Establishing the relation between digital marketing and corporate strategy

Corporate strategy and digital marketing work out really well with each other. The strategies that you apply for growing in the market are collectively known as corporate strategy. There are so many strategies out there and each differs from one another. Also, it might happen that a set of strategies is not at all applicable for you. Therefore, you need to assess your digital marketing skills and needs and then employ the corporate strategies for your growth. When you are trying to prioritize a particular strategy for your digital marketing, you need to have a crystal clear understanding of your product, business and demographics.

Staying nimble

Digital marketing is all about trial and error. You need to try out various options before finalizing one. So, in order to be nimble, you need to flexible with the upcoming trends in the market. You also need to cope with the shifting patterns of SEO. Being flexible with the time when to get the reports of progress and where you can have an effective discussion about the same is also required. For selecting a successful strategy, you need to keep monitoring continuously and also adjust to the errors.

Understanding your customers

None of the corporate strategies regarding digital marketing will be effective unless and until you have a clear grasp on who buys your services or products and why. You can improvise your tactics of digital marketing by understanding your customer base. You can easily form an information filled database of your audience by:

  • Defining all the channels that fit the demographics of your business.
  • Understanding the requirements of your customers and trying to solve their problems.
  • Being aware culturally.
  • Having unique corporate relationships with influencers.
  • Using highly developed tools for automation of your audience targeting and segmentation.

Generate leads with content

One of the finest tools that can generate leads is effective content. The most tried and tested method for generating leads is well-written content. Not only writing but the distribution of the same is also of utter importance. It has been found that bloggers have 15% more chances of having a positive ROI. This is mostly because they post attractive contents. So, in order o turn your traffic into effective leads, you need to start posting relevant contents. It needs to have relevance to the needs and problems of your customers.

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Strategy Friday

Hello and welcome back to Strategy Friday, the place where i discuss strategies theories for organisations.

Today topic is about the theory developed by professor Micheal Porter from Harvard Business School.

This theory is used widely by organisations as a contrast to the Blue Ocean Strategy.

I will discuss the Blue Ocean Strategy in my future post, but just keep in mind, that Blue Ocean Strategy is more about how to compete than what to compete.

Micheal Porter in his theory goes and analyses the functions of businesses from the Macro level, seeing the forces which influence the marketplace, and went to expand his theory also to Countries.

The main forces influencing business are: Supplier Relations, Buyer Power, Possible Product Substitutes and the Threat of new entry from other businesses, all influencing the competitive marketplace.

A useful picture is provided by Mindtools in their website, in which define the strategic tool and what to analyse.

Classical example of this analysis is used in the airline industry, however, is applicable also to other industries such as the mobile phone industry, where the supplier relations is the whole manufacturing supplier relations, thus for Apple can be the supply of chips from Foxconn, the threat of new entry is high as businesses enter the market developing new products constantly, the buyer power is also very high as, purchase is seen almost as a commodity in which one phone does not vary a lot from others, but to contrast that, Apple has a large brand conscious clientèle and to conclude the competitive landscape, is very competitive, thus having all functioning like a chain in which the gears run very fast.

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Innovation management as part of Change Management

Thank you for following this blog post, and if you haven’t started to follow me yet, I would suggest you to do it and leave some comments, as most of the blog post are from my readings, but I can be wrong…

Today topic is relating Innovation Management to Change Management, an aspect of management related to business performance.

Innovation Management can be seen as a subset of change management, in fact, in change management there are four types of strategic changes, which are:

Technology, Product and Services, Strategy and Structure, Culture Changes.

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These all relates to Organisational Change, in the sense that in order to stay competitive, firms, have to change either one of this aspects, with time.

Technology Change and Product and Services change is what is more related to Innovation Management, in fact, companies in order to succeed implement new technologies, such as communication technology, or create new products and services to sell to the customer, in order to stay ahead of competition.

 

No company can say that they dont implement some change. In fact is by  implementing some kind of change that business can stay competitive, it is even told that competitive advantage is created from strategic changes.

Strategy and structure are more related to organisational design, in fact, from what i understood, organisational design is the alignment of corporate strategy with the working of the workforce, or more precisly with corporate functions.

Last but not least, cultural change is the most difficult to implement, as there is always tension and people tend to like the status quo, thus avoid changing. Cultural change can be anything, from the change of workhours, to change in how customers are treated by the employee.

Strategic Innovations Type

Welcome back to my blog, for today argument i return on the topic of innovation.

As many of you are now aware, Innovation is a huge subject, and does not have for the moment any specific metric on how to measure technology development.

But, in my studies, i came across on certain definitions that help in defining innovations, and these are the category explained also in method.org about innovation types, http://method.org/note/incremental-vs-modular-vs-architectural-vs-radical-innovation.html

extracted from an HBR Article from 1990 from Henderson and Kim, found at http://www.jstor.org/discover/10.2307/2393549?uid=3739448&uid=2&uid=3737720&uid=4&sid=21102575016673

On one hand there are defined incremental innovations such as incremental innovations which is the upgrade of existing products or services and there are radical innovations which is the total development of new products and services.

On the other hand there are the architectural innovation which are the reconfigurations of the systems of component that constitute the product but the core remain the equal and there are modular innovations which is the reconfiguration of the links between the core processes and the componenst without reconfiguring the architecture.

All this is related to the role of creativity in innovation, more precisely on the types of innovative products is possible to have in innovation management.

Is almost impossible to come up with brand new ideas nowadays, in an instant but there are tricks which are taught on how to be innovative, and this blog post help in analyse the type of innovations available on the market.

To provide an example of the innovations: modular innovation is the creation of a new prototype for example the application of new standards in technology in new innovative products. incremental innovation is more related to upgrades, architectural innovations are more internal revolutions and radical innovations are existing component in new technologies.