Summary of Simon Kingsnorth's Digital Marketing Strategy

Everest Media

Description

Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Digital marketing is the process of marketing a product or service through the use of digital media. It is a part of almost every business decision from product development and pricing to public relations and even recruitment.
#2 The focus of this book is on digital marketing, and the word marketing is as important as the word digital. It is crucial that digital marketing is an integral part of all marketing activities.
#3 The modern internet age began with the launch of Google in 1998. Web 2. 0 was a term coined in 1999 by Darcy DiNucci, but not popularized until Tim O’Reilly in 2004. With Web 2. 0, there was no overhaul of technology, but more a shift in the way websites are created.
#4 The key considerations when marketing your product or service digitally are whether it can or will sell online, and whether there are opportunities to make it more appropriate for the online or mobile audiences.

Sujets

• Communication digitale
• Digital marketing
• Marketing digital

Informations

• Publié par: Everest Media LLC
• Date de parution: 26 mars 2022
• Nombre de lectures: 2
• EAN13: 9781669367130
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

Insights on Simon Kingsnorth's Digital Marketing Strategy
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3 Insights from Chapter 4 Insights from Chapter 5 Insights from Chapter 6 Insights from Chapter 7 Insights from Chapter 8 Insights from Chapter 9 Insights from Chapter 10 Insights from Chapter 11 Insights from Chapter 12 Insights from Chapter 13 Insights from Chapter 14 Insights from Chapter 15 Insights from Chapter 16
Insights from Chapter 1

#1

Digital marketing is the process of marketing a product or service through the use of digital media. It is a part of almost every business decision from product development and pricing to public relations and even recruitment.

#2

The focus of this book is on digital marketing, and the word marketing is as important as the word digital. It is crucial that digital marketing is an integral part of all marketing activities.

#3

The modern internet age began with the launch of Google in 1998. Web 2. 0 was a term coined in 1999 by Darcy DiNucci, but not popularized until Tim O’Reilly in 2004. With Web 2. 0, there was no overhaul of technology, but more a shift in the way websites are created.

#4

The key considerations when marketing your product or service digitally are whether it can or will sell online, and whether there are opportunities to make it more appropriate for the online or mobile audiences.

#5

The concept of fast price comparison and cashback and voucher sites has changed consumer behaviors. Businesses can take advantage of this through affiliate marketing programmes.

#6

affiliate marketing has been around for a long time, but it has a poor reputation because of the lack of clarity around measurement and genuine sales. The industry has improved greatly over the last 10 years, but there is still a need to maintain this channel.

#7

All of these apply to digital marketing. You may not have a physical shop, but your online shop must be easy to find and navigate. If people cannot find what they are looking for, they will go elsewhere.

#8

Above-the-line and below-the-line marketing are terms used to differentiate between broadcast and targeted marketing techniques. Above-the-line marketing refers to mass market advertising that is used to push specific promotional messages out to large audiences.

#9

Promotion has moved beyond simple advertising and into dialogue. Smart marketing is not just shouting about your product, but taking customers on a journey. That journey does not end at purchase.

#10

The digital space requires a different approach than the traditional one. It is difficult to communicate product promotions in digital space, which creates a need for impact messaging. And, more importantly, a test-and-learn philosophy.

#11

The five forces are: horizontal competition, vertical competition, the threat of substitute products or services, the threat of established rivals, and the threat of new entrants. They are used to analyze the level of competition within an industry.

#12

The first threat is the existence of another similar product in another industry. If a new product is launched that charges via a pod in the home and has specific benefits for home use, it may attract customers who have always been landline users.

#13

The threat of a new entrant to a market is fairly obvious. A new entrant can be direct competition and therefore threaten the success of an established business. Some of the factors that can determine the threat of a new entrant are: barriers to entry, economies of scale, brand equity, and industry profitability.

#14

There are many regulatory bodies and licensing processes in the financial services industry, which can be challenging for new businesses to navigate. In contrast, photography has very low entry barriers.

#15

The digital marketing industry is constantly changing, and new entrants are common in most markets. disruption is commonplace in the 21st century. Factors such as location, economies of scale, brand equity, and technology are less relevant for entering many industries now.

#16

The features and behaviors of your competitors directly affect your ability to gain competitive advantage. In markets where competitive rivalry is high, we move towards a situation where everyone competes at an even level with no price makers only price takers.

#17

The digital age can be a slow and expensive process for established businesses. This can create a change in the competitive landscape as younger businesses are more agile.

#18

The bargaining power of suppliers affects the ability for companies to make a profit and compete. Strong suppliers are able to control pricing and product quality, which lessens a company’s ability to make profit.

#19

If you are running an e-commerce business and you are working with a wholesaler for the supply of your goods, it is possible that your supplier is the only supplier of the products you are retailing to your customers. In this situation, the wholesaler has strong bargaining power.

#20

The final force is buyer bargaining power. This is the ability of consumers to put pressure on companies to lower prices, change their products, or improve customer service.

#21

The power of the buyer has increased since Web 2. 0. Many consumers will include reviews within their decision-making process and will not buy products that match their requirements if the reviews from their peers are negative.

#22

A brand positioning map is a visual representation of where your brand or products sit versus your competitors, highlighting any gaps in the market and demonstrating where there are intense levels of competition. It is useful to use these maps to develop your market positioning strategy.

#23

There is no difference between digital marketing and any other form of marketing. It is important to include digital within this, but it should not have a separate approach.

#24

The CLTV model is the value of a customer based on their entire customer lifecycle. It can be relatively simple to calculate in some businesses and extremely complex in others. It is used to determine which customers are the most profitable and to define segments based on this.

#25

To calculate your CLTV, you need to know the length of a customer's lifetime and the average margin per customer in a period. The formula is as follows: CLTV = lifetime × margin per customer in a period.

#26

To calculate your customer lifetime value, you must first calculate your customer average visit duration, in minutes. Then, you must multiply that number by 3. 9 to get an average spend per visit. Finally, you must multiply that number by 52 to get an annual customer value.

#27

The CLTV model is not something that can be implemented solely within one area of your business, but if it is appropriate, it should be integrated into digital marketing as much as anywhere else. Digital marketers have access to exceptional amounts of data, which should not be wasted.

#28

Segmentation is the process of dividing a large group of people into smaller groups, based on similarities between them. It is important to understand that consumers will always have similarities in their behaviors, demographics, buying patterns, and other factors that allow you to group them into segments.

#29

Demographic segmentation is the process of dividing a population into groups based on factors such as age, race, gender, education, employment, income, and economic status. It is used by governments and a wide variety of organizations to understand who can afford to buy their product and who will be the right age range.

#30

Behavioral segmentation is becoming more and more possible with the access to big data. It is a method that groups consumers by buying patterns and usage behaviors. It is useful when discussing specific products or uses occasions.

#31

Perceived benefit is key in marketing. It is the difference between how a consumer sees your product and how a consumer would see your product if they had seen it advertised. The consumer will see you in a different light if you appeal to their perceived benefit.

#32

The concept of psychographic segmentation is extremely complex, but it is simply an understanding of a consumer's lifestyle. This includes studying activities, opinions, beliefs, and interests. Understanding these elements can result in messaging and products that truly resonate with the individuals.

#33

The Boston Consulting Group’s growth–share matrix is used to categorize products in a portfolio into stars, cash cows, dogs, and question marks by looking at market share and market growth. It is used primarily to maximize long-term value creation in a business by maximizing high-potential areas and minimizing poor performers.

#34

The BCG matrix shows the position of each product and the value of each category. It is a snapshot of profitability and cashflows of an organization.

#35

The BCG matrix will help you decide which products you should be selling through which methods and channels, and it will influence your overall digital strategy. You can use it to assess your digital channels and understand whether you are applying your focus effectively.

#36

Understanding the marketing models that have been established for some time and how to apply them to your digital marketing strategy gives you a foundation to begin your strategy.

#37

The Product Portfolio is a list of products that a company will sell, and it is determined by the CEO. It is a way for the company to test the market and see what products are most popular.
Insights from Chapter 2

#1

Your digital strategy must not and cannot be built independently of your business strategy if it is to succeed. Your digital strategy must be aligned with your business strategy.

#2

Being custo