Introduction
MKT FPX 5410 Assessment 3 In today’s business world, the demand for effective digital marketing strategies has never been greater. Digital marketing includes all kinds of marketing that constitute the use of electronic devices or the internet. Businesses utilize digital platforms such as search engines, social media, email, and other sites to target existing and potential consumers (Alexander, 2020). At Spokin’ Wheels, we have worked hard to map out a marketing mix that will give us the greatest reach, along with a targeted social media campaign. The components of our marketing mix are:
• Price
• Physical evidence
• Place
• Service
• Sizzle
By putting these elements together with live interaction on platforms like Facebook, LinkedIn, and Instagram, we expect to optimize our online marketing and build a wider customer base. Basically, online marketing is an updated strategy of the conventional method of marketing, using online mediums to access customers who are now more involved via smartphones, tablets, and laptops. It is important for us to post regularly and update our online mediums, making our products known and taking care to reply to any customer queries at the earliest.
MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels
MKT FPX 5410 Assessment 3 To reinforce our marketing efforts, two of the most important elements of the SOSTAC model will be analyzed. SOSTAC® is a strategic framework that can be used to develop business plans, marketing plans, digital strategies, operational plans, and even personal development plans (SOSTAC, 2020). The elements of SOSTAC are as listed below:
• Situation Analysis
• Objectives
• Strategy
• Tactics
• Actions
• Control
Digital Marketing Situation Analysis
Spokin’ Wheels has been running our first location for some years, and that has enabled us to just open a second location. This growth is an indicator of great customer loyalty and recommendations, enabling us to expand our business. My role in marketing demands that I deal with a lot of employees who will serve as middlemen for our online platforms, as we cannot do everything ourselves. Conducting a SWOT analysis will assist us in identifying areas of improvement in social media engagement and customer acquisition. SWOT refers to strengths, weaknesses, opportunities, and threats.
MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels
MKT FPX 5410 Assessment 3 PESTEL analysis is also a significant framework, examining external factors that impact our business environment, including political, economic, social, technological, environmental, and legal (Hall, 2019). This analysis helps us make informed decisions regarding our products and services.
• Political Factors: We will comply with government policies and ensure our taxes are utilized appropriately according to local laws.
• Economic Factors: An eye to the changes in economics will be necessary. Supply and demand knowledge will allow us to stay profitable with thorough market research.
• Sociocultural Factors: Customer preferences can shift due to the economy and society. These are significant changes for our products to be aware of.
• Technology Factors: The Point of Sale machines and computers in our stores can be utilized to monitor sales and apply electronic marketing methods.
• Legal Factors: As a local business with a fixed location, we have fulfilled all the legal requirements to conduct business.
• Environmental Factors: Part of the products will be sensitive to cold temperatures; however, part of the products can be utilized in extreme weather conditions.
Objectives
The 5S digital marketing framework offers a clear view of our major goals (Chaffey, 2019). The 5S’s include sell, serve, speak, save, and sizzle, all of which are essential for improving our online business.
Strategy
Conjuring marketing strategies consumes time and dedication to secure alignment with our company objectives. Properly making plans for marketing calls for identifying short-term as well as long-term strategies. Recognizing the sole short-run benefits may give up the future to thrive, or overlooking the short runs would prevent achieving long runs (LaunchMarketing, 2015). For the short run, our strategies are promotional pricing sales and promotion-of-the-day types of plans for boosting volumes of traffic to deliver inventory turnouts.
Tactics
When making strategy choices, we plan to adjust our strategies as needed so that we can achieve long-term objectives. Employing the social media of our established site will be a major factor in advertising our new site. We will both sites listed on our website, along with frequent specials.
Actions
To promote our new store, we will post announcements on our existing social media platforms and link to our new store’s page. Our website will also feature news about the new store and promotion activities. We will distribute grand opening flyers and advertisements with discounts.
Controls
Establishing well-set objectives will enable us to assess our progress towards winning and retaining customers. Website traffic will be monitored closely to establish the success of our campaigns. Tracking this metric will provide insights on where our visitors originate from, allowing us to optimize our marketing strategies (Gregory, 2019).
References
Alexander, L. (2020, February). The who, what, why, & how of digital marketing. HubSpot. https://blog.hubspot.com/marketing/what-is-digital-marketing
Chaffey, D. (2019, October 22). 5S goals of digital marketing. Dr. Dave Chaffey: Digital Insights. https://www.davechaffey.com
Gola, M. (2019, September 26). 5S of digital marketing. Curved Arrow. https://www.curvearro.com
Gregory, S. (2019, August 13). 19 important digital marketing metrics for measuring success. FreshSparks. https://freshsparks.com
MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels
Hall, M. (2019, April 21). Porter’s 5 forces vs. PESTLE analysis: What’s the difference? Investopedia. https://www.investopedia.com
LaunchMarketing. (2015, August 26). What are your short- and long-term marketing strategies? Launch Marketing. https://www.launchmarketing.com
SOSTAC. (2020). PR Smith’s SOSTAC planning system. https://www.sostac.org/
