Develop a Digital Business Marketing plan for a new business. You must consider the business (do not use an existing business use an imaginary one). It could, for example, be a new brand that sells hats online, or perhaps a new service that cleans peoples rubbish bins (wheely bins). It can be anything you like. In this, my responsibility is to Define your campaign objectives with associated KPIs (you may use industry averages). The first doc is the final document. Please use that as a reference, and in the second doc, there is a draft of the objectives and the theory used that you have to improvise. Please make use of good references in between.
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Digital Business Marketing plan for a new business
Full Answer Section
2. Lead Generation:
- Objective: Generate qualified leads from website traffic and social media engagement.
- KPI: Number of contact form submissions, email sign-ups, and social media messages.
3. Customer Acquisition:
- Objective: Convert leads into paying customers.
- KPI: Number of new subscriptions, customer acquisition cost (CAC), and customer lifetime value (CLTV).
4. Customer Retention:
- Objective: Improve customer satisfaction and retention.
- KPI: Customer churn rate, net promoter score (NPS), and repeat purchase rate.
5. Revenue Growth:
- Objective: Increase revenue through subscription growth and upselling additional services.
- KPI: Total revenue, average revenue per user (ARPU), and monthly recurring revenue (MRR).
Theoretical Framework
The marketing plan will be guided by the SOVEL framework, which stands for:
- Segmentation: Identifying target market segments based on demographics, psychographics, behavior, and geography.
- Objectives: Setting clear and measurable marketing objectives.
- Value Proposition: Developing a unique value proposition that differentiates EcoBin from competitors.
- Execution: Implementing marketing strategies and tactics to achieve objectives.
- Learning: Continuously monitoring and analyzing performance to optimize marketing efforts.
This framework will help ensure that the marketing plan is focused, effective, and aligned with the overall business goals.
References
- Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
- Chaffey, D., & Ellis-Chadwick, F. (2019). Digital Marketing: Strategy, Implementation, and Practice (7th ed.). Pearson.
- Kotler, P., & Armstrong, G. (2022). Principles of Marketing (17th ed.). Pearson.
Sample Answer
Business Idea:
EcoBin - A subscription-based service that provides eco-friendly rubbish bin cleaning and maintenance for residential and commercial customers.
Campaign Objectives
1. Awareness and Reach:
- Objective: Increase brand awareness and reach among target customers.
- KPI: Number of website visitors, social media followers, and email subscribers.
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