Marketing Strategy In The Digital Age: Applying Kotler's Strategies To Digital Marketing

by Milton Kotler, Tiger Cao, Sam Wang, Colllen Qiao

Overview

The market changes faster than marketing. In essence, marketing strategy has undergone only two eras, the entity era and the bit era, also known as the industrial age and the digital age. In the age of digital society, all CEOs, CMOs and senior marketing executives must consider how to change their strategies, improve the role of marketing and adopt emerging technological and data tools to integrate with the Internet. The goal of digital marketing strategy is not to disrupt existing marketing strategies, but to complement, integrate and develop the two at the same time.In this book, the authors provide detailed discussion and practical analysis on the relationship between marketing and digital technologies and propose a marketing implementation framework for digital strategy platforms. Standing for Recognize, Reach, Relationship and Return, the 4R system is a powerful strategic trading tool for digital implementation, especially for CEOs and CMOs. All other tools, such as data platforms, content marketing, DSP digital advertising and digital marketing ROI design essentially serve the 4R system. As such, the authors advocate for firms to restructure their digital marketing strategy around the 4R system.

Product Details

ISBN-13:	9789811216978
Publisher:	World Scientific Publishing Company, Incorporated
Publication date:	09/07/2020
Pages:	404
Product dimensions:	6.00(w) x 9.00(h) x 0.94(d)

Table of Contents

Endorsements v

Acknowledgement ix

About the Authors xi

About the Translator xv

Foreword xvii

Preface xix

Chapter 1 Marketing Environment in the Digital Transformation 3

This is an era when the world embraces digitalization

We have more access to the Internet, share more information online and are more likely to obtain information from the Internet

We switch our life to online activities, like social interactions and shopping, as if we were digital mammals

Against such a background, marketing digitalization is an inevitable trend

We need to know the digitized marketing environment, understand the behavioral characteristics of consumers and learn from leading digital marketing enterprises

We also need to evaluate the maturity of the current digital marketing strategies

This is the first step for us to carry out digital reform

The Digital Environment 4

Digital Consumer Behavior 24

Digital Marketing Layout of Leading Enterprises 29

Auditing the Maturity of the Corporate Digitalization 40

Redefining "Digital Marketing" 45

Chapter 2 Upgrading Digital Marketing Strategy: Strategic Platform for Digital Marketing 49

Many CEOs and CMOs ask the following questions: How is marketing strategy in the digital era different from that in traditional times?

What has changed in each step of a marketing strategy in the digital era and what has been preserved?

Only by starting with the mindset and frame-work and thinking as that of a CEO and CMO can we make good top-down designs and plans

We need to know the nature of marketing, the most prominent features of marketing in the digital era, the latest developments in segmentation, target market, position and brand strategy with digital technologies and the strategic platform of digital marketing established as such development takes place

Evolution of Marketing: From Marketing 1.0 to Marketing 4.0 50

Upgrading the Framework of Marketing Management 68

Upgrading Marketing Research in the Digital Era 73

Upgrading the Marketing Strategy STP in the Digital Era 81

Upgrading Product Strategy in the Digital Era 93

Upgrading Price and Channel Strategies in the Digital Age 98

Upgrading Branding Strategy in the Digital Age 112

Upgrading Customer Service Strategy in the Digital Age 117

Chapter 3 Recognize in the 4Rs: Digital Profiling and Recognition of Consumers 125

To recognize your consumers is the first step for digital marketing

In the pre-digital era, we focused on the overall analysis of target consumers, and most profiles of consumers were predicted based on sampling and qualitative studies

In the digital era, the biggest change is that network behaviors of consumers can be tracked by big data, like tracking of cookies, tracking of mobile digital behaviors using SDK and tracking of shopping preferences by payment data

With these data connected, a big data user profile is completed

Integrating these technical means and marketing philosophy is the biggest change in the digital age

Digital Marketing Strategy Model and the Application Framework of the 4R 126

What is Consumer Profiling 128

Advantages/Features of Big Data Consumer Profiling 140

Converting Customer Profiles into Business Value 144

Customer Journey Map 154

Chapter 4 Reach in the 4Rs: Coverage and Arrival of Digital Information 163

To reach your consumers is the second step in digital marketing and also the first step for enterprises that engage in the digital marketing game

After having a clear digital profile of consumers, we need to reach and connect to our customers, which we hereby call "coverage and delivery of digital information"

In this process, enterprises need to analyze themselves: How can they have a digital plan and layout in a systematic and scientific way rather than in a passive, scattered and random way?

We divide the coverage and delivery of digital information into four categories: Initiative-push, initiative-present, trust-agent and asset-exchange

Also, the tools of digital marketing have been presented in this chapter

Coverage and Reach of Digital Information 164

Methods of Digital Information Coverage and Reach 168

From Owned Media, Paid Media and Earned Media to Mixture 200

Chapter 5 Relationship in the 4Rs: Establishing a Basis for Continuous Relationship 204

The first two steps cannot ensure the efficacy of digital marketing as they only target and reach consumers rather than converting them into assets

The key step lies in "whether your digital marketing sets up the basis of continuous business."

The establishment of many online communities ensures direct and in-depth relations, interactions and engagement with clients in a "disintermediation" scenario

This is also the format of the current Enterprise 2.0

In the digital era, only by building an all-around network, establishing multidimensional brand communities and providing ongoing maintenance can enterprises have sustained relations with clients which form the basis for continuous business

Digitalizing: The Basis for Sustained Relationship 205

Constructing Relationship in the Digital Era 210

Identifying the Objectives of Relationship Strategies 212

Actions to Establish the Ground for Sustained Relationship 218

Chapter 6 Return in the 4Rs: Making Deals and Profits 241

To realize return is the fourth step in digital marketing, which corresponds to the idea that "marketing is not only an investment but helps to realize direct returns"

Many enterprises build online communities to attract brand followers, but how to cash in the assets is the issue that is going to be explored in this chapter

We put forward a number of approaches, including turning community membership into a good, turning community values into a good, running community as a media network, expanding community members as channels and marketing community trust

Returns 242

Methods for Realizing Returns 243

Turning Community Membership into a Good 243

Turning Community Values into Goods 246

Expanding Community as Media Network 249

Expand Community Members as Channels 252

Attract Talents Using the Current Community Base 255

Marketizing Community Trust 256

Digitizing Community Information 258

Chapter 7 Big Data Marketing Platforms: Applications of Big Data in Marketing 265

Online tracking of customers enables data to inject enormous vigor into marketing

How to digitalize marketing activities?

How to combine big data and marketing?

Does big data overturn the logic of marketing?

Marketing in the future combines ideas, technologies and data together; based on current technologies, what technologies can be applied in marketing activities to directly upgrade your 'weapons'?

We have put forward different ways that could be flexibly applied to help enterprises base their marketing on data

Big Data vs. Digital Marketing 266

Commercial Applications of Big Data in Digital Marketing 273

Data Sources 285

Obstacles to Data Integration 290

Chapter 8 Content Strategy of Digital Marketing 293

The focus of marketing competition in the digital era is how to attract and acquire continuous attention from customers by posting content worth reading which possesses practical and social value

Content creation used to be unidirectional and was produced only by enterprises, but has now turned to a co-creating and co-sharing model among members of the brand community

Enterprises should be more concerned that in the digital era, content is neither simply an advertorial nor a cost-based activity

In the future, what enterprises should firmly believe is that content has economic value in and of itself, and they should regard themselves as "content creators", participating in the production of seen materials and the operation of content-sharing platforms

What is Content Marketing 294

Key Points in Content Marketing 296

Steps in Content Marketing 299

How to be "Contagious" in Content Marketing 313

Chapter 9 Organizational Platform for Digital Marketing 317

Strategies depend on organizational modes, while organization follows strategies

The digital age is an age of "Metamorphosis of Enterprises"

Agile, process-oriented, perform an ce-oriented organization modes ask us to reconstruct the organizational structure of marketing

Marketing needs to embrace information technology (IT) and data

This has posed challenges for chief marketing officers (CMOs) or even the entire marketing team in competency and the organization's culture

As a senior executive, it is critical to build "a marketing team with Da Vinci's all-round talent."

In response to this, we have proposed our consulting advice in this chapter

Introduction to Organizational Structures in the Digital Era of Connectivity 318

An Odyssey: The Journey of Marketing Organizations 324

Make Marketing Happen: Three Principles of New Marketing Organization Design 325

Reorganizing Marketing Structures 335

Chapter 10 Management and Measurement of the Performance of Digital Marketing 344

One reason that the emergence of digital marketing is significant is that enterprises can have precise marketing analysis and management

An increasing number of enterprises start to realize that it is essential to measure or evaluate the "brimming" numbers in marketing through a systematic approach and process the data into "good numbers" contributing to sound strategic and organizational ambitions

To better evaluate the performance of digital marketing, it is necessary to read the latest and most commonly used indicators and simplify these indicators by a target-oriented and "vanity-free" approach

In particular, marketing people in the digital era need to keep a close eye on marketing measurement based on social media and customer purchasing behaviors to obtain accurate feedback on marketing investment

What is to Measure in Digital Marketing? 345

Metrics for Evaluating Digital Marketing: How to Avoid "Vanity"? 351

Performance Management and Measurement of Digital Marketing 358

Index 369