Digital Marketing Strategies for Wagecorp: A Multichannel Approach

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Digital Marketing
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Table of Contents
Introduction................................................................................................................................3
Individual Written Report........................................................................................................4
Classroom Written Test............................................................................................................13
Conclusion................................................................................................................................19
Reference List..........................................................................................................................20
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Introduction
The study discusses the marketing procedures and different types of marketing. Modern-day
implications of online marketing are elaborately explained along with the difference between
online and offline market. The whole study focuses on how digital marketing spread through
different channels and platforms. Wagecorp is chosen here as an example of an online
marketing company. It is a medium sized company located at Canary Wharf, London. The
marketing strategy of the said company is studied briefly along with its methods of
monitoring and measuring digital marketing. Multi-channel capabilities of Wagecorp are
discussed effectively; moreover, the procedures of digital marketing activities are built in this
module.
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Individual Written Report
LO3
Introduction
The report deals with the digital marketing strategies and plans required to build up
multichannel capabilities. It would also comprise the discussion on omnichannel marketing,
evaluation of measurement techniques in digital marketing and set of actions for improving
digital marketing performance.
P5. Develop a digital marketing plan and strategy to build multi-channel capabilities.
Executive summary:
Digital marketing plan and strategy is a set of actions formulated by an organisation, which
helps them to achieve their targets or goals with the usage of online marketing channels. If it
is described in simple terms, then the strategy can be explained a plan of action initiated by
an organisation to attain their expected goals (Kingsnorth, 2016).
Identification of goals and the techniques required for digital marketing:
In this 21st century, the traditional marketing strategy of advertising is becoming obsolete and
to remain at par with the evolving marketing strategy the traditional methods have to be
improved. With several types of research, it had been noticed that the value of small pop up
ads in various websites and social media platforms have grown in value than the existing
television commercials. It is evident from the facts that the acceptance of a digital marketing
strategy is increasing among the organisations for increasing their profitability. Wagecorp is a
medium-sized company located at Canary Wharf, London. For increasing its acceptance in
the financial services, the organisation should implement effective digital marketing plans
and strategies.
The company’s targeted customers might be:
 Customers who are looking for financial help which would help them in buying a
property or developing their own business.
 The company is known to sponsor tourism expenses. It can target the customers
willing to go for the tour but has a shortage of money. They can provide attractive
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incentives to their existing customers as well as the new ones by advertising it
through digital marketing.
The company has to reach to a maximum number of customers through their digital
marketing strategy. Wagecorp should also strongly focus on digital marketing strategy to
increase its business position in future. For this, they need to implement effective
promotional strategies and online strategies.
The supportive steps that could be taken by Wagecorp for applying effective digital
marketing strategies are:
 A digital marketing executive of the company must adapt to effective marketing
tools such as Google Analytics. Through this tool, the marketing department of an
organisation can analyse the number of viewers that visited their site, time duration
of their visits, page clicks, the path of conversation and much such information.
This tool can evaluate the performance of the organisation’s site. Based on this
analysis the marketing department can take the necessary steps to improve its
website.
 Another effective step can be the usage of an email marketing tool. This kind of
tool helps in recording the factors related to emails that are, for example,
Wagecorp has sent out a newsletter to many people regarding their job vacancy,
and with the help of this tool, they would know that how many people showed
their interest in the newsletter. They can also track the pathway of the newsletter
and how it was received by the interested viewer, whether through an official
approach or a spam folder. In fact credential details like whether the viewer still
has the newsletter in their mailbox or have deleted, it can be known from the
marketing tool.
Development of multichannel capabilities:
Digital marketing strategy has a wide application in building a multichannel capability of an
organisation. Multichannel marketing is a type of marketing where online and offline
marketing channels are utilised for communication to grab the attention of their customers
(Berman and Thelen, 2018). The several communication channels through which digital
marketing strategy can be implemented are through websites, marketing through e-mail,
through direct emails, blogs, and direct text messages, etc. (Pauwels and Neslin, 2015).
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P6. Explain how Omni channel marketing has evolved.
Omnichannel marketing is a unique way of marketing where the marketers aim to offer a
flawless experience irrespective of any channel or device. Through this way of marketing, the
organisations enable their customers or consumers to connect with the organisation through
their preferable channel through a physical store visit, or on a mobile app, on a website,
through social media platform or a catalogue (Manser Payne et al., 2017).
A well-organised omnichannel marketing strategy is important for an organisation, as it has
been learnt from several reports that it surprisingly increases the customer experiences that
are evident from the number of ratings. It implies that customers are accepting the seamless
experiences provided to them, as it is quite a user-friendly (Cmo.com, 2019).
Companies irrespective of their size and structure are getting inclined towards omnichannel
marketing as this strategy avails an amazing experience of marketing through any channel of
communication. Since the evolution of the internet, many things have changed from what it
was. Day to day innovation has resulted in the change of facilities, features provided to the
customers to meet their expectations. In the present scenario, several types of research have
made it possible to avail opportunities on multiple platforms for the customers. The
omnichannel marketing experience can also be referred as all-embracing customer
experience.
The omnichannel marketing strategy is a revolutionary step in the rapid increasing marketing
technique’s development, which encompasses several device lifestyles generally, availed by
customers of this generation. The business marketing strategy started improvising through the
invention of multiple channels. Since the last few years, the number of channels has increased
due to the influx of mobile devices and social networking platforms. The way of thinking
about communication, commerce and engagement of people are changing worldwide.
Nowadays people do not have to rely only on the physical stores for availing the products or
services. With the help of the internet, they can decide about their purchases right from their
home or workplace. It can be said that multichannel marketing is an integral part of
omnichannel marketing (Cummins et al., 2016). In omnichannel marketing, business is
operated according to the preferable devices and channels.
Omnichannel marketing is a combination of single channel, multiple channels and cross
channel marketing. This kind of marketing is more interlinked with the customer’s point of
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view. Through omnichannel marketing, customers can be dragged towards the organisation
by providing attractive incentives o their previously viewed products or services that are still
in their cart. Customers using multiple channels are more valuable for business than the ones
who use only one channel. These several factors have led to the evolution of omnichannel
marketing. Companies like Wagecorp should incorporate omnichannel marketing strategy in
their business operation for incurring profitability in the future.
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LO4
Evaluate methods of monitoring and measuring digital marketing effectively.
P7. Determine and evaluate the measurement techniques and performance metrics in
digital marketing.
Metrics in Digital Marketing are the values and ethics utilised by the marketing department
of an organisation for tracking and measuring the marketing campaign’s performances
(Järvinen, 2016). The digital marketing team of a company in promoting its products and
services uses several tools or techniques. The tracking of results is often difficult and time-
consuming. It can be minimised or solved with these tools (Todor, 2016). Introduction of
KPIs or Key Performance Indicators is also an effective move taken by the marketing team
to measure the marketing objectives (Järvinen and Karjaluoto, 2015). In many cases, if the
target of the marketing team is to increment their sales efficiency then surely they need to
monitor or measure the total sales divided by total amount of leads.
The key metrics or performance indicators that help in the evaluation of performance in
digital marketing can be grouped under three categories namely- metrics related to the
conversation, traffic and revenue collection. Based on the three categories few of the metrics
that should be followed by an organisation are:
 The marketing team should keep a track on the total number of site visits and
strictly monitor for gathering an idea about the effectiveness of the marketing
campaigns. According to the usual trend, the number of site visits should grow
gradually with time.
 Segmentation of traffic channels or sources based on its performance is another
metric. The segments can be the visitors who visit the official website through URL
address or in short the direct visitors, visitors who cite the website on a search
enquiry visit through referrals and visitors on the social media platform.
 Evaluation of the number of return visitors in comparison to the number of fresh
visitors is another key metric. This analysis indicates the quality and usefulness of
the content regarding the company available on the website. The evaluation of this
ratio highlights the performance of the website contents.
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 The analysis of bounce rate and exit rate is also a useful metric. It helps in the
identification of the drop-off points in the conversation session of the marketing
team.
 The numbers of unspecified site visitors on the marketing database either
downloading or purchasing assets determines the conversion rate. Wagecorp is a
company, which deals with the financial requirements of their clients. A company
like this will be more interested in conversion rate as it measures the rate of success
of the marketer.
 Measurement of the CTR or click-through rates is also a significant metric that
should be assessed correctly. Higher CTR signifies a decrease in cost per click.
Other necessary metrics that should be followed by an organisation for successful marketing
comprises of evaluation of Cost per Acquisition or CPA, investment returns, Cost per
Conversation, the ratio of fresh visitor conversation about returning visitor conversation,
valuation of Conversation Funnel rates and many more. These are several measurement
techniques and performance metrics useful for digital marketing.
P8. Present a set of actions to improve performance in digital marketing.
It is evident from several case histories that digital marketing plays an important role in
enhancing the growth of a business. Employees working for the organisation should strictly
amend themselves according to the market trend (Heinze et al., 2016). The measures or set of
actions that can be taken by the marketing team of an organisation to improve its
performance in digital marketing are:
Actions Status Measures Activity Timeframe Evaluate
Security of
customers
Strong A regular up
gradation of
banking services
of the company is
required. Secured
transactions
should be the first
and foremost
criteria of the
Practise in an
online
platform. A
strong
platform
should be
developed to
maintain
payment
For
developing
such a
secured
platform, it
can take up to
1 to 2
months.
The company
should develop
a website
related to the
banking
services where
the customers
can directly
interact with a
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company,
Wagecorp
Banking security
is the key
requirement of
the organisation.
security.
Customer
satisfaction is
the key factor
to be
achieved by
an
organisation.
bank official.
The person
handling the
website should
answer all the
queries of the
customers
related to their
transactions
instantly.
Several such
systems should
be installed to
implement
such a website
appropriately.
Proper training
of employees
Moderate The employees
should be trained
regularly to match
up with the latest
digital marketing
trend. Need to
develop more in
verbal
communication.
The
employees
should
undergo
Online
training
courses as
well as
offline
training
courses from
different
agencies.
3-5 months
of training
would be
required to
develop the
skills in the
employees
properly.
There are
several courses
on digital
marketing,
which should
be attended by
the employees
of the
company to
improve their
skills (Staton,
2016). Those
additional
skills will help
in
implementing
the marketing
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campaigns
according to
the context.
Social media
marketing
Moderate The marketing
team should
effectively utilise
the social media
platform to
broaden its reach
and overall
presence in digital
marketing.
Formal
training
under Human
Resource
Manager
(HRM)
1-2 months
would be
required to
improve the
social media
platform for
strong digital
marketing.
Social media
marketing is a
vital part of
digital
marketing
(Sajid, 2016).
It has to be
kept in mind
that
performance
tracking
should be
implemented
on this
platform.
Strengthening
of social media
platforms will
increase the
popularity of
the company
and the
number of
viewers on
their site.
Table 1: Action Plan
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(Source: Created by learner)
Conclusion
The factors required for formulating digital marketing plan was thoroughly analysed. The
ways were determined to monitor and measure the methods required for effective digital
marketing.
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