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Lesson 8Strategy - Retention and Recurring Revenue
Presented by:
Richard HegartyCourse Educator
Diploma in Digital Marketing - Part I
Lesson 7 Recap
We gained an understanding of Data analysis
You learned how to optimise web analytics
We showed the importance of ROIM
We started to explore A/B testing
Strategy – Building a Platform for Success
You will gain an understanding of a digital marketing
You will learn how to avoid digital marketing failure
We will show the importance of digital journaling
We will gain an understanding of costing and pricing
Summary
Q & A
The process by which a business adopts a web-based approach to marketing and engaging its customers through a proprietary web site. It includes tactical web-based applications for increasing its competitive advantage, improving customer and employee communications, and increasing marketing efficiencies.
Business Dictionary
Marketing Strategy – Definition
Why Have a Marketing Strategy?
Strategic Business Goals
Market Share
Value Proposition
Customer Definition and Relationships
Alignment and Prioritisation
Time and Money
Your Market
Continuous Improvement
Marketing Strategy
Crowdsource
obtain (information or input into a particular task or
project) by enlisting the services of a number of people,
either paid or unpaid, typically via the Internet.
Without a Strategy
Miss opportunities
Will not know your market share
Competition will get ahead
You can double up work
You will not know your customer
Not full optimised
Recurring revenue
Monthly Recurring Revenue Definition. Monthly recurring revenue (MRR) is income that a
business can count on receiving every single month. Simply put, monthly recurring
revenue (MRR) is income that a business can count on receiving every single month - a
predictable revenue!
Recurring revenue
Contract
Auto renewal
Sunk money sub
Annual renewal
Sunk money consumables
Simple loyalty
Recurring revenue – Business models
Tea/Coffee
Pet food
Gluten free
Stationery
Vitamins
New business versus repeat business
We need new customers
Not at the expense of existing customers
Make clear value proposition
Offer differ pricing segmentations
Reward loyalty
Digital Marketing Campaign
For example, advertising mediums that might be used as part of the digital marketing strategy of a business could include promotional efforts made via the Internet, social media, mobile phones and electronic billboards, as well as via digital and television and radio channels
Digital Marketing Campaign
What should you consider with your digital campaigns in relation to our marketing strategy?
Attribution
Do not attribute current success to new
found greatness.
Recent success does not mean you just
mastered marketing.
Marketing winning streaks do occur as well
A LOT.
We must attribute that to our Strategy and not
personal wisdom.
We must not fall into the trap of attributing
loses to bad luck
Be realistic and find out the cause.
Digital Marketing Campaign
Costs and Pricing
How much is your strategy going to cost?
Are you approaching cost as an expense for your business.
Are you a consultant needing to set pricing for your own services?
Digital Marketing Campaign
Discipline - Distractions
During your digital marketing create positive habits.
These will help you stick to your plan.
Same time, in the same environment each day.
Communication with the outside world is minimal
Rise Earlier or Manage this Later if needs be.
This also is excellent from your own peace of mind
Digital Marketing Campaign
Focus on the Improvement
To become a member of the elite in digital
marketing practice you must alter
your outlook.
Rather than focus on
return you must strive for
C.I. (continuous
improvement).
One step to do this is to only ever think of net income
not just money in.
Your major aim should be to bring in an
increasing business profit
relative to time.
Focus on the process and the correct application
Digital Marketing Campaign
Focus on whether or not you stuck to your plan.
prevent yourself deviating further.
Focus on the overall outcome
Develop a passion for Online Marketing
You will of course need Plan/Strategy
Digital Marketing Campaign
Don’t Ever Count Profits Until the Campaign is Finished
Have you got the budget
Wait until campaign is over
Digital Marketing Campaign
Worse Case Scenario
Include Your Time
Structure
Vision
Value Proposition
Audience & Target
KPIs
Timeframes
Costings and Budget
Digital Marketing Campaign
Digital Marketing Journaling
We don’t mean a Thesis per campaign.
All of this will improve your confidence and hence your discipline.
This also will certainly help you find ways of improving your digital marketing.
This helps you assess your performance.
If you Journal this gives you the ability to objectively review your campaigns
Professionally many are forced to automatically keep records by their employers.
This is a tool almost all professional digital marketers use – But not effectively
Digital Marketing Campaign
Digital Marketing Journaling
This is a method of both education and development.
Journaling also encourages honesty – to yourself at least.
It promotes self assessment.
This may sound tedious and to be honest – it is, but it works!
It improves your digital marketing, it makes you focus more, it makes you continuously
It makes your performance inescapable and undeniable.
Journaling is one the most important steps you could take to separate yourself from so many
Record EVERYTHING and Review IT ALL!
Digital Marketing Campaign
Dreams, Hopes and Aspirations
• Taking the plunge into a new field
• This is a growing field full of opportunity.
“All men dream: but not equally. Those who dream by night in the dusty recesses of their minds wake up in the day to find it was vanity, but the dreamers of the day are dangerous men, for they may act their dreams with open eyes, to make it possible.”
― T.E. Lawrence, Seven Pillars of Wisdom: A Triumph
Digital Marketing Campaign
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