Digital marketing has leveled the playing field for companies of any size to build awareness. Alas, it has created some unique challenges as well. Whereas an established brand may have carried value for years (or even decades) with traditional media; brands may become fusty or rust in a matter of months in the new media environment.
Taking a quick SWAT analysis of branding in a digital environment, we can quickly identify the following opportunities and challenges:
Strengths of Digital Marketing: There’s a low cost/effortlessness of entry. And, you have the ability to reach the world in one “market.”
Weakness: Your competition can create a lot of sound. New entrants can repeatedly challenge your brand position.
Opportunity: A sustained/successful approach to digital branding will generate an arrival of qualified leads. Converting such leads should cost a fraction of the cost of traditional media, and traditional sales efforts. The world can become your marketplace!
Threat: If your competitor has a head start on you, it’s hard to catch up to their brand. The greater their lead, the harder it is to overtake their position. Many companies have solutions that can out-compete their competition at every level, but lose opportunities because of their failure to win the branding combat.
So What is the key of Solution?
Each solution is going to be unique to the company that is being advised. What we do know is that nearly 100% of all purchases over $100 will result in some sort of online inquiry by the decision maker and influences. As such, it is vital to build your brand with a balanced approach of attraction (ex: PPC/SEO, Retargeting, proactive outreach, etc.), listening (visitor tracking, data intelligence, surveys, etc.), pertinent communications/education (targeted email, direct mail, videos, etc), and implementation (sales calls, relevant calls to action) and Remarketing (effectively supporting and up selling to your existing list of fans and customers).