Digital Marketing: Strategy, Process, and Implementation
Verified
Added on  2022/12/29
|11
|3325
|21
AI Summary
This document provides a comprehensive overview of digital marketing, including the process, strategy, and implementation. It covers topics such as market research, competitor analysis, SWOT analysis, STP and marketing mix, budgeting, and performance evaluation. The document also includes a case study of Kingfisher PLC and their online strategy.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Digital Marketing
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Table of Contents INTRODUCTION...........................................................................................................................3 MAIN BODY..................................................................................................................................3 Digital Marketing Process...........................................................................................................3 Overview of the organization and their online strategy...............................................................3 SWOT Analysis...........................................................................................................................5 STP and Marketing mix...............................................................................................................5 Market research and result audit..................................................................................................6 Competitor analysis.....................................................................................................................6 Market analysis............................................................................................................................7 Digital marketing plan.................................................................................................................7 Objective of digital marketing.....................................................................................................8 Implementation and control in digital marketing........................................................................8 Budgeting.....................................................................................................................................9 Performance Evaluation...............................................................................................................9 CONCLUSION..............................................................................................................................10 REFERENCES..............................................................................................................................11
INTRODUCTION Digital marketing strategy or plan or campaign is the series of steps that are undertaken to achieve the objective of the business by marketing through the digital platforms (Bala and Verma, 2018). There are various objectives of the digital marketing campaign such as to create brandawareness,attractingtraffic,convertingtheleadsetc.Italsobuildsupcustomer relationship as the business frequently communicates with them. The disadvantage of digital marketing campaign is that special skills are required to launch the campaign, sometimes it is time-consuming and also gets security and privacy issues.A digital marketing plan is a blueprint of all the details regarding the digital marketing campaign. The following are some elements of digital marketing plan search engine optimization, online advertising, web analytics etc. MAIN BODY Digital Marketing Process The first step in creating the digital marketing campaign is to define the goal and researching the target audience. The objective of Kingfisher's digital marketing campaign is to increase the traffic and conversion rates. The target audience decided by kingfisher for its campaign is the people between the age of 21 to 45 years (Buchanan and et.al., 2018). The next step in the marketing campaign of the competitors therefore Kingfisher will analyse the digital marketing strategy of The Home Depot, B&Q and other competitors. The third step is to choose the appropriate marketing channel for the campaign. The channel may be Kingfisher's website, SEO, content marketing, social media, email marketing. Kingfisher for launching its campaign chooses social media marketing. Allocate the budget for the campaign in the fourth step. Kingfisher allocates the budget as per number of audience and the area at which they are spread. The next step is to implement the campaign and measuring the performance of the campaign through KPI in the last step.
Overview of the organization and their online strategy Kingfisher is a UK based multinational company which deals in home improvement products such as home furnishings, supplies and plants and many more. Also, the company s the founding member of Rainforest Alliance, it was an initiative which came up in December 2020. The online strategy used by Kingfisher consist of social media advertising for creating brand awareness and for promotion purpose. Social media advertising is the way of promoting the products through using the social media platforms. Kingfisher has used Instagram as a source of advertising as they have made a personalized gif of their bottle. It helped the company in increasing engagement of the customers with their brand. Also, the company have used Facebook advertising and twitter advertising. On twitter, they released a campaign named #KFBeerUp which got a very good response from the twitter community. On Facebook, they advertise about their home furnishing, but they do not advertise about Beer as Kingfisher keeps in mind the age group of users. PESLTE Analysis Pestle analysis based on Kingfisher's digital marketing campaign is as follows:Political factors-As UK has quited from European Union therefore Kingfisher have to make personal relations with the countries in which they were exporting. Also, due to Brexit its sales have also impacted adversely as many countries which were part of EuropeanUnionundercertainrulesdonotpurchasefromtheUKcountries (Perera,2017).Economic factors-The economic condition is also very important factor when the company is finalizing the campaign. If the economic condition is not good and the inflation rates are too high then there is no use of releasing the campaign(Božić-Kudrić, 2020).Social factors-Kingfisher should analyse the lifestyle and culture of the people in which they are launching their campaign. The company should analyse the consumer behaviour and their buying pattern. It is very important as it determine the success and failure of the campaign(Phan,2021).Technological factor-As technologicalchanges and advancement in this sector is growing at exponential rate and Kingfisher can take the opportunity to advertise and
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
market their products and services through the campaign(Johnsen, 2017). Therefore, the campaign will be a great success if Kingfisher uses these platform effectively.ï‚·Legalfactor-Beforerunningthecampaigninthecountriesorthetargetmarket, kingfisher should be aware of all the laws prevailing in that area and also they should adhere to those laws. The campaign should make sure they do not discriminate any section of the society(Ghotbifar, Marjani. and Ramazani, 2017). ï‚·Environmental factor-It is an important factor for the digital marketer whose releasing thecampaignforkingfishertoknowabouttheenvironmentalcondition,weather condition and climatic changes before running the campaign. If the campaign and the environmental condition are not favourable then if may lead to failure of campaign (Hanlon, 2019). SWOT Analysis SWOTanalysisisanimportanttoolfortheorganization.Ithelpsinidentifying strengths, ,weaknesses, threats and opportunities. SWOT analysis is also useful for Kingfisher PLC. Some strengths of kingfisher plc are: kingfisher is getting good returns, it has strong distribution channel which helps in capturing wide area. The company has good record in product innovation. Kingfisher maintains its reputation in the existing market. Organization also builds good reputation in new markets and capture wide area by attracting customers. Kingfisher plc provides discounts which attract customers. Weakness of kingfisher is not expanding its business. The company should invest in purchasing new technologies. Kingfisher faces many problems while moving towards other business. Opportunities means different ways in which company can make improvements and capture the market. Company can also attract new customers. Kingfisher should decrease its transportation cost. If transportation cost is decreased then company can increase its profits. Threats means something by which company suffers loss or damage (Hanlon, 2019). If consumers buying pattern is changed like they do not buy online, then company can suffer loss. STP and Marketing mix STP (segmentation, targeting, positioning) is a modern marketing model. This is helpful when marketingcommunicationsplansarecreated.Ithelpsindeterminingtheimportant characteristics of each and every market segment.
ï‚·Geographical segmentation of Kingfisher is it focuses on cities like, Cochin, Pune, Ahemdabad, Hyderabad, Jaipur and many more cities. ï‚·Demographic segmentation includes male and female, social classes and higher income group. Targeting refers to focus on particular group of customers. Kingfisher focuses on middle, upper middle segments and lower upper segments. The company mainly focuses on the age group from 25 to 45 years. Positioning: it includes lifestyle and working patterns of the company. Kingfisher provides best quality product at reasonable price. Kingfisherprovidesvariousproductstothecustomers.Thecompanyfocuseson customers need and requirement and do innovation in the product and packaging to attract more customers. The company is planning to manufacture new products. Price of the products are not so high so that new customers are attracted. Company is increasing social media advertising to promote its product. Promotion plays an important role in increasing the sales of the company. Company is increasing its distribution channel. More products will be available online and new stores will be opened. Market research and result audit Market research means to gather information regarding target markets and customers. It helps in identifying needs and demand of the customers in the market, market size and competition. Kingfisher focuses on needs of the customers and strategy used by competitors. Kingfisher provides good quality products at low prices then competitors. Company makes so many changes and opening new stores. The result is that customers are attracting towards new products and revenue of the company is increasing. Competitor analysis Kingfisher has few competitors in the market. Its competitors are The Home Depot, B&Q, Travis Perkins etc. Competitive analysis helps the company in identifying about its competitors. One of the framework model of competitive analysis is strategic group analysis. It helps Kingfisher PLC in analysing its competitors (Kingsnorth,2019). Strategic groups can be divided like: specialization, brand identification, quality of the product, cost position, services,
price policy, government relationship etc. Kingfisher can use any of the point to identify its competitors. Market analysis Market analysis is the market assessment. It describes about the buying patterns of the customers and different customer segments. It also helps in identifying the competition in the market. Kingfisher should also do market analysis to know what are the demands of the customers. At present situation Kingfisher has good image in the market as compare to its competitors (Syazali, and et.al., 2019). Kingfisher provides discount which attract its customers and make kingfisher plc different from its competitors. From the above topics it can be concluded that, Kingfisher has created a good image in the market. Kingfisher plc provides discounts which help in attracting new customers and also help in retaining existing customers. Weakness is that kingfisher should expand its business to increase revenue. Opportunity for kingfisher is that it should adopt new technology to get competitor edge over others. Threats for kingfisher will be increasing competition in the market. Through market analysis company can know about the buying behaviour of the customers. Digital marketing plan Digital marketing plan contains all the details related to the short term, medium term and long term goals. There are various steps while preparing digital marketing plan which Kingfisher PLC should follow:ï‚·Situational analysis: While preparing a digital marketing plan firstly do SWOT analysis. This helps in identifying strengths, weakness, opportunities and threats for the company and what improvements can be made to achieve the goal.ï‚·Establish marketing goals:Kingfisher plc should establish its goals. It should use new technology which will help the company to increase revenue.ï‚·Define the marketing strategy:. In this kingfisher plc should identify its customers and then target those customers are in need of product which is made by the company and apply the marketing strategy accordingly.ï‚·Digital strategies and tactics:After deciding the marketing strategy, next step is to make plans regarding how to make relationships with the customers. Advertising should be
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
done by Kingfisher Plc through social media or other means. This will help the company in building good relationship with the customers. ï‚·Measuring the results: After all the steps are completed the company should measure the results that whether goals are achieved or not. Kingfisher plc measure the results by calculating the profit earned. Objective of digital marketing Three objectives of digital marketing plan are: ï‚·Increase sales by 10% in 2021 ï‚·Increase social advertising among the target audience by 20% ï‚·Reduce bounce rate by 10% at the end of the year 2021 Implementation and control in digital marketing The implementation and control is a process which helps Kingfisher in ensuring that objectives are achieved or not. There are following steps which should be followed while implementing plan:ï‚·Brainstorm desired outcomes:The first step in implementing plan is to determine final outcome of the company. In this set gaols what the company want to achieve.ï‚·Assign responsibility:The responsibility should be assigned to people so that work can be completed in given time.ï‚·Conduct a risk assessment:In this company should identify what are the risks and how to risk can be minimize. Kingfisher PLC should make team and distribute work among team members. This will help in minimizing the risk (NarkunienÄ— and UlbinaitÄ—., 2018).ï‚·Establish a budget:Budget is an important part while implementing a plan, it helps in getting an idea about expenses and revenue of the company. ï‚·Develop implementation plan schedule:All the information is gathered and now implement plan. After implementing the plan, if any improvement is required then it should be done. Key performance indicator A key performance indicator helps in measuring that how effectively an organization is achieving its key objectives. It is measure in quantity and helps the company to know about its
overall performance. It helps Kingfisher PLC in comparing with its competitors on the basis of financial achievements (Kotane, Znotina and Hushko, 2019). Key performance indicators help in boosting the morale of the employees. 360 Feedback It is system which helps in getting feedback from the people working in the organization. This 360 feedback is used to better understand about strengths and weakness of an individual person. Feedback can be used as development tool for employees. It helps in identifying that which employee need training and improvement. It is also useful in performance appraisal of the employees. In this feedback is collected from many people for a individual. This helps in implementing new digital plan. Budgeting A process which helps in determining that how much money is required to run a company is known as budgeting. It is estimation of company's revenues and expenses so that a rough idea can be get that how much money is required (Low and et.al., 2020). It is essential for every company to prepare budget as it helps in managing day to day expenses and also help in proper working of the organization. Performance Evaluation There are following steps to evaluate the performance of Kingfisher PLC are: set the goals and objectives which the company want to achieve. The next step is to identify target audience. When goals are set then the next objective of company should be to identify customers (Murphy., 2020). Next step is to choose the right tools for achieving the set goals. Further, company should determine its targets and work according to that. Lastly, bring all the steps together and implement it. It helps the company in evaluating and measuring the performance of the employees. After measuring the performance company can make changes in working environment. Kingfisher measures performance of its staff by measuring individual performance. Performanceevaluationhelpsthemanagerinevaluatingtheperformanceofthe employees. It helps in comparing present performance with the standard set. In Kingfisher employees are awarded if they complete their task on time and training is provided for improvement.After evaluating the performance feedback is given to workers so that they can
improve. It also helps in evaluating how efficiently andeffectivelyemployees are doing their job and achieving organizational goals. CONCLUSION From the above report it can be concluded that, Kingfisher PLC is applying SWOT analysis and porter's five forces also. Competitors and market analysis is also discussed in this report. Digital marketing plan, its objectives, implementation and control of plan is also described. Balance scorecard, key indicator process and budgeting is also discussed in this report.
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser