MBM7009M – Strategic Thinking in Digital Marketing
Strategic thinking entails long-term planning. This entails devising techniques and conjuring concepts that can adapt to changing circumstances.
Strategic Thinking In Digital Marketing
This is the broad picture, and you’ll need a strategy to support it. However, as we demonstrate on Smart Insights, to be effective in internet marketing, you’ll need more than just a strategy.
Executive Summary
Independent Leeds-based homewares retailer Dowsing & Reynolds (D&R) operates in the UK home and garden market.
In 2012, the company began as an eBay and Amazon retailer before launching its e-commerce
operation and opening its first physical store in Leeds in 2019.
With a value of £25.5 billion in 2018,
the UK home and garden market was expected to grow to £28.2 billion by 2023 (MarketLine, 2020).
As a result of this, D&R has a corporate goal of expanding the company and increasing overall revenue.
As a result, marketing goals have been established for this company:
- In the next 24 months, increase online sales of lighting items in London by 30%.Within a year London consumers’ social media following should increase by 15%.
- Within a year, turn 10% of one-time clients into recurring buyers.
3. Search engine optimization (SEO), user-generated content (UGC), and email marketing have all been suggested as strategies for achieving these goals.
At the Reach and Engage stages of the marketing funnel, paid, shared and owned media approaches are used.
Introduction
Independent homewares retailer Dowsing & Reynolds (D&R) is based in Leeds.
A year and a half after establishing themselves as an eBay and Amazon retailer, the company launched its own e-commerce site in 2013.
In 2019, they opened their first bricks-and-mortar store in Leeds Victoria Quarter after a year of steady growth.
In 2020, D&R is expected to generate a turnover of approximately £4.6 GBP million and
employ approximately 53 people at its head office and retail store (Bdaily, 2020).
Market
Garden and outdoor living, home improvement, and homewares made up the majority of the £25.5 billion UK home and garden industry in 2018. (MarketLine, 2020).
D&R is one of three companies that operate in the homewares sector, the largest one with a share of the market worth of 52.4%. (MarketLine, 2020).
Despite the fact that house ownership rates have fallen to their lowest levels since 1985 (MarketLine, 2020),
the home & garden market is expected to expand at a CAGR of 2%,
bringing the market’s worth to £28.2bn by 2023. (MarketLine, 2020).
This data was compiled before to the coronavirus epidemic, thus it may be skewed.
Strategy
A strategy is “the pattern or plan that integrates an organization’s key goals, policies and action
sequences into a cohesive whole,” according to Mintzberg et al.
An organization’s activities are driven by the desire to satisfy consumer wants,
according to the marketing concept (McDonald & Wilson, 2016).
Marketing strategy is therefore “a matching between the capabilities of the organisation and
the wants of customers in order to achieve both sides’ goals” (McDonald & Wilson, 2016, p.3).
According to Porter (1996), a company’s competitive strategy must be differentiated from its
rivals by performing or supplying activities that aren’t available to them.
Otherwise, the strategy will fail in the face of competition.
Figure 1 depicts McDonald and Wilson’s marketing planning approach (2016, p.57).
A strategic marketing plan must go through a series of logical steps before it can be implemented successfully.
D&R’s capacity to make successful sales is affected by numerous and constantly shifting external and internal elements,
all of which necessitate marketing planning (McDonald & Wilson, 2016).
D&R’s marketing strategy will incorporate all of the company’s various marketing components into a unified action plan (Westwood, 2005).
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