MKT FPX 5410 Assessment 3

Introduction

In today’s business world, the demand for effective digital marketing has never been greater. Digital marketing entails all forms of marketing that utilize electronic devices or the internet. Firms leverage digital channels such as search engines, social media, email, and other websites to connect with current and potential customers (Alexander, 2020). We at Spokin’ Wheels have worked hard to schedule a marketing mix that will bring us the highest reach, and with a dedicated social media strategy. The components of our marketing mix are

• Price
• Physical evidence
• Place
• Service
• Sizzle

Together with these parameters and active presence on websites like Facebook, LinkedIn, and Instagram in real-time, we anticipate reaching maximum through digital marketing and establishing a broader customer base. Basically, online marketing is an updated strategy of the conventional method of marketing, using online mediums to access customers who are now more involved via smartphones, tablets, and laptops. It is important for us to post regularly and update our online mediums, making our products known and taking care to reply to any customer queries at the earliest.

MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels

In order to reinforce our marketing efforts, two of the most important elements of the SOSTAC model will be discussed. SOSTAC® is a strategic model that can be used to develop business plans, marketing plans, digital plans, operation plans, and even personal development plans (SOSTAC, 2020). The SOSTAC elements are as follows:

• Situation Analysis
• Objectives
• Strategy
• Tactics
• Actions
• Control

Digital Marketing Situation Analysis

Spokin’ Wheels has been running our first location for several years, and this has enabled us to recently open a second one. This is an indicator of very high customer loyalty and referrals, which enables us to expand business. My role as a marketer demands that I deal with quite a few employees who will serve as middlemen for our online platforms, as we cannot do everything by ourselves. Conducting a SWOT analysis will assist us in identifying areas of improvement in social media engagement and customer acquisition. SWOT refers to strengths, weaknesses, opportunities, and threats.  

MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels

PESTEL analysis is also a vital framework, focusing on external factors that impact our business environment, including political, economic, social, technological, environmental, and legal (Hall, 2019). With this analysis, we are able to make knowledgeable decisions regarding our services and products.

• Political Factors: We will comply with government policies and ensure our taxes are utilized properly in line with local legislation.
• Economic Factors: It is essential to be aware of the fluctuations in economics. Supply and demand knowledge will allow us to stay profitable through detailed market research.
• Sociocultural Factors: Customer preferences may shift due to the economy and society. These are vital shifts for our products to be made aware of.
• Technology Factors: The Point of Sale machinery and computers in our shops can be used for sales tracking and electronic marketing methods.
• Legal Factors: With a set place as a neighborhood business, we have complied with all the legal requirements to conduct business.
• Environmental Factors: Part of the products will be sensitive to cold weather; however, part of the products can be utilized under extreme weather conditions.

Objectives

The 5S digital marketing model provides a distinct picture of our key objectives (Chaffey, 2019). The 5 S’s—sell, serve, speak, save, and sizzle—are all essential for enhancing our online business. 

Strategy

Summoning marketing strategies takes time and commitment to achieve alignment with our company goals. Appropriately making plans for marketing requires recognizing short-term as well as long-term strategies. Recognizing the sole short-run benefits could risk the future to thrive, or forgetting the short runs would hinder achieving long runs (LaunchMarketing, 2015). For the short run, our strategies are promotional pricing sales and promotion-of-the-day types of programs for boosting volumes of traffic to deliver inventory turnouts.

Tactics

When selecting strategies, we plan to adjust our strategies as needed in order to achieve long-term objectives. Leverage of our established location’s social media will be an important factor in promoting our new location. We will feature both locations on our website, along with frequent promotions.

Actions

To promote our new store, we will put up announcements on our existing social media pages and link to our new store’s page. Our website will also have details of the new store and promotional activities. We will distribute grand opening flyers and advertisements with special discounts.

Controls

Setting effective marketing objectives will help us measure our progress towards gaining and maintaining customers. Website traffic will be monitored closely to determine the performance of our campaigns. Measuring this metric will give us insights into where our visitors come from, enabling us to refine our marketing strategies (Gregory, 2019).