An integrated marketing strategy means that every element of your marketing plan must contribute to your vision for the business, or be taken away from the daily workload.
Lack of integration between strategic vision and the tactics needed to get there is a problem I often encounter when assessing marketing strategies. That’s why I created the RACE Growth System as a simple structure to unify your marketing strategy through goals, objectives and KPIs.
This applies whether I am grading student assignments or guiding marketers in creating real marketing strategies. More often than not, I find myself reading about various aspects of marketing objectives and tactics that just don’t line up – and wondering why.
These problems can be magnified by the structure of the marketing strategy: the way the document is broken down into individual sections. Without a unifying framework, it is not clear how each strategy supports a goal, or the analysis on which the goal is based. If this sounds familiar, read on to see our recommended approach to overcoming these common challenges.
Definitions of Marketing Strategies:
Investopedia defines marketing strategy as: Referring to a company’s overall game plan for reaching potential consumers and converting them into customers of their products or services.
Market business news defines marketing strategy as: a company’s marketing goals and objectives combined into one comprehensive plan.
Pestle Analysis defines marketing strategy as: An analysis of all aspects of your sales activity and combining them in a way so that all departments know what is going on.
These 3 definitions highlight the strengths of a concise marketing strategy to align your goals with your vision, and the benefits to your team. That is why we recommend the RACE Framework.
What is digital marketing?
Digital marketing, also called online marketing or internet marketing, is defined by Dr. Dave Chaffey defined as:
“Achieving marketing objectives by applying digital media, data and technology”.
The RACE growth system
RACE is a practical framework that helps you manage and improve the results of your digital marketing strategy. Ultimately, it’s about using a data-driven approach, applying web analytics and recommended best practices to get more commercial value from your digital marketing investments.
Note how we have defined five steps of engagement throughout the customer lifecycle, as a major challenge in online marketing is getting initial interaction and creating those all-important leads after the first customer touchpoint, which can then be nurtured.
Integrating your omnichannel strategy supports your goals of moving customers through the funnel from PLAN, REACH to ENGAGE by measuring and tracking the most important touchpoints for your business today.
If you’re looking for a new marketing plan structure that will help you integrate your marketing activities and prioritize channels that drive growth, why not download our free RACE Growth System template?
Marketing strategy example
The diagram below is an example of a marketing strategy using the RACE Growth System to integrate objectives, rationale, strategies and KPIs.
1. SMARTER goals are not a new concept in marketing. This means committing to quantified objectives that are specific, measurable, achievable, relevant and time-bound. Probably grouped around customer acquisition, conversion or retention. You can use our digital marketing goal and objective setting module to improve your goal/objective setting technique.
2. Substantiation That is, Evidence showing that your goals are realistic, based on situational analysis or the creation of conversion models.
3. Strategies to achieve objectives. Outline the key ways you will achieve your goals. It’s also worth thinking about the full range of goals indicated by the 5S’s.
4. KPIs and CSFs. The critical success factors are the detailed measurements, for example those collected in Google Analytics, that help you assess whether you are on the right track or can make adjustments. You can use our options to improve the use of the Google Analytics module and to assess and improve your internal Google Analytics capabilities.
I recommend this grid layout from our digital marketing plan workbook to align your strategies with your goals because it provides a simple one- to two-page summary of your marketing strategy. Much more effective than a long report that your colleagues or customers don’t read…
If you’re ready to align or optimize your marketing strategy, don’t miss our free downloadable RACE 90-Day Planning Template and Interactive Planning Grid. Unlock these and more when you become a Smart Insights Free Member.
