Digital Business Plan
You will work with your team members and determine an appropriate digital marketing plan to include in your Benchmark – Digital Business Plan.
Your team developed a business plan to support your marketing division and justify an additional capital investment from corporate headquarters to move forward. Digital marketing is a critical part of marketing strategies today because of the prevalence of social media and other web-based technologies, online media outlets, and mobile Internet and applications.
Based on the current position of your new division in the simulation and your goals for coming quarters, analyze market consumer data, competitive data, and real-world digital marketing options to develop a summarized digital marketing plan for your division that benefits growth and considers competition. In 500-750 words, address the following:
Digital marketing strategies for your division: Discuss the decision to shift all or a portion of your division’s promotional budget in the simulation to digital marketing. Discuss the digital marketing strategies that will be used to promote organizational growth. Consider factors including B2B verses B2C considerations in digital media, target market coverage, exposure, analytics, and costs.
Digital media impact: How would the addition of digital media options influence your division’s overall promotional plan? Consider the five elements of the promotion mix.
Digital media types and options: Include examples of specific social media platforms, blogs, websites, applications, etc., and a justification for each based on your division’s goals. Use real-world data by researching the outlets/platforms, reviewing media kits when available, and citing available sources on exposure, targeting options, etc.
Monitor digital media: How will you monitor effectiveness and adjust your strategy based on your division’s goals?
You are required to include both academic and professional references (e.g., data on analytics, platform use data) to justify your plan.
++Please use the below criteria+++
|Digital Marketing Strategies (1.2 and 7.2: Leverage digital marketing strategies to promote organizational growth.)
|The digital marketing strategies for your division include a comprehensive description on the decision to shift to digital marketing to promote organizational growth. The additional factors that were considered in the decision are included with detailed reasoning that supports decisions.
|Digital Media Impact
|The marketing plan includes a comprehensive description for the digital media impact and its influence on the overall promotional plan.
|Digital Media Types and Options
|The digital media types and options are included. There are clear details on specific social media platforms relating to division goals. Real-world data is included to support the digital media option selected for the division.
|Monitoring Digital Media
|Methods for monitoring digital media are included with clear details on effectiveness and strategy to meet division goals. There is a clear plan for modifications when necessary.
|Methods of Marketing and Consumer Research (2.4 and 8.4: Analyze markets and consumer data to inform marketing strategy.)
|The plan includes evidence of relevant, current, and quality research. The description analyzes marketing and consumer data to thoroughly validate digital marketing strategy decisions for the plan.
|Mechanics of Writing (includes spelling, punctuation, grammar, language use)
|Writer is clearly in command of standard, written, academic English.
|Paper Format (use of appropriate style for the major and assignment)
|All format elements are correct.
|Documentation of Sources (citations, footnotes, references, bibliography, etc., as appropriate to assignment and style)
|Sources are completely and correctly documented, as appropriate to assignment and style, and format is free of error.
Benchmark-Digital Business Plan
Digital marketing strategies
Digital, mobile and social media has become part of the everyday life of people across the world. Nearly 60% of the world’s population is online, with more than 4.5 billion people using the internet. Social media users have already surpassed the 3.8 billion population (Kemp, 2020). However, these figures are forecasted to continue to grow steadily. This presence of more than half of the world’s population in the online space presents a considerable chance for brands to reach out to as many potential customers as possible. This poses a need to allocate funds from the promotional budget to digital marketing. Social media marketing will target B2C customers, while B2B customers will be targeted using email marketing. B2C marketing focuses on community, so popularity is a key strength in B2C social media marketing strategy. B2B email marketing strategies will allow customization of the messaging and drive sales. Social media and email marketing strategies are relatively cheaper than traditional marketing. They also help reach a bigger audience and can be tracked using social media analytics and other available digital metrics.
Digital media impact
Data shows that people increasingly turn to the digital world for information about brands and the products they need. 44% of promotional email customers visit the brand’s website for more information (Sloan, 2020). This shows the effectiveness of digital marketing. Therefore allocating half of the promotional budget will improve the five elements of the promotional mix: direct marketing, advertising, sales promotion, personal selling, and public relations. Direct marketing will be impacted positively since the data described above has confirmed the effectiveness of email marketing strategies. The advertising will be made easier through cheaper advertising spaces on websites and social media platforms with a global reach and therefore increase overall brand awareness. Sales promotions, personal selling, and public relations will be more effective than traditional marketing by creating online community appeal for the brand and customer care services. Therefore, allocating 50% of the promotional budget will double sales.
Digital media types and options
There are various ways in which digital media marketing can reach the target audience. The most effective digital media options are Facebook which has a daily active usage of 1.45 billion people, Twitter which has 320 million daily active users, LinkedIn whose daily active users total to about 562million, YouTube which has over 1 billion daily active users, Instagram whose number of daily active users is over 400 million, Pinterest having a daily active usage of over 175 million people, among other social media platforms (Brandi, 2019). The most visited websites that can be used for marketing include Google, which has 60.49 billion monthly visits. YouTube also has monthly visits of 24.31 billion, followed by Facebook, with 19.98 billion visits per month. Baidu has 9.77 billion monthly visits, and Wikipedia, whose monthly visits are about 4.69 billion, among other websites (Routney, 2019). Using these social media platforms and websites will make the brand visible globally to the existing and prospective with fewer budgets than traditional means, which may hardly be as effective as digital media marketing.
Monitor digital media
A digital media monitoring strategy allows brands to understand customer needs and sentiments to engage with them effectively. It also helps brand managers and marketing professionals to track the competitors’ activities to create strategies that better place them. The Hootsuite tool will be used to monitor digital media. It is one of the most used free tools and has a variety of platforms that can be monitored (Brandwatch, 2019). The tool will help in monitoring mentions of the brand in the digital space, reviews across various platforms, comments, messages, brand hashtags, industry information, campaign hashtags, and competitors’ reviews. Through the monitoring process, the effectiveness of digital media marketing will be established, and strategies will be created to optimize the outcomes.
- Brandi. (2019, August 22). Top 10 Social Media Sites for Business. Retrieved July 16, 2020, from Lyfe Marketing: https://www.lyfemarketing.com/blog/social-media-sites-for-business/
- Brandwatch. (2019, September 27). The Top Social Media Monitoring Tools. Retrieved July 17, 2020, from brandwatch.com: https://www.brandwatch.com/blog/top-social-media-monitoring-tools/
- Kemp, S. (2020, January). Digital Trends 2020: Every single stat you need to know about the internet. Retrieved July 16, 2020, from The next web: https://google.com/amp/s/thenextweb.com/growth-quaters/2020/01/30/digital-trends-2020-every-single-stat-you-need-to-know-about-th-internet/amp/
- Routney, N. (2019, August 7). Ranking the Top 100 Websites in the World. Retrieved July 17, 2020, from Visual Capitalist: https://www.visualcapitalist.com/ranking-the-top-100-websites-in-the-world/
- Sloan, M. (2020, June 25). Digital Marketing vs. Traditional Marketing: Is one more powerful than the other? Retrieved July 16, 2020, from Drift.com Inc: https://www.drift.com/blog/digital-marketing-vs-traditional-marketing/