Many companies don’t comprehend the value of updating traditional marketing plans. Not transforming in the digital era cost companies time, money and market share. Some are set in their old ways and could use new a new marketing strategy to get back on track.
When Companies Delay.
Transformation in our new digital world means that old systems and plans no longer work in today’s workplace. In order for a company to transform and compete, all organizations in a company need to be part of a new strategic digital plan. Many companies are losing revenue, and those who have not transformed will experience loss.
When a traditional marketing plan transforms to a digital plan, that changes the entire landscape of a company. That new plan will affect how finance organizations plan, will call for organization restructuring, technology change, and how a company sells their products or services.
How companies approach marketing strategy today will be the key indicator of whether they succeed or fail, and the only solution is to take the big leap.
Below are 5 Tips on How to Get Companies Back On Track:
#1: Making the Investment
There is uncertainty on what digital marketing plans cost, and companies that choose to invest will see the return. I find that many companies do not understand the definition of digital marketing.
Digital marketing is an umbrella term for the marketing of products or services using digital technologies, mainly on the Internet, but also including mobile phones, display advertising, and any other digital channels.
Many consumers confuse social media marketing and digital marketing. Digital marketing includes: social media marketing, content marketing, video marketing, email marketing, web design, graphic design, advertising and promotions, SEO and more. It really is the full umbrella of all digital relating to marketing.
It is important for companies to understand that transition can be delivered in stages. A scope of work, and project plan, can be customized to meet the needs of customers. Changing old operations, plans and systems can get pricey, but there are ways to eliminate other hidden costs. For example, outdated technology can cost companies a lot of unnecessary expense, and a good in-depth analysis of IT cost should be reviewed regularly.
“Plans are nothing; planning is everything.” – Dwight D. Eisenhower
#2. Invest in Professional Development
If an internal marketing team lacks the skill set to develop a digital marketing plan, then companies need to reach out and outsource. Leaders should have a vision for their marketing team, combining a mix of experience with raw talent, with the hope of having a consumer loving team who are fully vested and in for the long run.
Employee retention continues to be an issue, and a good leader will keep their marketing team energized and paid well. The clock is ticking, and strategic digital planning is nothing to ignore. A company’s marketing team should consist of energetic internal and external hard working individuals who can assist in keeping up with the pace of transformation.
As outside resources assist with new plan development, internal teams could be involved in professional development training to better position the company with strategy that makes sense going forward.
#3: Understand Target Audience Shifts
If a company has not heard of Marketing Personas and Google Analytics, then there is work to do in identifying who the target audience is.
A target audience is not everyone
A digital marketing strategy can assist in identifying ideal customer profiles (persona profiles), and will help companies understand
-Demographics of the customers
-Where customers are hanging out
-Identify customer concerns and pain points
-How to help customers solve problems by creating solutions
-Inbound marketing strategies that provide the digital tools
-Online target audiences, without losing site of existing customers.
#4: Poor Understanding of The Competition
Building a marketing strategy evolved around a company’s competition is not the solution. Who company competitors were in the past may have shifted. Companies are changing product lines, services and restructuring as they transform. Developing the right plan to understand a target audience is the ideal strategy. Most competitors are transforming, so it makes no sense to draw concrete comparisons.
A new digital marketing strategy has to be on the CEO’s “A list”. Leaders who are not promoting the development of new digital plan are putting their companies, or the companies they work for, in jeopardy. Leadership is one of the most blogged about topics today, and the main reason is that employees, and everyone invested in a company, are dependent on leaders to keep companies on their feet. Retail is a great example of an industry that is struggling with identifying a buyer persona profile using inbound marketing strategy. Keep in mind not all customers are online shoppers!
2017 continues to be a year of new technological developments that will keep moving us forward in our new digital world. The Fourth Industrial Revolution has not ended.
Artificial intelligence, Super Intelligence, Machine Intelligence, Specific Intelligence, virtual reality, smart products, new hardware, and cloud computing will innovate and drive an absolute need to not only transform, but to try and keep up! Out with Project Management and in with Transformation Management. How we use text, audio, video and mobile devices change by the minute. The phrase ‘Content is King’ is an understatement. A new phrase should be ‘Cash is Cash’ because the competition is going to be fierce.
Most Companies will find it impossible to keep up with digital change as we move even further into AI, SI, MI and SI technological developments, and will heavily rely on experts whose main focus is digital. Those who understand the need to move at a fast pace, and stay 20 steps ahead, will be leaders in their industry. Large companies will continue to fold, and those who stay ‘intelligent’ will remain standing. New enterprises and small companies will continue to gain market share in the world of digital.
This post have been updated in 2017.