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

Marketing Failure – WHY?

Marketing Strategy

Marketing Strategy

No Planning

No Strategy Damaging No ORM

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

The 4Ps

Product

Price

Place

Promotion

The 4Ps

Product Tangible

good

Service

Idea

The 4Ps

Price Perceived

value

Competition

Price

Points

price sensitive

The 4Ps

Promotion Advertising

Social Media

Public relations

Email marketing

Branding

The 4Ps

Place Distribution

Channels

Competition

Salesprocess

Marketing Strategy

SOSTAC

Marketing Strategy

Engage the customer

Interaction

Build community

Connection

Crowdsource

Crowdsource

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.

Can you name a business that uses crowdsourcing?

Crowdsource

Co- creating

Customer very involved

Both creating and voting

Crowdsource

Innovation

Scale

Openinput

Crowdsource

Customersfeedback

Large data

Improve process

Learn about customer

Crowdsource

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

Strategy Marketing Mix

SEO

PPC

Email

Affiliate

Content marketing

Crowdsource

Recurring revenue

Recurring revenue

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

New business versus repeat business

Awareness

Engagement

Satisfaction conversion

Repeat

Referral

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

The Kill Switch

Stop

Evaluate

Learn

Take ownership

acceptance

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