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Before deciding on any new strategy, every organization should conduct a SWOT analysis. A SWOT analysis focuses on four key areas:
It is important to ask your customer-facing departments (Sales, Marketing, Customer Service) to review your SWOT analysis to ensure that you have not missed anything.
Review your SWOT analysis periodically – maybe quarterly or on a half-yearly basis - and ensure that it is current and fit for purpose. Reviewing your SWOT for chances to convert weaknesses and threats into opportunities or strengths is also an important way to leverage the SWOT and inform strategic decisions. It is particularly important to review it when:
It is important to prioritize audiences to maximize the effectiveness of your marketing and sales efforts. It’s a good idea to identify your top three priority audiences. You can identify these based on measures like profitability, the value they bring, the length of time they have been customers, and so on. Basically, they are your most profitable, most valuable customers, and you want them to stay with you, not to churn, so that you don’t spend more money acquiring them again. Create customer personas and map out the customer journeys of these top priority audiences.
Be aware that digital marketing priority audiences will likely differ to traditional audiences.
In order to discover their true return, rank priority audiences based on the following two criteria: value and accessibility.
An audience persona is a description of a specific person who might want to buy your services or products.
The components of an audience persona are:
Buyer personas help you understand your customers (and prospective customers) better. This makes it easier for you to tailor your content, messaging, product development, and services to the specific needs, behaviors, and concerns of different groups.
It’s important to identify the most appropriate channels to employ, based on the demographic profile of your target audience. You need to ask yourself, which channels are your audience personas using? How are they consuming content? What are their preferences? What is their day-to-day pattern on the internet? The most appropriate channels for different age groups are:
Satarupa Banerjee holds an MBA from Cranfield University and an MSc from University College of Science and Technology. She has extensive experience across numerous industries including insurance, retail, healthcare and banking. Currently, she heads Direct Marketing Products in Direct Line Group where she has delivered several CRM campaigns. In the past she has also held roles as Customer Value Strategies Manager, Change Manager, and Sales Performance Manager.
Data protection regulations affect almost all aspects of digital marketing. Therefore, DMI has produced a short course on GDPR for all of our students. If you wish to learn more about GDPR, you can do so here:
The following pieces of content from the Digital Marketing Institute's Membership Library have been chosen to offer additional material that you might find interesting or insightful.
You can find more information and content like this on the Digital Marketing Institute's Membership Library
You will not be assessed on this content in your final exam.
ABOUT THIS DIGITAL MARKETING MODULE
This module focuses on using strategic planning to drive marketing activities that will enable a business to win a competitive advantage. It covers assessing internal capabilities and addressing skills gaps, benchmarking, information gathering, SWOT analysis, evaluating digital channel tactics, and strategy implementation. It also covers documenting a digital strategy using SMART criteria and knowing how to evaluate the effectiveness of a digital strategy using KPIs, targets, and marketing analytics.