Most businesses understand they need a digital presence. More and more businesses now realise they need to actively promote their digital presence. And this is where costs and confusion can combine to provide business owners a painful experience.
The best digital marketing firms will help you develop a plan to implement your strategy, but you must be able to convey that strategy concisely to the firm you engage. By doing this, you will greatly improve the outcome of your digital marketing.
The 3 Elements of Strategy
Michael Porter says a strategy contains 3 elements:
- a unique position,
- how that unique position can provide us with an advantage
- and how we intend to maintain that advantage.
Developing a strategy is difficult and can be soul destroying. Don’t worry, it is meant to be hard, and you will not get it right first time. But you will never get it unless you try. So let’s get some movement.
Choosing a Unique Position
A unique position describes why you are in business or why you sell a particular product. A position can be:
- a location – selling ice creams next to a popular beach,
- a cost – reducing transport costs by shipping directly from your supplier to customer or
- a product – a more reliable internet service.
A position is not your business, but what makes your business stand apart. A simple example is the owner of a restaurant who is very affable, well-liked and people enjoy his company. So the unique position for his business is the business-owner’s personality and how he runs front of house. People enjoy eating in his restaurant. BUT, if his food is terrible then no matter how good the unique position is, he will fail.
Make sure your unique position is valued by your target market. If you are affable, well liked and people enjoy your company but your business is drive-thru take away food then your unique position may not be of much value.
Gaining Advantage from Your Unique Position
You have worked out your unique position that is valued by your target market. How can you use this to have an advantage in the market place? Lets revisit our examples of position:
- a location – painting your ice cream shop bright colours so people are easily attracted;
- a cost – developing an online store to sell your products cheaper than your competitors;
- a product – targeting geographic areas that have unreliable internet services.
Is our unique position sustainable? This is a difficult question, because although valid, it is not easy to answer. For this discussion, I want you to understand that your business depends on you maintaining a unique position in the market place, but not necessarily the same unique position.
Having worked through the above, your discussion with a digital marketing firm can include specific plans and outcomes. You can focus on how digital marketing can best use your position and advantage in the market place.
The more precise you are with your strategy, the better you can measure your digital marketing efforts, thus, lowering your costs and avoiding any confusion.
If you’re looking for assistance in finding your unique position online or are ready to discuss your strategy with a digital marketing agency, talk to us today.