Originally published January 7, 2023 , updated on July 13, 2024

In today’s online world, businesses need to have a well-planned digital marketing strategy that allows for growth. Having a strategic approach in place that outlines objectives, goals, and tactics can help businesses create a roadmap to success. A clear plan of action better targets the audience, measures campaign performance, and therefore, maximises reach. It can successfully engage a customer base and grow a business. 

But keeping up with the ever-changing online landscape is tough. Technology continues to advance, and consumer behaviour continues to change. A business’s marketing strategy needs to be backed by research and executed with care. 

Let’s further explore digital marketing strategies and their importance for business growth. 

What is a Digital Marketing Strategy?

A digital marketing strategy is a plan that outlines the actions that businesses will take to market their products and services through online channels. It includes the company’s goals and objectives, preferred communication channels, and also relevant tactics. The importance of a digital strategy is that it aims to improve relationships with the customer base, boost revenue, and hence, grow the business. 

There are a few elements that are common in most digital marketing strategies.

• Objectives: Companies must define the primary goals they hope to achieve through their marketing efforts. These objectives can be anything from increasing sales to gaining new customers. Having a clear vision helps build an optimal path towards each objective. 
• Audience: It’s important for businesses to define their target audience and understand their needs and wants. This helps create more personalised and relevant content.  
• Channels: Selecting the right channels for marketing activities helps businesses achieve their objectives. Choosing channels that align with the company’s goals and target audience is essential. 
• Tactics: Finally, brands need a list of tactics to reach the company’s goals. These tactics will depend on the chosen communication channels. For example, if a company wants to leverage social media to connect with customers, the tactics may include creating engaging posts or videos.

The Importance of Digital Marketing Strategies For Businesses

1. Creates New Sales Channels

An online marketing plan can help businesses create new sales channels. It involves expanding their reach to new markets to increase sources of revenue. By creating new sales channels, businesses can engage with potential customers who may not have heard of them before. This can help them acquire new customers and increase sales. 

For example, if a local chain of convenience stores wants to amp up profits, they can create an online website to sell their goods. The importance of such a digital strategy is that it can reach customers who prefer to shop online. It can also cater to customers who live in areas where the company doesn’t have a physical storefront. The chain could also share coupons and deals through a monthly email campaign to entice new customers. When there are multiple solutions available, digital strategy services can help identify tactics that will maximise revenue for the lowest price. 

2. Improves Customer Engagement and Builds Trust

The importance of a digital marketing strategy isn’t only in creating volumes of content but in creating the right kind of content. Researching and understanding the target audience is a big part of building a successful campaign. It helps businesses create customised content, which can improve customer engagement. 

Up to 72% of customers say they’ll only engage with personalised messaging. Digital strategy services can personalise messaging to customers’ needs, helping businesses create a more positive customer experience. In the short run, this encourages more first-time sales. Over time, this builds trust and increases customer loyalty, leading to repeat purchases and greater growth. 

3. Use Budgets More Effectively

A study found that an average of 72% of total marketing budgets go into online channels. So, companies must use their budgets effectively. They need to identify and invest in profitable channels. For this, businesses need a clear vision of what they want their campaigns to achieve. Then, they can spend money on campaigns that best align with those goals. 

For instance, an airline might have a certain budget for Google ads. If they know which flights are most popular in a region, they can share relevant, localised ads with the target audience in that area. This markedly increases the chances of a user clicking on the ad and buying a flight ticket. Digital strategy services can advise businesses on how to get the most bang for their buck across channels. 

4. Increases Market Share 

The importance of a digital strategy also lies in its potential to increase market share and create a competitive advantage. To do so, businesses need to research their competitors and see what their tactics are. By understanding what’s working for them and what’s not, brands can amend their strategies. Digital strategy services can help find areas that others have missed and help you capitalise on them. This can help brands reach larger audiences and increase their market share. 

5. Leads to Higher Revenue For Businesses

According to Hubspot, 75% of businesses report that their marketing campaigns undoubtedly have a direct impact on their revenue. This is because an online marketing plan involves lead generation. Leads are potential customers that need to be nurtured towards conversion. Online campaigns can target certain audiences to generate interest. So with the right tools, they can nudge them to visit the company website, subscribe to a newsletter, or make a purchase. 

Search engine optimisation (SEO) is one such tool in lead generation. Techniques such as keyword analysis and interlinking improve a website’s search engine ranking. Digital strategy services use SEO and other tactics to improve organic website traffic. Through this, they generate leads and consequent sales for your business.

Let’s Connect for Digital Strategy Services

The importance of a digital marketing strategy for businesses is substantial. It allows companies to increase their reach and gain new customers. For successful results, businesses need defined goals, industry knowledge, and also proper execution. This requires sufficient time, research, and expertise – which digital strategy services can offer. Digital strategy experts can help businesses make the best use of the tools and platforms at their disposal. 

Goodman Lantern is an award-winning, full-service content agency. Our digital strategy services help businesses fulfil their full growth potential. We help you identify clear growth goals and achieve them with effective strategies tailored to your business. So book a discovery call today to get started. 

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