We doubt there is a business operating in this day and age where digital isn’t at the forefront of their planning. Knowing you need to “do digital” and building the infrastructure and skill set within the business to “do it right” can often feel light years apart.
Building a successful digital function in a growing business, starts with understanding your needs and defining your business objectives.
Identifying Objectives for your Digital Strategy
A successful digital marketing plan is built upon clear and measurable objectives. Knowing what you need/want to achieve as a business must lead your strategy, team structure, channels, tactics, budgets etc.
Objectives should be bespoke to your business however, common objectives we see are:
Revenue growth (££££ or %)
Traffic growth (%)
Repeat purchase rate or customer lifetime value increase
Objectives should be carefully selected and focused on the most important needs for your online business. Too many and you might dilute the overall effectiveness of your strategy long term.
It’s crucial to set objectives that you can track progress and report on. Knowing when you are winning or failing against objectives allows you to make quick and effective change. Make sure any objectives are SMART
Specific – Be precise about what you are going to achieve
Measurable – Quantify your objectives so you have a measure to benchmark success
Achievable – Are you attempting too much?
Realistic – Do you have the resources to make the objective happen?
Timed – State when you will achieve the objective
Once objectives are set and targets have been outlined, the next phase is to understand how those targets can be achieved based on insight and data.
Use your data effectively, and objectively. There is unlimited data you can collect and store across your digital business but the danger is you drown in data or don’t have the resource or skill to analyse and use it effectively.
Look at the data pools you have available to you. What do you need to know in order to achieve each objective you have set?
If you have set an objective to acquire a certain number of customers, what do you need to know about those customers to plan activity to win them?
If you need to turn over revenue of xxxxx, how many of each product & service do you need to sell?
A successful digital strategy will have a small number of top level objectives, a small set of KPI’s to measure each objectives and a wealth a supporting data to plan activity effectively.
Do you need help defining objectives for your business? Do you feel like you’re drowning in data but lack actionable insights to turn it into positive action? Get in touch and find out how a DTOD consultant can help you build a successful digital function to grow your business.