Digital marketing is an essential aspect of any business in today’s world. It is a powerful tool that can help businesses reach new customers, increase sales, and retain existing customers. However, many entrepreneurs who have started their business struggle with digital marketing. They may not have the resources, information, or tools they need to succeed. This is where strategic management comes in. In this blog post, we will discuss how to incorporate strategic management to improve digital marketing performance.
What is Strategic Management?
Strategic management is the process of developing and implementing strategies that help businesses achieve their goals. It involves analyzing the business environment, identifying opportunities and threats, and developing strategies to take advantage of those opportunities and mitigate those threats. Strategic management is essential for businesses of all sizes because it helps them stay competitive in a rapidly changing business environment.
How Strategic Management Can Improve Digital Marketing Performance
Strategic management can help businesses improve their digital marketing performance in several ways:
1. Developing a Clear Digital Marketing Strategy
One of the most important aspects of digital marketing is having a clear strategy. A clear strategy helps businesses focus their efforts on the most effective channels and tactics. Strategic management can help businesses develop a clear digital marketing strategy by analyzing the business environment, identifying target audiences, and developing tactics that are tailored to those audiences.
2. Allocating Resources Effectively
Digital marketing can be expensive, especially for small businesses. Strategic management can help businesses allocate their resources effectively by identifying the most effective channels and tactics for reaching their target audiences. This can help businesses save money while still achieving their digital marketing goals.
3. Measuring Performance
Measuring performance is essential for improving digital marketing performance. Strategic management can help businesses measure their digital marketing performance by setting clear goals and metrics, tracking progress against those goals and metrics, and making adjustments as needed.
4. Staying Ahead of the Competition
Digital marketing is a highly competitive space. Strategic management can help businesses stay ahead of the competition by analyzing the competition, identifying opportunities for differentiation, and developing strategies to take advantage of those opportunities.
Here are some practical examples of how entrepreneurs can incorporate strategic management to improve their digital marketing performance:
- Develop a clear digital marketing strategy: Entrepreneurs can develop a clear digital marketing strategy by analyzing the business environment, identifying target audiences, and developing tactics that are tailored to those audiences. For example, if an entrepreneur is targeting young adults, they may want to focus on social media platforms like Instagram and Snapchat.
- Allocate resources effectively: Entrepreneurs can allocate their resources effectively by identifying the most effective channels and tactics for reaching their target audiences. For example, if an entrepreneur is targeting older adults, they may want to focus on email marketing campaigns.
- Measure performance: Entrepreneurs can measure their digital marketing performance by setting clear goals and metrics, tracking progress against those goals and metrics, and making adjustments as needed. For example, if an entrepreneur wants to increase website traffic, they may want to track the number of visitors to their website over time.
- Stay ahead of the competition: Entrepreneurs can stay ahead of the competition by analyzing the competition, identifying opportunities for differentiation, and developing strategies to take advantage of those opportunities. For example, if an entrepreneur notices that their competitors are not active on social media platforms like Twitter, they may want to focus on building a strong presence on Twitter.
Resources and Tools
Here are some resources and tools that entrepreneurs can use to improve their digital marketing performance:
- Smartsheet: Smartsheet is a collaborative work management platform that connects the people, technologies, and goals of an organization by empowering teams to plan, manage, scale, and report on work with greater speed and consistency¹.
- Google Ads: Google Ads is a popular way to advertise your business. This tool allows you to place ads on Google’s search engine result page so you can target your customers on relevant searches¹.
- Ahrefs: Ahrefs is a comprehensive SEO toolset for improving website performance and increasing search traffic¹.
- Moz: Moz is a software platform that provides tools and resources to help you optimize your online presence¹.
- Ruler Analytics: Ruler Analytics is a leading tool for tracking leads and reporting on marketing performance².
- Clicky: Clicky is a powerful tool for tracking marketing performance and website behavior².
- Google Analytics: Google Analytics is by far the most popular marketing performance tool on our list².
- Fathom: Fathom provides simple, useful website analytics without tracking or storing personal data².
- Funnel: Funnel provides automated data collection from all your advertising platforms in one place².
- HubSpot: HubSpot provides a range of tools for inbound marketing, sales, and customer service².
Incorporating strategic management into your digital marketing efforts can help you achieve your goals more effectively and efficiently. By developing a clear digital marketing strategy, allocating resources effectively, measuring performance, and staying ahead of the competition, you can improve your digital marketing performance and achieve success in today’s competitive business environment.
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(13) Customer Retention Versus Customer Acquisition – Forbes. https://www.forbes.com/sites/forbesbusinesscouncil/2022/12/12/customer-retention-versus-customer-acquisition/.
(14) 25 Digital Marketing Tools for 2023 | Smartsheet. https://www.smartsheet.com/content/digital-marketing-tools.
(15) 10 Marketing Performance Tools and Software to Consider in 2022. https://www.ruleranalytics.com/blog/reporting/marketing-performance-tools/.
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(17) Top 10 Performance Marketing Tools for Optimal Business Growth in 2023. https://brand24.com/blog/performance-marketing-tools/.