MKT3100

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School

University of Southern Queensland *

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Course

3100

Subject

Marketing

Date

Feb 20, 2024

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docx

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Uploaded by EarlRoseBear37

MKT3100 – Digital Marketing and Social Media Week 1: Digital Marketing Strategy and Setting Objectives Building Blocks of a Marketing Strategy To ensure a business provides value creation to all stakeholders, it is essential to develop a digital marketing strategy. It is therefore important to understand the building blocks of a strategy. The challenge of digital marketers is to create value for customers in the attention economy. The attention economy explains that customers and different types of media are increasingly being fragmented. It is clearly becoming harder to grab the attention of customers. To overcome the attention economy, consumers have to be found instead of being found by consumers. Instead of marketers trying to attract customers to their store, marketers have to create content that informs and entertains customers so that they can also find us when they google their needs. READ: THE ESSENTIAL GUIDE TO MARKETING IN A DIGITAL WORLD What is Digital Marketing? How does digital marketing fit into this definition? There is, in fact, no difference between ‘traditional’ marketing and digital marketing. They are one and the same, apart from digital being specific to a medium. Ultimately, the aim of any type of marketing is to keep and grow a customer base and stimulate sales in the future. Digital communication tools contribute towards connecting and building long-term relationships with customers. Marketing Strategy The purpose of a marketing strategy is to determine what the business is about, and to then address the business or brand challenge, or objective that has been revealed. An effective strategy involves making a series of well-informed decisions about how the brand, product or service should be promoted. The brand that attempts to be all things to all people risks becoming unfocused or losing the clarity of its value proposition. For example, a new airline would need to consider how it is going to add value to the market and differentiate itself from competitors. Whether their product is a domestic or international service; whether its target market is budget travellers or international and business travellers; and whether the channel is through primary airports or smaller, more cost-effective airports. Each of these choices will result in a vastly different strategic direction. To make these decisions, a strategist must understand the context in which the brand operates, asking, “What are the factors that affect the business?” This means conducting a situational analysis that looks at the following four pillars: 1. The environment 2. The business 3. The customers 4. The competitors.

WATCH: WHAT IS DIGITAL MARKETING https://www.youtube.com/watch?time_continue=168&v=aC- DwwgqG6A&embeds_referring_euri=https%3A%2F%2Fusqstudydesk.usq.edu.au %2F&source_ve_path=Mjg2NjY&feature=emb_logo ACTIVITY: ANSWER THE FOLLOWING QUESTION Do you believe there is a difference between marketing and digital marketing? Discuss two powerful advantages of applying a digital marketing strategy in your business. Essentially, there is not a big difference between marketing and digital marketing, apart from one being traditional and one being digitalised. The first powerful advantage is that the target audience can be reached in a cost-effective and measurable way. The reach of digital marketing is also exceptionally better as all digital marketing can reach a global audience compared to traditional marketing. Setting Objectives for the Digital Marketing and Social Media Strategy Any strategy starts with the analysis of the current environment. A business cannot set objectives if it does not understand where they are at the moment. Following the analysis of the environment, it is important to set objectives. This section shows that one of the most important steps to start your digital marketing strategy is to set specific digital marketing objectives. Setting Smart Goals See an example of how to set an objective for your digital marketing strategy by using the SMART principle: Specific – This means the objective should be clear. For example, Brand X's Digital Marketing object is to increase engagement. Measurable – This means a business should be able to measure the effectiveness of the digital marketing strategy on the basis of the objective. For example, by increasing the engagement levels from 10% to 50%. Attainable – This means that the objective should be attainable, for example, a business cannot set an objective to increase sales in a time of economic hardship. Realistic – This means that the objective should be sensible and based on data and trends of previous marketing activities in the business. Time-bound – This means that the objective should refer to a specific time period. For example, from 1 January 2024 to 1 January 2025 Now you have to write the objective in ONE SENTENCE, for example: “Brand X Digital Marketing objective is to increase engagement by increasing engagement levels from 10% to 50% from 1 January 2024 to 1 January 2025”.

The RACE Framework in Digital Marketing Social Media Strategy The RACE framework is used to plan your digital and social media strategy and is based on the Customer Lifecycle. The customer lifecycle is based on the notion that a customer moves through specific stages from the point that they are aware of a brand to ultimate purchasing and long-term engagement. In traditional marketing, the customer lifecycle is used to show the movement of customers through stages, including: Awareness: Normally, a customer begins the customer experience by getting AWARE of a brand/product. Engagement: Following awareness, consumers get ENGAGED with the brand, by testing it or investigating the brand. Considering: During this stage, consumers consider the various options. Purchase: In this stage, the consumer buys the brand. Loyalty/Retention: This is the ultimate stage when the consumer re-use or re-purchase the brand. Scholars applied the traditional customer lifecycle in the digital and social media marketing context to develop the RACE framework. The figure below illustrates the RACE framework. FIGURE 1: The RACE framework for digital and social media strategy planning The RACE is used to plan and develop the digital marketing strategy. For example, the figure below shows how the RACE framework can be used to plan, and managed marketing activities based on the RACE framework.

FIGURE 2: The RACE framework and a Digital & Social Media Strategies READ: Article: Introducing The RACE Growth System and RACE Planning Framework: practical tools to improve your digital marketing ( https://www.smartinsights.com/digital-marketing-strategy/race-a- practical-framework-to-improve-your-digital-marketing/ ) Article: What is Customer Lifecycle Marketing? ( https://www.smartinsights.com/ecommerce/web- personalisation/what-is-lifecycle-marketing/ ) Textbook: Digital Marketing Strategy ( https://opentextbooks.concordia.ca/digitalmarketing/ ) Employability Skills In this course we will focus on specific employability skills to ensure our students are equipped with the necessary skills to be a successful employee in the workplace. Each Moodle chapter will end with a section on one employability skill. The employability skills that we will focus on include the following: 1. Identification of knowledge and in-text referencing 2. What is critical thinking? 3. What is reflective writing? 4. How do we conduct reflective writing? 5. How to write a formal report 6. How to write an executive summary CASE STUDY: Title: Vets Now – Taking Care of the Brand 1. What was Vets Now’s new brand strategy? Vets Now created new branding and imagery and chose a reassuring and expert by friendly and straightforward tone of voice to use across all communications. The new look and feel were rolled out across the website, Vets Now Clinic, internal branding, and in print and digital marketing campaigns. This new brand strategy was chosen to ensure the new

branding reaches consumers at all three touchpoints. Vets Now Brand objective is to improve brand awareness, consolidate their offering, and offer a pet-owner-led approach. 2. Why was it necessary for Vets now to do such extensive customer research? Extensive customer research was conducted to ensure that Vets Now appealed to their customers directly, meaning, they needed to understand who their potential customers were and what their feelings were towards their pets. This can ensure that their newly instated brand strategy would catch the attention of customers suited to them. 3. Could it be argued that this case study covers a business strategy rather than a marketing strategy? Overall, it could be argued that this case study covers both a business strategy as well as a marketing strategy. This case study provides a business strategy in terms of business objectives that they intend to achieve, as well as a marketing strategy in terms of what marketing techniques they will use to directly market to their consumers.

Week 2: Understanding Consumers This module focuses on the consumer and their importance to a business. To provide ultimate value to consumers it is essential that a business understands how consumers think, process, and choose between products, services and brands. Understanding consumers is an essential ongoing process and external factors have an impact on how consumers behave. Especially, technology is impacting consumer choosing and buying in the digital world. To investigate how consumers behave in the digital environment we focus on traditional marketing methods such as developing personas and the consumer journey. An important aim of this course is to craft a digital marketing and social media strategy. The course structure below shows the steps in crafting this strategy. The first step is setting objectives for the strategy, and this was explained in Module 1. The second step is to understand the specific target audience or consumers the strategy is aiming at. Market Segmentation, Target Audiences and Personas Understanding the consumer is one of the most important steps in designing a digital marketing and social media strategy. This section explains the important market segmentation bases that can be used to target audiences and how a marketer can apply personas to better understand its consumers. Traditional market segmentation approaches include: Geographic: Group consumers based on their geographical location, such as countries, provinces, regions, cities, neighbourhoods, postal codes, etc. Demographic: Group consumers based on demographic factors such as age, gender, family size, income, occupation, education, religion, ethnicity, and nationality. Psychographic: Group consumers based on the basis of psychographic characteristics such as lifestyle, personality, attitudes, and social class. Behavioural: Group consumers based on their behaviours, such as their use status, purchase occasion, loyalty, and readiness to buy. Decision Marker: Group consumers based on their decision-making role (purchaser, influence, etc.) Normally, the persona is developed after the process of market segmentation. That is, the marketer has already decided on the specific target market for their strategy. Note that each digital marketing and social media strategy is aiming for a specific target market, and the persona will be developed for that specific target market. READ: TEXTBOOK: Digital Marketing Strategy ( https://opentextbooks.concordia.ca/digitalmarketing/front- matter/introduction/ ) TEXTBOOK: Introduction to Marketing I 2e ( https://pressbooks.nscc.ca/nsccprinciplesofmarketing2e/ ) TEXTBOOK: eMarketing: The Essential Guide to Marketing in a Digital World ( https://open.umn.edu/opentextbooks/textbooks/14 )

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