What happened in Week 1 of the Digital and Social Media Marketing MOOC of the Salford University? Many interesting things where outlined and discussed here, but I will try to summarize the topics in a few points that personally left a mark on my intellect.
First of all we approached the concept of the marketing world, trying to figure out how the online markets work, how the consumer nowadays think and how to strategically plan to succeed in a highly competitive and ever evolving digital surrounding.
Regarding the Strategical Planning there are different types of analysis that we can use to identify the position of a specific brand and its potentials. The main and most used strategy is the SWOT Analysis, which is based on four factors: Strength, Weakness, Oppurtunities and Threats. The first two points (strength and weakness) are based on the company’s internal characteristics, the last two instead try to analyse the external competitive field. For example we could ask: What type of competitive advantages does our company have compared to the competition? Which are the internal factors of our production line that could create problems? How is this specific area interesting for a commercial expansion plan? What kind of obstacles does the local government pose?
Another popular way of measuring and planning strategy are the SMART Objectives, an acronym which stands for Specific, Measurable, achievable, realistic and timely. The acronym could also have a different adjectives, but the idea behind is the same. These objectives gives us the oppurtunity to analyse a project at 360 degrees and evaluate its realistic possibilites of success.
A new factor, which is emerging in the digital world, is the ZMOT: Zero Moment of Truth. The term was created by Google and it somehow reflects the changing Consumer Journey in the digital world. The zero Moment of truth can be described as the phase in which the consumer is accumulating information – reviews, blog posts, videos etc. – in order to have a better understanding of a certain product or service. It means that the seller has to be aware of this way before the potential consumer enters his website to actually buy something. Its
implies a new strategical marketing plan to cover up new areas of interest and research for the potential customer.
Last but not least there is the Online Branding factor. All the points mentioned before are somehow connected to this crucial point. Online Branding is based on the trust and the relationship a brand has with its customers – highly important for conversion into a purchase, a newsletter signup or a different objective.
We have learned a lot, but it is just the first step in our digital journey.