Connecting Digital Marketing with Risk Management

Throwing creative marketing ideas against the wall to see what sticks not only opens the door to failure, but can also ruin your digital marketing plan

Throwing creative marketing ideas against the wall to see what sticks not only opens the door to failure, but can also ruin your digital marketing plan

Picture this: It is Tuesday afternoon, and the digital marketing team is sitting together, brainstorming. A new product will be launched in three months, and after introducing its basic background a conversation ensues:

“How can we get awareness for the product? Cinema advertising, balloon advertising, bus advertising?” one team member asks.

“Yes, yes and yes,” another responds. “With bus ads, we can feature lifestyle bloggers bring in a digital aspect. They fit just about everywhere and will be interested in working with us. We can also highlight them in car ads.”

To be honest, this type of thinking drives me crazy. The creative marketing teams behind it work without any frame of reference. Without any strategy. It will lead to time and money wasted.

To be quite plain: In this case creative marketing is the justification to be a business risk. Because you are wasting money.

Risk management through digital marketing strategy or speculation?

Spielhölle Schild Hinweis Hinweisschild Wegweiser, by Pixelheart (CC License)

Do you know the difference between punters and creative marketers? Punters try to minimize risks by analyzing their portfolios, the market and future development. They also have a strict business focus that includes minimizing future risks.

What about you? Have you minimized the risks? Have you analyzed your last campaign? Do you know the age, profession and personality of your target group?

Which persona — punter or creator— guides your digital marketing activities?

Obviously punters are more professional.

When it comes to figuring out your target audience, it’s mostly about gut feeling and experience. But those, alone, aren’t enough. What about customers’ behaviors, their way of thinking and decision making? Here’s a shortlist of other factors you should thinking about:

  • When is the target audience most receptive to your activities?
  • What drives their sense of excitement?
  • What steps do you take to increase customer loyalty?
  • When does a customer become a brand advocate? How strong is that relationship?
  • When, how and why can that brand advocacy turn against you?

Though these questions only tap the surface of what may be missing from your overall digital marketing strategy, they provide answers that can help you avoid unnecessary pitfalls during the next campaign.

Digital strategy also implies to understand your audiences’ emotions

 Understanding your audiences’ emotional states takes you from a demographic analysis to psychographic analysis. It is something that could affect how you address stakeholders and may completely change channels leveraged, metrics gathered and, ultimately, customer life cycles.

Today, customers need to be addressed individually based on their explicit interests. Only by understanding their feelings and thought processes can you work efficiently without wasting money.

Leveraging competitors’ digital marketing strategy gaps

Straße sind 1000 Punkte, by Angela Monika Arnold (CC License)

But it does not just stop at the customer. Seldom you find yourself in a niche market where there are miles of open space and no one around to offer a challenge. Mostly, the market restricts us through competitor activities and market development. But that’s what makes our work exciting.

Are you familiar with how your market has developed or have a sense of where it will be in two to five years? Do you know your competitors’ business and marketing strategies and how they will affect yours?

Do you really know your way? Is there an integrated knowledge? And is it more than a long-shot guess?

Risk management based on analytics takes time, patience

Angst Vertrauen Weg Geradeaus Verkehrszeichen, by geralt (CC License)

Think about it: Analysis and digital communication strategy development are pure risk management.

Analysis requires time and money, making it a worthless investment right now because of the work involved — right?

I say: Analysis and digital marketing strategy development are pure risk management.

And once the analysis is complete, ideas are limited to specific groups, not to mention you are now looking all over the place to gauge market behavior — right?

Not exactly, because limited efficiency and proper investment in time and money can help you avoid catastrophic failures.

To put it simply:

  • Minimize risk;
  • Work efficiently. Stop wasting time and money;
  • Get to know your audience.
  • Be a professional marketer, not an unprofessional gambler.

After sorting through all the analytics …       

We can get with the creative marketing team for another brainstorming session to discuss story lines and different organizational and structural roles to determine what channels make sense for a well-balanced digital communication strategy.

 

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