8 important areas that are worth considering when promoting any business using digital media strategies
For any business or business strategy to succeed using digital media strategies, the former has to depend on the latter to a very great extent. We are deep into the internet or computer technology age in which new business opportunities open up for digital marketers every day.
Many business opportunities that spring up carry an air of unpredictability around them; this usually takes many digital marketers unawares. Moreover, many marketers find it difficult to harmonize their business and available digital strategies together with unexpected changes within and beyond the borders of their business.
Unexpected circumstances have made digital marketers (or their businesses) change how they use digital media strategies to aid growth and increase their successes.
This article will look at certain important areas in which digital marketers can adapt their business strategies to, and meet up with the changing needs of consumers and the evolution of their business environment.
But first, what is digital media strategy?
Digital media strategy is any plan that can utilize data- or technology-based processes to maximize business opportunities.
Examples of digital media employed in strategizing businesses include most or all media that exist as data in computer-decipherable format. Examples include: web pages, websites, digital images, software, databases, digital audio such as MP3, etc.
What is a business strategy?
A business strategy is a long term plan that contains actions designed to accomplish specific goals or objectives; it can also be defined as a master plan designed to make any business competitive in business markets, satisfy customers, and achieve desired goals.
Now, we take a look at eight key areas that are of paramount importance when using digital media strategies to promote any business strategy:
(1) Type of business enterprise or model
A business enterprise or model can be one out of many that exist. It is important for a digital media strategy to be in harmony with a business enterprise or model.
For example, if a digital marketer intends to create a relationship-based (content and social media) business, but still includes an aggressive money strategy, it might lead to misunderstandings with customers because in many cases, customers’ feelings are often overlooked when money is rigorously pursued—the reverse could also be true.
Thus, it is important to harmonize a business enterprise or model with available digital media strategies. There are different types of business models which still have many other models within them.
The following are common business models that use digital media marketing strategies for promotion:
(a) Mass market B2C (business to customer)
This model involves direct exchange, marketing, or general buying and selling of services and products directly between customers.
(b) Niche B2C
This model usually has businesses or services targeted at specific people; an example could include buying and selling of products for people who live with a specific health-related problem, or disability.
(c) B2B (business to business)
This model includes business or services such as wholesalers or resellers that sell directly to other businesses. This model deals with other businesses or leaders of businesses, rather than consumers.
This model has been trending in recent years. It’s very popular and has attracted users because businesses that employ it usually give out a certain per cent of a product or service for free.
In so doing, it the service has offered more interesting emotions and experiences that could even be far more worth than the money used in buying an item or service.
(2) Type of product, service or brand
Any product, service or brand is key to the success of any business, and if possible, should even be regarded as a person. Why? Because the values of any business are usually held in the same esteem that each person holds and respects themself.
Businesses should exude uprightness, politeness, honesty, and a desire to achieve something greater, and grow more in knowledge.
Such values, if present in a business structure, would easily be expressed through services, sales and innovation; in fact, they give a business an attractive personality.
A product, service, or brand could (or should) also have a visual identity or logo which, in most cases, emanates from a business owner‘s personality and outlook.
(3) Customers’ interests—be honest and value customers
Although many businesses claim to have the interest of customers at heart, not all of them make key decisions with customers in mind.
One important thing any business should strive to do, is to be honest about their values, and truly work towards achieving preset goals.
In this regard, it would be appropriate to make decisions that can offer the best service(s) to customers.
This might require making financial sacrifices, reducing profits or carrying out duties that won’t benefit the business directly and on a short term basis.
If any business cares about its customers, then it has to ask itself time after time whether its customer’s decisions have been placed ahead of its financial decisions.
This doesn’t imply that a business should neglect its financial decisions; on the other hand, there are situations when customers should be considered before finances or monetary gains.
(4) Business culture
Like every society or house, businesses build their respective cultures from the day they start operating.
Business cultures springs up from decisions, conduct, demeanor or behaviors of its management or leaders whenever they deliver services.
Business cultures have positive or negative effects on everything businesses do.
A business’ culture may either encourage staff to build a career out of a business, or dump it for another business that has a more attractive culture.
Whichever culture any business decides to use, it should be inspiring, positive, energetic, and energizing; if not, then it should start working on being so.
(5) Global scheme or strategy
The growth of any business to a global or worldwide scale—globalization—can attract a lot of challenges. In fact, in many cases, it can take some businesses by surprise when they outgrow their locality.
Business globalization brings about cultural and lingual challenges, along with issues related to payments and other processes.
Most businesses can ease the challenges they encounter globally if they take culture, language, payment processes, amongst others, into consideration and find ways to solve them.
Many businesses have an international presence on the internet, even if they have much more localized audiences.
(6) Future plans: vision
It’s one thing for any business to have a plan or mission, and draft aims, goals or objectives which will be delivered through a strategy/strategies; and it’s another thing to have a long term future plan. In fact, future plans or visions should sit on top of immediate plans.
If a business doesn’t have a vision in place, it should start thinking about one. A vision is important because it can keep customers and investors, shareholders much more committed to a business.
Regardless of the type of vision any business has, it’s important that business strategies fit with visions; otherwise, businesses will risk delivering services that are not in harmony with their business directions.
(7) Research and perception (insight)
Research and perception about experience—in and around a business—is crucial to the success of any strategy; of utmost importance also, is an understanding of the implications of all types of business data.
Generally speaking, digital research, properly and adequately conducted, can be very helpful and give clear and precise information about the percentage of consumers buying an item online, the number of countries buying the most, etc.
An idea about these types of data will give a clear indication about any possible gaps in a business, and could help develop understanding about profitable areas that should be exploited.
Researched data can also help to generate ideas for future plans, schemes, and tactics that can sharpen existing strategies much better.
Questionnaires can be administered to customers, clients or businesses in order to gain insight into their behaviors, understand what motivates them, and how they react to different services.
(8) Key performance indicators (KPIs)
An important method for assessing the success or level of performance of a campaign (business strategy) is by using key performance indicators (KPIs).
Generally, we have discussed the various types of business models, and know that they could have different objectives, cultures and visions.
Amongst other things, objectives, cultures, and visions will dictate a business’ KPIs (key performance indicators).
If a business wishes to make its strategy successful and accepted by decision makers, other businesses, shareholders and customers, then it will have to keep on delivering what it has promised to deliver.
It has to be noted that business KPIs could come in countless different forms such as (but not limited to) customer satisfaction, the number of customers, sales, profit, share price, retention, and other useful metrics that help to determine the success of a business during any given time period.