I must admit that I have had a look at other peoples blogs before embarking on my own. It is so nerve-wracking, just like standing on a table and shouting to everyone. I must also admit that I looked at other peoples blogs, and decided to do mine differently…
The things that I found most interesting about the first week of the course were:
Digital Marketing is a process to be planned and thought about. I had been thinking about marketing my business from the point of view of nuts and bolts advertising, when of course it should be a well planned strategic process. D’uh, I have obviously forgotten to apply everything I learnt at Business School, which has been a massive wake up call for me.
I had learned about SWOT analysis and SMART before, but only applied them to overall business strategy ( and more honestly, only to clients businesses , not my own ) Of course it makes sense to apply them to marketing. Why have I not done this before?
I have got my pen and paper out and am now critically examining what I am doing..
SWOT analysis – Strengths, Weaknesses , Opportunities and Threats. Please indulge me, dear reader, as I muse on how this affects me, as this is the only way to make this a real exercise for me- do feel free to join in at will though..
Strengths – Financial reserves ( I’ve been in business for a while) Flexiblilty – low overheads. Short chain of command ( there is only a few people in the company) All these mean that I can invest and change direction very quickly and nimbly.
Weaknesses – All of the above really. As I can easily over-invest in a non-productive marketing platform. I can be too over- reactive to market change and there is very few management controls in place to check me.
Opportunities – I am in a growing market with considerable costs advantages to competitors
Threats – I have a lot of competitors , many of whom are very digitally savvy , a lot of whom have more resources than I.
Then there are the SMART objectives. I had been working strategically blindly before . Trying very hard to get to a place which was… I have no idea… but by and large success So I have had to think about this in SMART terms
Specific, What is ” success” ?
Measurable, How will I know when I am at this mythical destination
Achievable, Is this something which can be done?
Realistic Can I actually do this ? Is it within my capabilities ? Really?
Time scaled When will this all happen/ I have to plan a timetable so that I know what I am working to and when.
I was interested to find out the meanings of some of the Digital Marketing terms , such as “Zero moment of truth” I am amazed at the depth of research that must have taken place for Google to identify this important stage. I means that I must truly think deeply about how I present my business online to take account of this first stage. This is where the consumer has no idea about the individual businesses involved in supplying a service or goods that the consumer is interested in , they are only browsing for information, but at this stage , my businesses presence on the net must be strong enough to allow my message to stick in the consumers mind.
“First Moment of Truth” is where the consumer is confronted by the products or services that they wish to buy. If I have managed the first stage correctly and managed to communicate my message to the consumer at the previous stage , then I can reinforce the message at the stage and persuade the consumer to buy from me,
” Second Moment of Truth” is where the consumer communicates their delight ( or disgust) with your product or service, by posting either praise or a warning.
I was fascinated to Google the above stages, and see the massed body of research that has been done in all these areas , and just how scientific marketing has become. There are whole books dedicated to each stage ( and probably whole careers ) I now re-iterate my “Weakness” from my SWOT analysis. I have not given the required thought to my jaunty phrases about my business that appear on Google. I am off to revise them pronto!
I can’t wait to start Chapter 2 – my world is already rocked!