Digital Business Plan

Digital Business Plan Our team has developed an excellent business plan that will ensure maximum returns for all investments through digital marketing. Currently, many individuals who form the biggest proportion of our target market spend a significant duration on social media platforms. We decided to shift our promotional budget to digital marketing and utilize platforms such as Instagram, YouTube, and standard Google. Moreover, we arrived at this decision after a thorough analysis. We concluded that digital marketing would be more cost-effective than traditional marketing since it does require huge capital. Through this, we can easily adjust our marketing, and it is data-driven (Frost, 2016). Digital marketing will enable our business to reach a broader customer market and gain more credibility and authority. Due to these benefits, we decided that digital marketing is the best move for our business, and we consider the advantages our company will have to all the stakeholders. Besides the digital marketing strategies, we must also be conscious of competitors' product features and competitive advantages to efficiently adjust our system.

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DIGITAL BUSINESS PLAN2 Our business will utilize various promotional mixes for digital marketing, including public relations, advertising, personal selling, direct marketing, and sales promotion. We will design our strategy to include all these promotional mix tools to enable more effective and multiple methods for reaching our customers (Lake, 2019). Our target customers will realize our business's benefits through our expert media coverage, personal selling, and sales promotions through coupons, loyalty discounts, and holiday sales. As a result, we will reach more customers quickly, save more money, and increase our sales within a shorter duration.

We will utilize the media types for our digital marketing, including Instagram, YouTube, and standard Google. According to Agam (2017), Instagram allows for viral marketing practices that facilitate the brand image and its reputation. We can utilize Instagram to create awareness of our brand to a broader market; hence, boosting our consumer brand knowledge. Many consumers have also relied on Google to get their information about brands; thus, utilizing this tool will enable our customers to get information about our business more efficiently. Since YouTube videos get new streamers every day, incorporating our adverts in the videos will help us reach the world market quickly. Wu (2016) describes YouTube as a trending tool for endorsement marketing. Thus, through these social media platforms, customers can leave their reviews for our product, and we can quickly realize how they perceive our brand.

Once we have implemented our social media marketing strategies, they will require monitoring to assess whether they are sufficient for our digital marketing or need adjustments. We proposed utilizing the social media strategy cone to analyze the effectiveness of our strategy involving Instagram, YouTube, and standard Google. According to Effing and Spil (2016), the social media strategy cone consists of three levels; initiation, diffusion, and maturity. At the initiation level, we assess the target audience and the choice of our channel. For the diffusion level, we

DIGITAL BUSINESS PLAN3 will analyze our business’ goals, resources, and policies. We will then focus on monitoring these strategies by thoroughly examining the activities in each social media tool.

We have established a healthy business plan for our product, which involves utilizing various social media platforms, including YouTube, Instagram, and standard Google, for digital marketing. The tools are cost-effective and will help us reach a broader customer market within a shorter duration. Besides, proper digital marketing through these tools will enable our business to gain more credibility and authority in the market. We will also integrate the five promotional mix tools to ensure more effectiveness of our strategies.

DIGITAL BUSINESS PLAN4 References Agam, D. N. L. A. (2017). The impact of viral marketing through Instagram. Australasian Journal of Business, Social Science and Information Technology, 4(1), 40-45. Retrieved 25 November 2020, from http://www.aabl.com.au/aablConference/public/documents/pdf/2018_03_19_05_39_40_1 6_P152-R8_Full%20Paper.pdf Effing, R., & Spil, T. A. (2016). The social strategy cone: Towards a framework for evaluating social media strategies. International journal of information management, 36(1), 1-8.

Retrieved 25 November 2020, from https://www.sciencedirect.com/science/article/abs/pii/S0268401215000778 Frost, P. (2016). 4 Reasons to Shift Your Marketing Budget to Digital. Main Street ROI. Retrieved 25 November 2020, from https://www.mainstreetroi.com/4-reasons-to-shiftyour-marketing-budget-to-digital/.

Lake, L. (2019). The Impact Promotional Mix Can Have on Your Marketing. The Balance Small Business. Retrieved 25 November 2020, from https://www.thebalancesmb.com/what-ispromotional-mix-2295546.

Wu, K. (2016). YouTube marketing: Legality of sponsorship and endorsements in advertising. JL Bus. & Ethics, 22, 59. Retrieved 25 November 2020, from https://heinonline.org/HOL/LandingPage?handle=hein.journals/jourlbun22&div=8&id= &page=