In Part I of our digital roadmap series, we discussed the importance of planning and narrowing down your digital marketing approach. If you’ve yet to develop a comprehensive digital marketing strategy but want to grow your business, the roadmap is a perfect place to start.With so many channels available for digital marketing, it’s difficult to know what your company should and should not do. Thankfully, the planning stages help you determine each. Learn how to target buyers, get them to your site, and drum up more sales in the process. Let’s dive in:
Step 1: Growth Bottleneck Analysis
If you want to know where you’re headed, you must know where you’ve been – or in this case, where you currently are. A growth bottleneck analysis will help you understand what’s holding your business growth back. This analysis requires several elements:
- Understanding your current business situation and gaps, as well as your opportunities.
- Using current metrics to determine your performance as it pertains to leads, site visits, and potential customer opportunities.
As you analyze this data, you’ll notice trends that are hindering your business growth – or at least not producing any results. Here you’ll identify your “bottleneck,” and be prepared to prioritize your marketing efforts.
Step 2: Determine the Cost of Growth
Once you have an analysis of your business metrics and identify your bottleneck, the next step is to determine the acceptable cost of customer acquisition (COCA). A COCA is the maximum amount you’re willing to spend that will still lead to a profit. Determining your COCA is an essential step in developing your digital roadmap because it helps redefine your marketing mindset from “what do I have to spend to,” to “what’s the most I can spend?”
Step 3: Analyze, Document, and Plan
Now that you’ve determined your bottleneck and COCA, you’re ready to move into the “meat” of your digital roadmap. This requires a process of analyzing, documenting, and planning digital strategies, and how they will fit into your overall growth plan.
Stage 1: Assessment
During the assessment, or discovery phase, you’ll conduct all the necessary research to create your digital roadmap. This phase serves to say, “here’s where we are, and here’s what we need to do.”
The assessment phase involves some deep introspection into your company’s:
- Current model
- Time frame
Stage 2: Planning
Don’t underestimate the power of up-front planning for your digital marketing efforts. The success of your campaigns depends directly on how much planning you put into it. The planning stage involves:
- Targeting – Who is your audience? Consider revisiting your buyer personas.
- Content strategy – What content channels best fit your target audience?
- Traffic strategy – How will you drive more traffic to your site based on your target demographic?
- Lead generation – How will you turn these visitors into leads?
- Marketing automation – How will you nurture your new leads?
- Analysis – How will you analyze the success of your campaigns?
- Technology – How will you make it happen?
- Logistics – What other resources do you need?
If you lack a definition of any of these in your marketing strategy, now is the perfect time to figure it out. An inventory of what you have and what you need is essential for your digital marketing roadmap – which we’ll learn more about in our final segment. Stay tuned!