During the webinar, the lecturer on Business and Marketing Strategies at EAE explained the potential of digital marketing to connect with customers, as well as setting out a successful marketing approach in eight separate points.
Santiago Román gave us an overview of his holistic perspective of the discipline that includes online and offline marketing because consumers have changed radically and now use different channels depending on the context. “There are many transactions that start on one device and finish on another, sometimes even combining the online and offline world. As such, digital marketing is essential because it enables you to converse with audiences directly, as well as being more cost-effective, flexible, scalable and measurable”.
Digital marketing is related to communication, demand creation and branding conducted through digital channels. “At the end of the day, it is a matter of using electronic channels to do marketing”. Digital marketing is very powerful and, if well managed, it generates extremely good results. Santiago Román sets out a strategic process, which he describes as a “continuous loop of constant improvement”, which includes various phases: planning, execution, monitoring, measuring and starting again.
Firstly, we have to identify our starting point by conducting an audit of what has been done so far and getting an overview of the current situation of the brand/company. In Román’s opinion, digital marketing is very much a case of trial and error, so he recommends processing and testing as much as possible because “consumers’ tastes change and just because something works once, doesn’t mean it is going to work again”.
The second step is customer analysis. “The customer is always right”. They have the power to decide and they are well-informed and impulsive, requiring immediacy of access from any device anywhere. “We have to invest a lot of time in getting to know our customer, getting out on the street and talking to people in their context”. Armed with this initial information, the third phase involves establishing a value proposition, while the fourth focuses on setting objectives that are “easy to measure, reasonable and achievable, based on profitability .
Formulating a strategy is the fifth stage of the digital marketing strategy: “Planning is important. You need to have a global overview of things”. Although there are many disciplines associated with digital marketing, having a command of all of them is impossible and there are people who specialize in each area. “Digital marketing evolves really quickly. It is a constant state of evolution and this requires us to keep up-to-date constantly”. The EAE lecturer recommends “getting to know the different options that marketing offers and surrounding yourself with good professionals, because there are lots of different disciplines and tools involved in achieving each objective”.
Once the strategy is defined, we have to draft a plan, establish a set of KPIs for the objectives we want to achieve and measure. In this respect, Román emphasized the importance of having a clear idea of the variables to analyse, because otherwise “you can get lost in the data”. In this phase of the digital marketing strategy, the presenter of the EAE Focused Program showed a conversion funnel that analyses the motivations behind the purchasing process. “We have to find a vertical funnel through which the greatest possible number of people can pass”, he explained. The last step of the strategy involves starting over again with the feedback obtained on the previous run.