Understand The 3 Pillars of a Successful Strategy, How To Manage Brand Perception, and How to Acquire Customers.
With the rapid growth of eCommerce sites and online shopping, it’s more important than ever to have a digital marketing strategy in place. This content is meant to provide eCommerce businesses with step-by-step instructions on how to build an effective digital marketing strategy for its’ firm.
In order to create a successful digital marketing campaign, there are three key areas that need to be addressed: The pillars of a successful digital marketing strategy, Building your brand identity, Defining Success: High-Value Customer Acquisition
The 3 primary pillars of a successful digital marketing strategy are: The business objective, The marketing plan, and the acquisition cost.
A successful digital marketing strategy starts with the end in mind. Brands should focus on the business objective to have a clear definition for what success looks like – whether it’s pure revenue, profit, ROI, or something else.
As an example, if one’s objective is ROI or return-on-investment, that company will want to have a high revenue with good profit margins along with a healthy profit at a lower cost per acquisition.
The next key aspect is building a stable marketing plan that will serve as the vehicle to reach the objective. The recommendation here is to focus on areas of digital marketing that will attract the most sales at the cheapest cost.
To help firms make this decision, one of the key pieces is knowing how much its’ willing to invest. It may be millions of dollars or it may be couple thousand dollars
Furthermore, a company’s brand is very important. It’s identity. It’s the way people feel and think once they see an organization’s logo, experience its content, and receive products or Services.
Many e-commerce brands really struggle with this because they focus solely on getting sales. If companies are building out digital marketing strategies on Google, social media sites, and online articles, it must think through how it wants customers to perceive the brand as he or she is getting value from it in the early stages of the relationship.
For most e-commerce companies, the most important thing is balancing out brand identity with the cost to acquire a customer. The majority of the time this cost is a financial cost, but it can also be a time cost – which is also considered an opportunity cost.
Firms must be realistic with the given metrics. The best way to approach the cost per acquisition strategy is to put the first dollar towards the highest return tactic. Then, each subsequent dollar will be put towards the next highest ROI or ROAS. This will become the evergreen approach going forward.
The best way to get there is to get a partner such as Tonic Rocket to help acquire as much revenue as possible while balancing out branding and customer acquisition.