Digital Business Plan
Digital Media Marketing Strategies
A digital media marketing strategy outlines how the company will utilize digital platforms to push its products. Digital marketing strategies include SEO, content, social media, and email marketing (Biteable, 2018). Without a digital marketing plan, the business has no procedure for achieving its objectives and key results.
One of the commonly used digital marketing strategies is social media. Social media campaigns can feature on social media platforms such as Facebook, LinkedIn, Twitter, and Pinterest (Biteable, 2018). Other than marketing a company on social media, a business can use the strategy to advertise a company’s products.
The key goals of social media marketing will be to enhance brand awareness and conversion. Besides, social media marketing will aim to boost the company’s reputation. The company will post social media content based on these goals with informational and promotional features. Also, social media administrators will engage users on different topics touching on the company. Machine learning enables a company to identify its tags across social media. There is a need to focus on engaging with consumers as that is the intent of being on a ‘social’ platform.
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The Impact of Using Digital Media
The impact of social media on a company’s promotional mix can be positive or negative. One of the positive impacts of social media marketing is that it helps a business reach a broad audience (Kaushik, 2012). The company can consequently respond by creating Omni channels to engage followers.
Also, social media marketing is more economical than other promotional strategies. A single staff member can make a single Twitter post that reaches millions of the target audiences. Besides, the system is economical since it only targets the relevant audience (Kaushik, 2012). That is unlike traditional digital media, which usually targets a general audience. The organization virtually incurs zero cost when using social media marketing.
On the negative side, social media marketing exposes businesses to cyber threats. For instance, hackers can use social plug-ins to access crucial client data hosted by a company. The acquisition of such data may lead to financial losses for clients and the business.
Digital Media Types and Options
Typical social media networks used for marketing include Facebook, Twitter, and LinkedIn. Businesses can use these sites to market to attain three primary outcomes. Firstly, the company can use them to research consumers’ preferences. Besides, the sites provide a platform through which the business can engage with users directly and respond to their queries. Finally, the company can post target consumers with ads to gain new customers.
Also, a business can use social media for marketing a business. Consumers can get reviews online to avoid guesswork when making purchases. For instance, Yelp and TripAdvisor provide critical insights into consumer experiences. A buyer can use the reviews to understand what other buyers experienced when they bought particular goods. Investing in review sites will help a business understand consumer dynamics.
Monitoring Digital Media
A business can measure the performance of its marketing strategies by tracking its performance. Several tools can be used to measure the effectiveness of social media in driving change. Social media marketing performance can be monitored by any means, including Google Analytics and Google Search Console (Li et al., 2020). There is a need to deploy social plug-ins on social media to use Google Analytics in measuring marketing performance. Consequently, the business can see the number of clicks achieved per social media promotional post.
References
Biteable. (2018, March 21). The 7 Different Types Of Social Media. Biteable. https://biteable.com/blog/the-7-different-types-of-social-media/
Li, F., Larimo, J., & Leonidou, L. C. (2020). Social media marketing strategy: definition, conceptualization, taxonomy, validation, and future agenda. Journal of the Academy of Marketing Science, 49(1), 51–70. Springer. https://doi.org/10.1007/s11747-020-00733-3
Kaushik, R. (2012). Impact of social media on marketing. International Journal of Computational Engineering & Management, 15(2), 91-95.
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Question 
This part of the Conscious Capitalism simulation assignment is individual. You will work with your team members to determine an appropriate digital marketing plan for your Benchmark – Digital Business Plan assignment.
Digital Business Plan
In Topic 5, your team developed a business plan to support your marketing division and justify an additional capital investment from corporate headquarters to move forward. Digital marketing is a critical part of marketing strategies today because of the prevalence of social media and other web-based technologies, online media outlets, and mobile Internet and applications.
Based on the current position of your new division in the simulation and your goals for coming quarters, analyze market consumer data, competitive data, and real-world digital marketing options to develop a summarized digital marketing plan for your division that benefits growth and considers competition. In 500-750 words, address the following:
- Digital marketing strategies for your division: Discuss the decision to shift all or a portion of your division’s promotional budget in the simulation to digital marketing. Discuss the digital marketing strategies that will be used to promote organizational growth. Consider factors including B2B versus B2C in digital media, target market coverage, exposure, analytics, and costs.
- Digital media impact: How would adding digital media options influence your division’s promotional plan? Consider the five elements of the promotion mix.
- Digital media types and options: Include examples of specific social media platforms, blogs, websites, applications, etc., and a justification for each based on your division’s goals. Use real-world data by researching the outlets/platforms, reviewing media kits when available, and citing available sources on exposure, targeting options, etc.
- Monitor digital media: How will you monitor effectiveness and adjust your strategy based on your division’s goals?