How to develop a digital strategy for 2020

In this episode we speak with our Head of Strategy, Ben Fitzpatrick, on how to develop an effective strategy to drive growth through an economic contraction.

SHOW NOTES

• 00:00:05 Ben’s Introduction to The Growth Manifesto Podcast
• 00:00:36 Strategy through the COVID-19 pandemic and through the recession that is sure to follow. “What do we do for the rest of 2020?”
• 00:02:35 Ben’s thoughts on business and marketing for the rest of 2020.
• 00:14:00 Question #1: “Where are you the best at right now? At what products and services do you have an unfair advantage over your competition?”
• 00:17:07 Question #2: “Where are you most profitable and where is the most demand?”
• 00:19:55 Question #3: “What are the trends in your market and how can you ride that wave?”
• 00:23:55 Ben believes that when businesses activate their marketing again, they’ll activate digital first which will make the digital ad prices go up naturally.
• 00:24:55 Everyone actually being stuck at home is going to push more people to be online and have an online presence. Not only for businesses but for consumers as well.
• 00:25:55 Ben sees that there’s a market trend towards supporting local businesses as well
• 00:27:19 Question #4: “What are your audience segments? Who are your most valuable clients and have they changed?”
• 00:29:16 The audiences may change over time but do you really want to wait and see or do you want to be the company that adapted fast, found a way to grow, questioned everything, and put in the extreme amount of hard work to make it all happen?
• 00:33:53 The word “grit” has a lot of value and speaks to the moment right
• 00:35:07 Question #5: “How do you adapt your product or service to offer more value at a lower price? Can this be a loss leader?”
• 00:37:10 One of the first steps of figuring this out is to understand where your product or service fits in the hierarchy of needs and then how you can break consumers’ expectations
• 00:39:57 Question #6: “How can you make it as easy as possible to do business with you?”
• 00:41:31 Successful marketing is about bringing value in everything that you do.
• 00:45:13 Question #7: “What offer can you create to promote aggressively in the market?”
• 00:45:29 The three core parts of a successful offer are “Product – Audience – Message”
• 00:46:04 One of the ways that you really scale is that you scale through an offer
• 00:48:18 Question #8: “Where are you getting the best performance from your marketing? Where can you double down? Where can you dominate the market? And how can you be effective with your advertising spend?”
• 00:49:15 Ben has a hard time giving advice to double down on any one platform and believes that the consumer journey has even lengthened which is why you need to be everywhere and remarketing as well.
• 00:53:44 Question #9: “What changes can you make in your sales team to capture every opportunity and extract as much value as you can from your marketing?”
• 00:54:10 Ben believes that you should not assume that the sales process you’ve had that worked before is going to keep working and that the messaging you’re using through your sales process needs to fit what consumers or businesses can say yes to right now.
• 00:57:58 Make sure the sales team know what’s going on in marketing
• 00:59:35 Question #10: “If you had to make a big bet on one offer to go to market with and rally your team around, what would it be?”
• 01:01:25 Ben believes that how your employees and people in the business react to what you want to take out into the market is a good indicator of what can succeed
• 01:02:33 Ben thinks that we’re in the transition period to finally start thinking about what we can do in the next few months rather than thinking about what to do the next day or next week. These questions are a really good frame of what you can think about when you go through that plan.

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You’re listening to the 2020 Marketing Series on The Growth Manifesto Podcast, a Zoom video series brought to you by Webprofits where we talk about how to drive business and marketing success through the rest of 2020.

Hosted by Alex Cleanthous.

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