wait until campaign is over Worse Case Scenario Include Your Time

40 Digital Marketing Campaign Structure Costings and Budget Vision Timeframes Value Proposition KPIs Audience & Target

41 Digital Marketing Campaign Digital Marketing Journaling This is a tool almost all professional digital marketers use But not effectively Professionally many are forced to automatically keep records by their employers. If you Journal this gives you the ability to objectively review your campaigns This helps you assess your performance. This also will certainly help you find ways of improving your digital marketing. All of this will improve your confidence and hence your discipline. We don t mean a Thesis per campaign.

42 Digital Marketing Campaign Digital Marketing Journaling This is a method of both education and development. Journaling also encourages honesty to yourself at least. It promotes self assessment. This may sound tedious and to be honest it is, but it works! It improves your digital marketing, it makes you focus more, it makes you continuously It makes your performance inescapable and undeniable. Journaling is one the most important steps you could take to separate yourself from so many Record EVERYTHING and Review IT ALL!

43 Digital Marketing Campaign Dreams, Hopes and Aspirations Taking the plunge into a new field This is a growing field full of opportunity. All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake up in the day to find it was vanity, but the dreamers of the day are dangerous men, for they may act their dreams with open eyes, to make it possible. T.E. Lawrence, Seven Pillars of Wisdom: A Triumph