If you missed our Digital Strategy Made Easy Webinar which took place on 17th December, you can catch up on everything you missed right here!
● Amit Lakhmani - Founder and CEO, MaxMobility
● Mitul Das - Co-Founder and CEO, UrsDigitally
● Abhishek Chamaria - Co-Founder and Director, UrsDigitally
● Mouli Basu - Sales Head, UrsDigitally
● Priti Pandit - Growth Leader, UrsDigitally
● Priyanka Mandhyan - Marketing Head, UrsDigitally
● Nirupama Paul - Senior Digital Marketing Executive, UrsDigitally
Our webinar started off with an interesting structure. All panelists had a role to play in a hypothetical situation. The client (Mouli Basu) has approached the CEO of UrsDigitally (Mitul Das) for a pitch on Digital Strategy. Mitul calls upon his trusted team for insights from his martech expert (Amit Lakhmani), SEO Expert (Nirupama Paul), Content Expert (Priyanka Mandhyan), Media Expert (Abhishek Chamaria), and E-Commerce Expert (Priti Pandit).
Let’s see what they all have to say!
The Client Brief
The company Tools India Pvt Ltd is an expert in manufacturing. Until February, the brand thought that sales via online mediums was not possible. Unfortunately due to the pandemic the on ground sales team got affected. So how could they still garner sales?
Following were the asks:
● Can a product like tools be sold online?
● What should be the ratio of spends between organic and inorganic mediums?
● How can we build a tech stack and accumulate leads on one platform?
● 1 Website
● 1 Facebook Page
See the detailed client brief here.
The Digital Strategy Process
● Figuring out the pain points or Domain Analysis: To complete a thorough domain analysis, you require an answer to the following 3 questions:
○ What was the journey in financial year 19-20?
○ What does the brand want to achieve in 2021?
○ What kind of actionables does that achievement require?
Tools India Pvt Ltd. already has a website and Facebook channel but is not getting the results that it truly desires. So the UrsDigitally team needed to know what happened last year, what were the hits and misses, and what they were trying to achieve in 2021.
● Understand the business KPIs through background researchTools India Pvt Ltd had the following KPIs in FY19-20 as presented as a vision map: When working in digital marketing, there are many verticals. Whether it is SEO, Content Strategy, Social Media Management, etc. Many times all these verticals are treated in a compartmentalized way. But it is important to draw a vision map, i.e., a visual representation of what is the common goal and what are the aspects to be achieved for the goal, such as the one you can see above to bring synergy to everything being done in digital marketing.Going further into the KPIs, it is important to understand what was happening in the last two years in a comparative format.Following was the analysis for Tools India Pvt Ltd: Some things that can be analysed include profitability, increase in number of SKUs, number of channels or introduction of new channels, organic marketing, etc.After a careful analysis of the above data from Tools India Pvt Ltd, we found the following: We found these to be the most important takeaways:
○ Lack of integration between strategy and analytics
○ Inability to inculcate the voice of consumer
Since the consumers were mainly from rural areas, the brand was unable to create contextual communication targeted to them.The essence of strategy lies in understanding what the data is trying to tell you, what your business objective is, what your consumer wants from you, and ultimately how far you are from that goal.Keeping that in mind, we found that the following KPIs were most important for Tools India Pvt Ltd during FY 20-21:
● Create vertical-wise strategies
○ The Martech Strategy
To create any martech strategy, it is important to first be clear with the goals and map them with the kind of tools that would be required.
In the specific instance of Tools India Pvt Ltd, it is important to keep 3 components in mind as per the KPIs and domain analysis:
■ The tools and technologies that help keep them connected with customers
■ Tech tools to streamline sales and marketing operations
■ Tools that can provide key measurement metrics and provide a performance reportStep 1: Go through a basic checklist. This will map the current tech maturity.
Find the full tech stack audit template along with an example of the audit for Tools India Pvt Ltd here.Step 2: Find the tools and apps that are fulfil the gaps
Step 3: Measure data and analyzeThere are a few metrics that every business owner should be monitoring:
Why its imp?
Customer Acquisition Cost (CAC)
The Customer Acquisition Cost (CAC) is a metric used to determine the total average cost your company spends to acquire a new customer.
Sales & Marketing Cost = Ad Spends + salaries + commission/bonuses + overhead in a month/qtr/year
New Customers = Number of new customers in a month/qtr/year
CAC = Sales & Marketing Cost / New Customers
CAC illustrates how much your company is spending per new customer acquired. You want a low average CAC. An increase in CAC means that you are spending comparatively more for each new customer, which can imply there’s a problem with your sales or marketing efficiency
Marketing % of CAC
The Marketing % of Customer Acquisition Cost is the marketing portion of your total CAC, calculated as a percentage of the overall CAC
Marketing Costs = Ad Spends + salaries + commission/bonuses + overhead of the marketing department only
Sales & Marketing Cost = Sales & Marketing Cost = Ad Spends + salaries + commission/bonuses + overhead
M % - CAC = Marketing Cost / Sales & Marketing Cost
The Marketing % of Customer Acquisition Cost is the marketing portion of your total CAC, calculated as a percentage of the overall CAC.
Customer Lifetime Value (LTV)
Customer lifetime value is a metric to determine the total revenue that one customer gives during its lifetime
Lifetime Value = Revenue the customer pays in a specific period * average customer lifespan
Ratio of LTV to CAC
The Ratio of Customer Lifetime Value to CAC is a way for companies to estimate the total value that your company derives from each customer compared with what you spend to acquire that new customer
LTV / CAC
The higher the LTV:CAC, the more ROI your sales and marketing team is delivering to your bottom line. However, you don’t want this ratio to be too high, as you should always be investing in reaching new customers. Spendng more on sales and marketing will reduce your LTV:CAC ratio, but could help speed up your total company growth
Time to Payback CAC
The Time to Payback CAC shows you the number of months it takes for your company to earn back the CAC it spent acquiring new customers.
CAC / Margin-adjusted revenue from the customer
In industries where your customers pay a monthly or annual fee, you normally want your Payback Time to be under 12 months. The less time it takes to payback your CAC, the sooner you can start making money off of your new customers. Generally, most businesses aim to make each new customer profitable in less than a year
Marketing originated customer %
The Marketing Originated Customer % is a ratio that shows what new business is driven by marketing, by determining which portion of your total customer acquisitions directly originated from marketing efforts
Marketing originated customer %
New customers originated from marketing lead / New customers in a month
This metric illustrates the impact that your marketing team’s lead generation efforts have on acquiring new customers. This percentage is based on your sales and marketing relationship and structure, so your ideal ratio will vary depending on your business model. A company with an outside sales team and inside sales support may be looking at 20-40% Margin Originated Customer %, whereas a company with an inside sales team and lead focused marketing team might be at 40-80%
Marketing Influenced customer %
The Marketing Influenced Customer % takes into account all of the new customers that marketing interacted with while they were leads, anytime during the sales process
Marketing Influenced customer %
Total New customers that interacted with marketing / New customers In a month
This metric takes into account the impact marketing has on a lead during their entire buying lifecycle. It can indicate how effective marketing is at generating new leads, nurturing existing ones, and helping sales close the deal. It gives your CEO or CFO a big-picture look into the overall impact that marketing has on the entire sales process.
Step 1: Website Audit and Competitor AnalysisThis helps us know the issues that need to be fixed. The competitor analysis adds on by providing an insight into the backlink strategy and keyword strategy of the competitors and where your brand can grab at an opportunity.
Step 2: Keyword ResearchSelecting keywords in which search volume is high and competition level is low. A mixture of high to low competition level is usually good to have. Tools like Google Trends, Keyword Planner, SEMRush and Ubersuggest can be used to search for these keywords.
Following are the keywords shortlisted for Tools India Pvt Ltd:
Avg. monthly searches
agriculture hand tools
farm hand tools
hand ploughing machine
agri hand tools
agriculture weeder machine
agriculture hand machine
Step 3: Find the Specific Target Audience for Google AdsTargeting based on geography, types of websites and apps, and mapped against your various target audiences is one of the best ways to get good results from Google Ads.
Following is the targeting for Tools India Pvt Ltd:
Popular News Website
Daily Hindi Milap
Colors Kannada Cinema
News 18 – Lokmat
TV 9 Marathi
Zee 24 Ghanta.
TG - Farmer Specific Placements
IFFCO Kisan Agriculture
RML Farmer – Krishi Mitr
Candy Crush Saga
Step 4: Plan for Organic DistributionWhether it is Facebook groups, LinkedIn groups, guest blogging sites, infographic sites, forums, or presentations sites, it is important to be present everywhere after carefully choosing the platforms on which your customers are present and mapping out these platforms Target-Audience wise. Once platforms are chosen, you just need to chart out your content and provide links to your website to improve your rankings!
Here’s a look at the organic distribution plan for Tools India Pvt Ltd:
All India Construction Group* ... All Building works
Agriculture talk & farmers of Karnataka. India
AGRICULTURE TOOLS EQUIPMENT MACHINERY AND IMPLEMENTS
Agriculture Talk & Farmers of South India.
Farmers & Dealers Distributor
Farmers & Dealers Distributor
3rd Party Content sharing Website
Find the SEO planning template here.
●The Content Strategy
Step 1: Determine the goals and Target Audience
Since the goals have been defined in the domain analysis and KPI understanding steps, we need to look at our target audience in a deeper way.
That’s where Buyer Personas come in.
While determining a buyer persona, there are few things you need to research about your target audience:
○ A fictional name
○ Intended job profiles
○ Demographic details
○ What metrics their job performance depends on
○ Who they report to
○ Who are they influenced by
○ Who do they influence
○ Which resources they trust
○ Which platforms they spend their time on most
○ What a day in their life looks like
○ Their interests, likes and dislikes
○ Their favourite TV shows, books, etc.
This process allows you to humanize your target audience and understand what they really care about. It also gives you an insight into what kind of content you can create and through which channels that would convince them the most.
Here’s a buyer persona for Tools India Pvt Ltd:
Step 2: Topic Research
Using tools like SEMRush, Ubersuggest, Buzzsumo or the rest, it is now quite easy to see what is trending on search engines for your specific keywords as determined by the SEO specialist. Just insert the keyword, choose your region, and you’re good to go!
Choosing a topic that has a high search volume is definitely a good move. But SEMRush also gives an idea of the kind of questions people are asking about the topic. Answering these questions through blog or social media posts gives immense value and increases search rankings.
Here’s what SEMRush has to show about Tools India Pvt Ltd’s keyword hoe agriculture:
Following the results, we can definitely create a pricing guide for garden tools and write a blog post about the most common farm tools and equipment.
Step 3: Make a Content Plan
It is important to make a detailed content plan that lays out all your goals, KPIs and desired results, and mapping your content to those goals.
The content plan also includes:
● Funnel - wise Mapping We map the content according to the sales funnel we follow in UrsDigitally:
○ Lead Magnet - a piece of content that attracts your target audience so that they provide their information.
○ Nurture- Keep communicating with the audience to keep them interested in your brand
○ Tripwire- Offer the most engaged people a free offering so they at least try your product
○ Core Product- Market your main product to people who have already tried it by providing benefits or discounts
○ Profit Maximizer- Upselling or cross-selling products to an audience that has already bought from you
○ Return Path- Keeping the audience loyal to your product through loyalty programs and offers
So what pieces of content will you use as a lead magnet, how will you nurture your leads, what will you offer so the audience tries your product, what features will you promote of your core product, how will you upsell or cross-sell, and how will you keep your audience loyal. Furthermore, what platforms will you use to conduct these activities?
● Target Audience - wise Mapping
The same content can be divided as per the different target audiences you are targeting.
In case of Tools India Pvt Ltd, since our target audiences are plumbers, farmers, gardeners and the like, dealers and distributors, and people who like to try DIY projects, we need to plan content for each one of these target audiences and define it in our content plan.
● Platform - wise Mapping Charting out your social media calendars, email marketing calendars, blog calendars is something you need to do in your monthly content plan itself.
Do remember that it is good to post at least 3 posts on social media per week, 4 blogs on your website, 3 blogs on platforms such as wordpress, blogger, and medium, one infographic on infographic sites and one presentation on presentation sites. This forms a good backlink and SEO strategy as well.
For Online Reputation Management, it is recommended to answer 1 Quora/Reddit/Answer per day and answer negative reviews taking it as constructive criticism.
You can find a monthly content plan template here.
View the content plan of Tools India Pvt Ltd here.
● The Media Strategy
The first and foremost thing to understand before starting off the Media Strategy is to understand how the sales are doing currently. What is the amount of sales you are getting versus the amount you are spending on marketing?
Step 1: Understand the number of new customers needed per month
Step 2: Calculate the Customer Acquisition Cost
Step 3: Measure your Cost Per Lead for the campaign once executed
Step 4: Measure the ROI for the campaign once executed
While running the campaign, it is important to retarget the people who have interacted with your company. Facebook allows for multiple types of custom audiences who are people who have either interacted with your posts, page, videos, or lead ads. You can retarget people who filled your lead form but didn’t submit it, creating targeted communication and so much more.
Find the media template complete with formulae required to complete all of the above steps here.
View the media plan of Tools India Pvt Ltd here.
● The Commerce Strategy
Since ROI is important for every brand and the commerce marketplaces such as amazon, flipkart, big basket, grofers and more have started gaining value, digital sales depends heavily on such platforms.
Step 1: Analyze the sales platform-wise versus marketing budget
This will cover in detail what is the minimum and maximum marketing budget required, what has been the performance over the past year, what has been the assistive spend (that is marketing budget on other channels leading to the ecommerce portal), what are the new portals that can be considered and the associated paid and organic activities, as well as the assistive marketing plan.
It is important to decide which products need paid optimizations and which ones require organic optimizations. Organic optimizations would include reviews and product description SEO.
You can find a template for defining these parameters here.
The commerce plan for Tools India Pvt Ltd can be found here.
Step 2: Measure the impact
Measuring and garnering insights from each of the above activities is extremely important to improve upon the strategy the next time. The reporting needs to involve the revenue report, target of new portals to be added, product optimization and addition report, ad campaign report, assistive ads report, and organic listing optimization report.
You can find this reporting template here.
The report for Tools India Pvt Ltd can be found here.
Keep an eye out for more such webinars coming your way soon!