SECTION THREE: DIGITAL MARKETING STRATEGY
- The 4’C’s Framework (4Cs is more of a discussion of the 4 Cs theory than how you are applying it..)
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As pointed out in the preceding sections of this research, Fossil.com has been influenced by the pandemic, stiff competition from rival companies, technological advancements, and culture. These raised issues both influence the micro and macro-operations of the business. For Fossil.com to implement a successful integrated marketing tactic, it has to encompass the appropriate features of the marketing mix, and this is possible through the use of the 4C’s compounded with the 4P’s. To attain scalable success, the firm has to strike a seamless marketing mix balance for a marketing campaign. A fulfilling integrated marketing approach has to identify the appropriate balance of features present in the marketing mix; it should also be in the capacity of taking the 4P’s and translating them to develop a customer-centric approach founded on the 4C’s (Keleabetsoe, 2019). Developing a spot-on marketing mix and identifying the appropriate balance of features, services, and goods will reach the intended consumers at the right price at the right time and place. In brief, the four Cs include Communication, Customer solution and value, Convenience, and Customer Cost. Fossil.com is more likely to address the raised market concerns if it becomes more customer-centric. The 4C’s are therefore essential in warranting that the company brand is customer-focused and places the brand on a path that is likely to address consumer issues rather than being only concerned with the service and product. Fossil.com has to ensure that it has translated the 4Ps to the 4Cs; the place should be translated into convenience, the product should be the customer value and solution, promotion should be replaced with communication, and the price should be the customer cost (Keleabetsoe, 2019).
- Marketing Objective (don’t change this objective)
Increase overall sales by 40% from £1,200,000 to £1,680,000 by April 2023
As per the 2021 Fossil third-quarter financial results, the company registered an increase in the international net sales by 13%, and this mirrored growth in all segments. On a continuous currency basis, the company recorded an increase in net sales through digital channels by 28%, and this percentage was compared against the 2020 fiscal year (Fossil Group, 2021).
- Digital Marketing Objectives (don’t change this objective based on this need to decide marketing strategy and digital plan)
- Increase monthly sessions by 40% from 10,000 p/m to 14,000 p/m by April 2023
- Increase Social media engagement by 40% by April 2023 (Need to check whether this is SMART objective if not than check what to be added in this to make is SMART, don’t change the objective, professor has given this objective )
The above-enumerated objectives can be achieved through the aid of particular tools. The tools and platforms include social media platforms, Search Engine Optimization (SEO), referrals, content, affiliate sites like Amazon and Google pay per clicks. Moreover, the company will use Google Analytics to track the yearly sales.
- Digital Marketing Strategy (this is not a strategy) change as per objective above
Increasing Online traffic:
As already identified, with an assigned budget of $3 million, the company will use the Search Engine Optimization to raise its online traffic in a period of one year beginning in 2022. The firm will raise traffic into its website within a period of one year through an allocated budget of three million. Besides using the Search Engine Optimization, the firm will as well increase its monthly sessions through advertising its brand using a high-quality content that can best be achieved through blogs, infographics, and podcast. The sessions can also be raised through developing Facebook Brand personas, which will encourage visitors into the company website (Basaran, 2022).
Increase customer engagement on Facebook
As pointed out in section 7, the firm will increase its revenues by 40% within a period of 3 years starting June 2022. The company revenues can be increased and enhanced through increasing sales. Applying the revenue growth KPI, Fossil.com will be able to benchmark progress towards increasing its revenues and this can best be monitored using a spreadsheet (Neil, 2022). Moreover, the firm can also aim for repeat customers through effective communication and establishing best consumer links (Indeed, 2021).
Growing Consumer Lifetime Value
Fossil.com will grow its consumer lifetime through minimizing the website visitor bounce rate by 40% by January 2024 beginning April 2022. The objective will be attained through reducing the customer online bounce rate. A bounce rate is an analytical term referring to individuals visiting a website and leave without achieving their purpose. A lower bounce rate will imply engaged clients (Petter, 2021). The consumer lifetime can further be enhanced through consumer retargeting- targeting former customers and repeat targeting. Targeting can be achieved through digital campaigns on social platforms and emailing. The former customers can be reached through incentives like being offered discounts, referrals and reviews (Villas-Boas, and Yao, 2021).
- Digital Marketing Mixture of Channels (this is not linking check example of other student how he has done)
To increase sales and attain competitiveness, Fossil.com will have to implement online and offline techniques that will enable digital marketing. As already identified, people are moving towards online stores, and purchases can be made from any point and time. Implementing the SMM and content marketing alone might be insufficient; thus, additive channels may be needed to compound these two. Social media marketing alone will aid in comprehending the customers’ wants, affiliations, likes, and needs- their network can then be leveraged to pull in new customers to the business. The company can employ the technique of Network Targeting, which will apply social networks in serving up programmatic publicizing whereby the consumer’s online friends can be made to view product endorsements. Additionally, Viral Marketing can also be employed to supplement SMM and content marketing, and this is because it has the potential of leveraging on social networks through practices that provide people with incentives to refer friends and family to the organization’s products. The offline digital channels that can compound the online marketing media include print, television, radio ads, mobile marketing through MMS and SMS.
SECTION FOUR: DIGITAL MARKETING PLAN
- Digital Transformation (Digital transformation is about how they manage to deliver the strategy you recommended…do they have the processes, teams skill and technical infrastructure in house already? Or will they need to change …that’s transformation)
To attain the above discussed digital aims, Fossil.com will maintain using platforms like Amazon sales, Google pay per click, SEO, Content marketing, email marketing. To increase revenues, the company will use the google pay per click, goggle analytic, email automation, social media tools like Facebook insights. On the other hand, the digital tools for enhancing the firm’s conversion rates include the Google analytics, Google Optimize, Adobe target and analytics tools (Sokil, and Sokil, 2021).
Fossil should invest in digital marketing because it will grow the firm’s digital return on investment. A clear and well-aid strategy minimizes waste, emphasizes focus on the firm efforts, and capitalizes on the already working approaches (Krister, 2021). To formulate a digital marketing strategy, Fossil.com will begin by 1.) Exploring the commercial landscape and evaluating the outcomes; 2.) Developing a clear and concrete strategy for realizing company goals; 3.) Defining the prospect customers; 4.) Developing the content plan based on the marketing goals and target customers; 2a5.) Selecting the appropriate digital marketing media and tactics; 6.) Setting benchmarks and KPIs; 7.) implementing best practices; and 8.) evaluating and making appropriate adjustments.
Digital transformation is likely to have a significant influence on Fossil.com, and this is because it starts with and ends with the consumer (Gong, and Ribiere, 2021). Digital transformation enables the application of digital technologies in the development of fresh and modification of existent commercial processes, consumer experiences, and culture to meet the changing market and business needs. This process is all about the reimagining of commerce with this digital era (Gong, and Ribiere, 2021). Digital transformation rises above traditional marketing, sales, and customer service functions. Alternatively, digital transformations commence and end with the manner businesses perceive and engage customers. Therefore, digital transformation has the potential of reimagining the strategies discussed in section three. The concept has made it possible for firms to advance and revisit all their practices, and this begins from the microsystems to consumer interactions both offline and online.
Through digital transformation, Fossil has implemented three frameworks for realizing digital growth strategy (Baburajan, 2020). Digital transformation will see the firm shift entirely from e-commerce websites to international cloud-based technologies. Digital transformation tools will include social media marketing tools, content marketing tools, SEO, and email marketing tools (Brent, 2021). They will lead the firm towards enhanced customer experience and efficiency. Compounded by the digital strategies, digital transformation will lead to the development of a digital wallet, which will offer customers an effortless, flexible, seamless transaction.
Furthermore, Fossil Group Inc. should capitalize on digital transformation to develop an Augmented Reality (AR) system, which will permit clients to try a product virtually by utilizing the camera on their computing devices like phones and tablets; an online selling pilot (Brent, 2021). The consumers will see the usefulness of a product through clicking on a button; they will also be provided with advice concerning a particular product, service, and issue. They will also virtually meet in-store sales personnel who, besides providing advisory services, will also effect transactions in real-time, applying the company’s ship from store ability. Digital transformation has presently led to partnering the group’s e-commerce, logistics, and IT teams towards the implementation and scaling of fulfillment potentials that constitute shipping from the store, purchasing online and pick up at the store, and the curbside pickup (Baburajan, 2020). It has also led to expanding the firm’s e-commerce capability within warehouses to manage seamlessly and unpredicted peaks within the online market all year round by partnering with giant 3rd party e-commerce market hubs like Tmall, Zalando Flipkart, Amazon, JD.com, and Myntra (Fernández-Rovira, et al. 2021).
- The Integration of the Online and Offline activity (what you recommending ?)
The consumers require to gain from the merits of both the offline and online digital activities whenever they are using information from the company’s digital sides at any given time. They are yearning to perceive the ease of purchasing via digital means and the personalized offering, which results from purchasing commodities in-store (Chris, 2021). Whereas it is paramount to guarantee that the online and offline marketing stratagems accommodate the diverse needs and wants of the firm’s customers within every touchpoint, integrating the online and offline activities into the business offers a reliable message that will aid in developing a cohesive and trusted brand. Having a consistent and cohesive involvement across the offline and online media is fundamental to developing the required experience for the firm’s clients; inconsistency cultivates mistrust and confusion. For instance, if a company employs a certain kind of branding for a television advertisement, which encourages consumers to visit a page, however upon arriving at the website, they view something different from what they had expected, they end up being uncertain if the website is reliable hence this results to a lack of trust on a particular brand thereby they may exist from the company minus converting. Maintaining consistency in offline and online channels is fundamental to the fulfillment of company goals and a cost-efficient marketing strategy (Chris, 2021).
The online and offline digital activities can be integrated through the application of consistent branding to develop cohesive marketing campaigns. In other words, the firm should select the same colors, logo designs, styles, and fonts throughout all their actions. For instance, Fossil’s websites should appear similar to the company’s commercial cards at the same time, the postcards and flyers should contain a visual connection to the organization’s social media titles. By carrying out this, it will create a visual flow, which will ease the actions of the present and future clients in recognizing the brand either on online channels or offline media (Elton, 2020). Moreover, Fossil.com can add digital information to its print advertising. The firm can ensure appended its website address on mailers, business cards, flyers, and postcards. This also encompasses the firm’s Instagram, Facebook, Pinterest, LinkedIn details. This approach will be key in bridging the gap existing between offline and online advertising. In addition, the company can tie up its offline and online data. Linking up the offline (CRM) and the online data will aid in the creation of a comprehensive customer profile and comprehend the customer journey. Upon integration, the information can be fundamental in informing the firm’s marketing approach, for example, developing localized adverts with the aim of increasing footfall in the event where in-store sales are more than online sales. The online and offline digital channels can also be integrated by using social media for offline activities. Besides, the organization can encourage offline consumers to shift to online channels.
Joining offline and online marketing will create a seamless experience for the buyer, permitting the customers to shift through the consumer journey effortlessly. It also increases brand audience and familiarity- factors that will make the firm gain a competitive advantage.(this is ok, but may be too detailed don’t forget ur word count, will this require transformation do you think ?)
Risks, Roles and Responsibilities as a Manager, Risk Strategy and Disaster Recovery Plan
Risks (need to update this, this is general we need to provide as per objectives)
In the implementation of digital marketing, risks might arise that may make the process unattainable, and the risks can include 1.) An absence of vibrant digital marketing strategy; 2.) Defamation risk; 3.) Omni-channel marketing can deliver an inappropriate brand message due to overreliance; 4.) Trademark infringement; 5.) Misleading online traffic.
Responsibilities as a manager
As a manager, I will be entrusted with handling risk options; determining risk mitigation plans; coming up with a risk contingency plan; analyzing the action status; integrating the plans to the program handling baseline, and risk monitoring.
Risk Strategy and Recovery Plan (need to give as per our objective)
The risk strategy involves the acceptance of an existing risk. A manager should acknowledge that there might be a risk; thus, a thoughtful approval of the program and project team is required. After identifying the risk, program constraints and requirements have to be adjusted to reduce the risk. The adjustment can be effected by changing schedules, funding, and technical needs. The risk should then be controlled by implementing actions that could minimize the likelihood and degree of impact of the risk. The manager should then reallocate logistic accountability to a different stakeholder, ready to accept the vulnerability. The environment should be closely monitored to determine changes influencing the impact of risk. To recover from the risk, a risk assessment matrix should be developed that will contain the vulnerability ratings and degree of impact.
References
Arul, S., 2019. 4 Types of Digital Marketing You Should Consider for Your Business. [Online] Available at: https://techaffinity.com/blog/4-types-of-digital-marketing/ [Accessed on: 26-Jan-2022]
Baburajan, K., 2020. Fossil Focuses on Digital Transformation Spending for Business Growth. [Online] Available at: https://infotechlead.com/cio/fossil-focuses-on-digital-transformation-spending-for-business-growth-64626 [Accessed on: 26-Jan-2022]
Basaran, U., 2022. Gamification in Marketing: A Case Study From a Customer Value Perspective. In Handbook of Research on Cross-Disciplinary Uses of Gamification in Organizations (pp. 137-165). IGI Global.
Brent, B., 2021. 20 Must-have Digital Marketing Tools to Help You Grow. [Online] Available at: https://sproutsocial.com/insights/digital-marketing-tools/ [Accessed on: 26-Jan-2022]
Chris, A., 2021. How to Integrate Online and Offline Activity to Make More Informed Marketing Decisions. [Online] Available at: https://www.mytotalretail.com/article/how-to-integrate-online-and-offline-activity-to-make-more-informed-marketing-decisions/ [Accessed on: 26-Jan-2022]
Elton, M., 2020. Top Ways to Combine Online and Offline Marketing. [Online] Available at: https://ermarketing.net/top-ways-to-combine-offline-with-online-marketing-in-2020/ [Accessed on: 26-Jan-2022]
Fernández-Rovira, C., Valdés, J.Á., Molleví, G. and Nicolas-Sans, R., 2021. The digital transformation of business. Towards the datafication of the relationship with customers. Technological Forecasting and Social Change, 162, p.120339.
Formation, 2021. Customer Engagement Strategy: Turning Customers into Advocates. [Online] Available at: https://formation.ai/blog/customer-engagement-strategy-turning-customers-into-advocates/ [Accessed on: 26-Jan-2022]
Fossil Group, 2021. Fossil Group, Inc. Reports Third Quarter 2021 Financial Results; Raises Full-Year Outlook. [Online] Available at: https://www.fossilgroup.com/wp-content/uploads/2021/11/Q3-2021-Press-Release.pdf [Accessed on: 06-Feb-22]
Gong, C. and Ribiere, V., 2021. Developing a unified definition of digital transformation. Technovation, 102, p.102217.
Indeed, 2021. 20 Strategies to Increase Revenue. [Online] Available at: https://www.indeed.com/career-advice/career-development/increase-revenues [Accessed on: 15-Feb-22]
Keleabetsoe, R., 2019. The integrated marketing mix: translating the 4P’s into the 4C’s. [Online] Available at: https://blog.penquin.co.za/blog/the-integrated-marketing-mix-translating-the-4-ps-into-the-4-cs [Accessed on: 26-Jan-2022]
Krister, N., 2021. How to Create a Digital Marketing Strategy: Eight Steps to Laser Focus Your Plan. [Online] Available at: https://www.forbes.com/sites/forbescoachescouncil/2021/02/25/how-to-create-a-digital-marketing-strategy-eight-steps-to-laser-focus-your-plan/ [Accessed on: 26-Jan-2022]
Neil, P., 2022. How to Increase Your Website Traffic without a SEO. [Online] Available at: https://neilpatel.com/blog/how-to-increase-website-traffic-without-seo/ [Accessed on: 15-Feb-22]
Petter, R., 2021. Web Analytics: Increasing commercial value through digital channels.
Sokil, Y.S. and Sokil, O.H., 2021. Digital communication tools for online business.
Villas-Boas, J.M. and Yao, Y., 2021. A dynamic model of optimal retargeting. Marketing Science, 40(3), pp.428-458.
Appendices
Tools to Capability Map
| Marketing Strategy | Tool |
| Social Media Marketing | Sprout Social
Loomly Audience
|
| Content Marketing | Google Docs
Yoast History WordPress Grammarly HubSpot |
Table 1 The KPI for the Digital Marketing Objectives
| Principal KPI | Secondary KPI | Tertiary KPI | Leading KPI | |
| Content | Interactions and Comments,
Conversions, Inbound links, exclusive page visits, |
Content shares | Bounce rates | Web visits |
| Referrals | Generated revenues | Conversion rate | Website visits | Gained referrals, Reward attainability. |
| Google Pay Per Click | Cost per Acquisition | Conversion rate | Click rate | Impressions |
| Search Engine Optimization (SEO) | Revenue | Conversion, ROI, | Website visits, Organic visibility | Impressions |
| Social Media Marketing Platforms | Conversions | Website visits | Click-Through Rate (CTR), engagement | Followers |
| The rate of conversion | The bounce rate | Content shares | Content visits and views |
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