Digital media is all around us. It is even intricate within our day-to-day lives. Whether it’s social media interaction, advertising, or news consumption we are simply immersed within a digital media world.
After a combined experience of over two decades in the digital landscape I am convinced that digital media is a constantly moving target. One that many companies are continuously chasing.
On the business front nearly 40% of all companies will be non-existent or non-practical within the next decade. Approximately 70% of all companies will attempt a digital media transition but only 30% of those will be successful.
In a decade 40% of all companies will be non-existent or non-practical.
Digital media has already reached mass adoption. Although as of today many companies are still struggling with the different facets of digital marketing. Adaptation and transitions are two of the most difficult things to accomplish. They are particularly challenging at medium-size to larger corporations.
1. The Right Resources & Talent
Finding the right individuals with valuable skill sets and talent is one giant clusterfuck. If you ask me, a combination of such is practically non-existent. Many companies struggle with digital marketing resources and this continues to be an ongoing dilemma. Some choose to hire ripe talent which can be costly while others mold and shape their own. Having the right digital resources will make a tremendous impact on the way you strategize, implement, and execute.
Recently I had a convo with a prospect regarding this specific challenge. For the sake of simplicity I explained to them that in order to successful with digital marketing it’s imperative to construct a diverse team of individuals.
Your digital marketing team should be comprised of individuals and talent that uphold the following expertise and/or role:
- Website Development/Developer.
- Creative/Art Director or Designer.
- Content Writer.
- Social Media Strategist.
- UX & UI Specialist.
- Project Manager.
- Search Engine Optimization Specialist.
- Search Engine Marketing/PPC Specialist.
- Branding strategist.
In an ideal world companies are looking at approximately a $350,000+ annual expense to comprise such team of individuals. Definitely a heavy pillow to swallow. Obviously the price tag is contingent upon seasonality/expertise and of course benefits. Due to the giant expenditure most companies choose to outsource as a cost-efficient alternative.
Any company that can aggregate a team of individuals with respective talent and skill sets as outlined above can be fairly well equipped for digital strategy, implementation, and execution.
2. Experience and Seasonality
The effectiveness of digital strategy, implementation, and execution will be heavily contingent upon experience and seasonality. The intern model which many companies follow these days has its pros and cons. You can absolutely train, morph, and shape and intern over a period of time to act, react, and behave in a certain way. Many companies are following this methodology from a cost-efficiency standpoint.
On the flip side of that, if you hire experienced and seasoned talent then your probabilities of quicker success might increase exponentially. The beauty about experienced talent is that they need little to no fine-tuning. With seasoned talent companies want to ensure that the individual adheres to a company’s goals, objectives, mission, and vision.
The outcome of digital endeavors will vary based upon your resources experience and seasonality.
3. Pushing Forward Through Innovation
In a world where the consumer absorbs news and information through multiple channels it’s extremely hard to capture their attention. Companies are struggling to innovate due to the heavy competition and saturation in the marketplace.
So, how does one penetrate in an extremely competitive and saturated marketplace?
Continued education plays a huge role in innovation. One of the things that I strongly advise to any brand is for them to continuously educate non-stop. Whether it’s a matter of taking an online course or testing a new strategy, it’s imperative to do so for means of innovation. Today’s fast-paced digital marketplace is a moving target and many companies are struggling to keep a steady pulse on current trends and patterns.
4. Taking a Strategic Approach
Strategy seems to be heavily overlooked by many companies these days. Today’s consumer is far more educated and informed about each industry than ever before. Technology and open access to public information allows each consumer to draw the information they seek around specific products or services.
Having said that it’s imperative for every company to consider a strategy in their digital marketing endeavors. Here are a few things to consider as part of your holistic strategy for selling products or services:
- Who is your buyer persona?
- Do you know the demographics of target audience?
- How do your customers interact with your products/services online?
- What channels does your target audience frequent?
Acquiring answers to some of the questions above can better prepare you for strategic market penetration. In doing so using a strategic approach you will able to sell your products or services using a soft-sell approach to a specific target audience.
Having a marketing strategy is simply an essential fundamental for any company these days.
5. Thorough Implementation
One of the most important things that I learned in my earlier days of digital marketing that still remains with me today are the 5 W’s.
When it comes to comprising a valiant digital marketing strategy you should ask yourself these 5 questions. Although from a strictly implementation standpoint you also need to know the answers to these 5 questions. The way you implement as it correlates to Who, What, Where, When, and Why has huge merit on the execution. The type of information and resources used during the implementation phase of your digital marketing strategy or plan will dictate the execution.
Consider the timeframe of your implementation as well. How feasible is it against the actual deadline you are trying to meet? Is it realistic to implement certain digital marketing endeavors in such a timeframe?
6. Execution is EVERYTHING
This is a very commonly overlooked area when it comes to digital marketing endeavors. Although it is perhaps one of the most important ones and also dictates the success of digital marketing tactics. In preparation of executing a digital marketing strategy or plan there is no one-size fits all solution.
Every company will execute differently upon their digital marketing endeavors and here is why. There are several dependencies that dictate the success of digital strategy/plan execution. Some of those include the following:
- Project Management
Execution is the one area that most companies fail in miserably. A vast majority of mistakes made are due to poor project management and communication. These are two areas that every company should be able to master rather flawlessly.
7. The Ying & Yang of Operations
One of the biggest misconceptions in digital marketing is the fact that operations play a huge role for success. The way things are done with your company or the way you do things says a lot about follow through and consistency. Most companies these days fail in the operations arena or simply do not realize how factorial it is within digital media advertising.
If you are accustomed to doing things a certain way than chances are there will be several major hurdles to overcome. Continuously reinventing yourself can be extremely beneficial from an operations standpoint. Particularly when it comes to implementation and execution of digital strategies.
Getting your operations straightened up can make a significant difference on the impact of your digital strategies. Always keep in mind though that it’s imperative to continuously reinvent yourself.
8. Budget and Monies
It takes money to make money. This is 100% applicable in any business endeavor that you engage in and specifically in digital media marketing. Performing thorough market research can better prepare you for proper digital strategies for your brand/company or clients. Contingent upon the industry that you operate in digital marketing costs will absolutely fluctuate.
Poor budget planning and market research are probably two of the biggest mistakes that companies make in digital marketing these days. In most cases companies simply are unwilling to spend the necessary budget in order to be successful.