Web Marketing & Strategy Audit: What, Why & How?
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Web strategy-related expenditures at companies can total as much as 20% of all operational costs at companies nowadays -- when factoring spending on web technologies, interactive marketing, and staffing into the mix -- yet few organizations apply a structured approach to regularly analyzing digital strategy performance and ROI. East Coast Catalyst's Digital Strategy & Marketing Audit helps companies understand their digital strategy expenditures, associated ROI, and identify areas for cost savings and performance improvement. This presentation offers background information on this ECC offering and its components.
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Web Marketing & Strategy Audit: What, Why & How?
- 1. Digital Strategy & Marketing Audit(SM) Product Background & Information Prepared by East Coast Catalyst April 2011
- 2. Table of Contents I. Background & Description a. Why a digital strategy audit? b. Questions answered through an audit c. Who can benefit from an audit d. The digital strategy challenge e. ECC philosophy & tactical model II. Digital Strategy Assessment a. Top‐line review of aggregate digital alignment & contributions III. Digital Asset Audit a. Expert assessment of market‐facing platforms & infrastructure systems b. Websites, communities, CMS, ecommerce, analytics IV. Interactive Marketing Assessment a. Overall traffic & performance b. Tools & techniques: search marketing (paid & organic), email, display, social media V. Competitive Landscape Review a. Performance review vis‐à‐vis top three competitors VI. Key Findings & Roadmap a. Critical findings & takeaways; recommendations for next steps
- 3. Why a Digital Strategy Audit? Since few companies have established Chief Digital Strategist offices, most rely on “digital” to be successfully addressed by mid‐level managers throughout functional areas of an organization; as a result, a sprawling maze of disjointed digital operations and spending are the norm. A Digital Strategy & Marketing Audit(SM) audit provides senior managers with the analysis and insights needed to formulate effective digital strategies. Key Features & Benefits • A detailed and research‐based analysis of digital ecosystems and strategies – from an independent and objective expert • A structured approach for understanding digital strategy performance vis‐à‐vis direct competitors and best practice companies • An understanding of digital strategy cost structures and ROI • A method for prioritizing and re‐balancing digital investments • A first step towards using digital strategy to optimize competitiveness
- 4. Why a Digital Strategy Audit? (continued) Questions Addressed By an Audit: • What is the company’s aggregate digital asset inventory, associated costs for maintenance and optimization, and ROI? • How much is the company spending on its digital strategy and how do its investments compare with the competition and best practice companies? • Where are the company’s digital strategy strengths, weaknesses, opportunities and threats (S.W.O.T.)? Summary: A digital strategy and marketing audit provides senior managers with the quantitative and qualitative analysis and information to inform intelligent digital strategies that drive competitive advantage.
- 5. Why a Digital Strategy Audit? (continued) Who Can Benefit From An Audit: • Marketing Directors who need to make a case for digital marketing budget increases • VPs‐Marketing who want a second opinion on agency recommendations & spending • General Managers with broad management responsibilities who need to understand the comprehensive digital marketing function • Non‐marketing executives who have management or financial responsibility for digital marketing activities & expenditures • Entrepreneurs who need to formulate and execute digital marketing strategies – fast • Committees that are considering investments in digital marketing programs (website, media buy)
- 6. The Digital Strategy Challenge U.S. Internet Adverti s i ng Revenue ($B) Given the explosion of the digital sector over the past $26.0 decade, it’s no wonder that many organizations now find $23.5$22.7 themselves with sprawling and unmanageable interactive $21.2 ecosystems. Spending on online programs continue to rise – $16.9 and for good reason, because they work – but investments $12.5 in corresponding management and optimization activities $8.1 $7.1 $7.3 $9.6 $6.0 have lagged. A Digital Strategy & Marketing Audit(SM) is a smart first step for organizations seeking to take their digital programs to the next level. 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Source: Interactive Advertising Bureau & PwC An audit allows companies to rapidly acquire a detailed understanding of their digital ecosystem and assets, investment dollars at work, and competitive strengths and weaknesses. An audit is the ideal first step before embarking on a new website overhaul or digital strategy planning process – both of which require significant capital expenditures. Without a baseline set of understanding in place, it’s impossible to establish future plans and measure ongoing performance and return‐on‐investment.
- 8. Digital Strategy Assessment Approach What It Is We gather information about an organization’s corporate, business unit, and marketing strategies, and evaluate digital programs to determine alignment. Why It’s Important If you don’t know where you’re going, any road can get you there. “Digital” ‐ as a category ‐ is a useful and growing capability, but at most companies it should be used in primarily a support role. Digital tactics can be used in nearly every functional area of an organization to improve performance, but needs to be analyzed in that context. Key Questions Answered Are digital operations supporting critical business goals? How do digital investments correspond to corporate priorities, and what adjustments can/should be made to realize alignment? How do digital strategies measure up against the competition?
- 11. Competitive Landscape Review COMPETITOR CLIENT SET What It Is Companies often viscerally understand DIGITAL ASSETS that they are at a competitive Website(s) disadvantage, but have difficulty Blog(s) C ommunty(s) quantifying it. The competitive landscape Content Value review is targeted at providing structure FEATURES & FUNCTIONALITY around digital competitiveness. Engagement & Personalization Ecommerce Why It’s Important Demonstrations Multimedia Broad‐based market statistics and norms ONLINE MARKETING are typically useless when it comes to Search engine performance understanding digital strategy Email & outreach effectiveness; the only analysis that usually Display advertising matters is performance relative to core Social media competitors and relevant market leaders. Facebook Twitter Key Questions Answered LinkedIn OVERALL PERFORMANCE How your company’s digital assets, online General presentation & affect marketing efforts, levels of investment, User experience & ease of use and interactive strategies stand up against Engagement & stickiness the competition.
- 13. East Coast Catalyst 300 Summer Street, Boston, MA 02210 617‐314‐6400 www.eastcoastcatalyst.com Contact Tim Bourgeois, Partner at [email protected] to discuss engaging East Coast Catalyst for a Digital Strategy & Marketing Audit. About East Coast Catalyst East Coast Catalyst, Inc. is a digital strategy management consulting firm. Located in Boston, the firm’s mission is to help client executives optimize their companies’ performance through the strategic application of digital tools and techniques. ECC’s core offerings include digital strategy and planning, creative and user experience strategy, and digital platform management and optimization, as well as the flagship Digital Strategy & Marketing Audit(SM) . The firm was founded by two industry veterans – Tim Bourgeois and David Polcaro – who each rely on more than a decade of experience delivering digital strategy, implementation, and interactive platform optimization services to globally recognized brands and emerging companies across all major industry sectors. For more information contact East Coast Catalyst at 617‐314‐6400 or visit www.eastcoastcatalyst.com.