In designing your digital marketing effectiveness, it pays to know what has helped the major players in the business world to succeed. Many people do not triumph or last long in their industry because they copy the failures around them. When you do what everyone around you is doing, you are likely to fail. Those who prosper are those who choose to be brave and ignore the obvious path. Courage is what built giant companies like Google, Apple, and Microsoft.
Warren Buffett’s Trick
Billionaire Warren Buffett summarized his investment strategy. Avoid what others love, and love what others avoid. In digital marketing effectiveness, you should examine what your competitors love to do. Make a list of their marketing behaviors, such as easy, popular, America, English, fast, email spamming, Facebook, Twitter, debt, stingy, high prices, or practical. These behaviors have a lot of competition. If you insist on doing all of them, you will not be improving your digital marketing strategy. Along with your competitors, you will be fighting over a shrinking pie. As Buffett recommends, you should avoid what others love.
What are your competitors avoiding? Things such as hard, unpopular, international markets, foreign languages, slow, mail, Baidu, Wechat, saving, generous, low prices, or imaginative. Since there are fewer competitors in these digital marketing behaviors, your chances of success are higher if you take advantage of them. You can perpetually keep coming up with more market behaviors by strategically avoiding whatever your competitors are loving, and loving whatever your rivals are avoiding.
Smart Insights for Digital Marketing
The average marketer is great at selling, but they are bad at buying. What is slowing down your revenue? Many businesses are unwilling to tighten their belts, and they rely on debt to keep moving forward which is a bad strategy. If an economic recession occurs, your company could be pulled under, subjecting you to regulatory scrutiny. Do not be one of the careless individuals who rely on credit. Cut costs. The company car does not need to be brand new to get the job done. If you are not pulling in money like Apple or Microsoft, do not buy supplies like you are Apple or Microsoft. Customers trust companies that careful with their expenses and budget. It comes through in their pricing. Smart insights for digital marketing are quite simple. Tighten the belt, and watch the profits grow.
Improving Digital Marketing Strategy
Here are fundamental processes to grow your marketing effectiveness:
1. Evaluate the Situation
This step is often neglected. Marketers do not pay very close attention to their strengths and weaknesses. They crop up later when the business goes into bankruptcy. It is crucial to anticipate what could go wrong and have a contingency plan.
2. Clarify your Goals and Objectives
Goals are the desired targets that you are working toward. Objectives are measurable steps taken to reach your goals. Having a clear definition of what you’re aiming at enables you to align your efforts in achieving the end goals.
3. Determine Your Strategy
Your strategy should be modeled using Buffett’s principles. Do not copy the failures around you, or you will fail as well. Do not endlessly brainstorm while refusing to come to a conclusion. Learn from the mistakes of others, and strike out on a different path. You will be criticized at first, but the rewards will flow in later.
4. Take Action
Sometimes, it is tempting to sit back as soon as the plan is complete, but this mindset can be disastrous. Once you know what you are going to do, the next step is to take real action. Confucius recommended thinking twice and then acting. Some people only think, and some people only act. Both habits are bad. Be someone who thinks carefully, and then acts bravely.
5. Examine and Refine
After you have acted, assess how it went. Do a strengths and weaknesses diagram. One of the most powerful tools used in corporate and military management is SWOT. List your strengths, weaknesses, opportunities, and threats. Leverage your strengths to your advantage. Minimize your weaknesses. Look for opportunities. And open your eyes to the risks. Do the same thing for your competitors. If you know both yourself and your competition, you will always win the game.
At Bright Vessel, our goal is to help you utilize effective digital marketing strategies that fit your business needs. Contact us now, and we will discuss with you valuable ideas that are beneficial to your bottom line.