Digit Books

CLIENT STRATEGY REPORT

Curtin University | Strategic Marketing | MKTG3004

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EXECUTIVE SUMMARY:

The purpose of this strategic marketing plan is to offer strategies to Digit Books that will

fulfil the goals and objectives of the plan, the plan is designed to last at maximum, five

years.

Digit Books is a multi-award winning bookkeeping company based in Perth, with a

mission to create happier businesses through better bookkeeping, particularly

specializing in the use of Xero’s cloud based bookkeeping software. The SBU consists of

the 7 employee Perth team, led by Andrew Erkins, Raymond Bechard and Leah Moore.

Digits customers comprise of businesses in the industries of industries of health and

wellness, retail, ecommerce and professional services. A PESTEEL analysis revealed a

strong shift towards internet and mobile technology adoption, greater emphasis on

environmental impact, a slow economy with lowering interest rates, a shift from a left to

right wing dominant political leadership, as well as stronger regulations in the protection

of personal information. The competitive analysis also revealed an apparent smaller

market share in regards to Xero bookkeeping amongst three of the four main

competitors, although Digit demonstrates a sustainable competitive advantage in their

expertise and personal attention to customers.

The recommended goals and objectives for this strategic marketing plan involve building

the Digit Books brand, creating an educational portal, geographically expanding the

business, adding new services and ultimately own the local bookkeeping market.

It is recommended that the business uses a market development strategies, relying on

geographical expansion, by aiming at big cities of the East such as Melbourne and

Sydney. Moreover, new market segments might be available as another suggestion is to

implement advisory services in the business.

The first incremental innovation strategy involved product modification within the existing

product line, in the form of advisory services. The purpose of introducing advisory

services is to offer higher value services to clients, increase retention and expand the

client base. This will transform Digit into an all in one financial service for SMEs.

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Secondly, the implementation of a product-line extension free education portal was

recommended to increase inbound traffic via search, as well as optimising the site to

maximize lead generation from these visitors searching for information.

The online promotional strategy concerns Facebook and the company website. Digit will

utilise these platforms to engage with consumers and increase traffic on their digital

assets. Furthermore, Digital will use Search Engine Marketing, in the form of google ad

words, and Search Engine Optimization to generate traffic.

The Budget for this plan is $20,000 AUD, with expenditure going towards Digital

marketing such as Search Engine Marketing and Sponsored Facebook posts, as well as

hiring experts to produce broadcast media.

CONTENT

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S

EXECUTIVE SUMMARY:.....................................................................................1

OUR TEAM:........................................................................................................4

SBU Situational Analysis:................................................................................4

SBU Corporate Appraisal:............................................................................4

SBU Corporation:......................................................................................4

SBU Customers:........................................................................................9

PESTELE.................................................................................................10

SBU Competition:.......................................................................................13

Key Findings:..............................................................................................17

SBU OBJECTIVES AND GOALS:..........................................................................18

Recommended Goals & Objectives:............................................................18

RECOMMENDED STRATEGIES:...................................................................20

Market Development Strategies:................................................................20

Geographic Expansion.............................................................................20

New Market Segments............................................................................21

New Marketing Channels........................................................................21

Incremental Innovation:.............................................................................22

Education Portal......................................................................................22

Advisory Services....................................................................................22

IMPLEMENTATION PROGRAM:..........................................................................24

BUDGET SUMMARY:........................................................................................27

REFERENCES:..................................................................................................28

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OUR TEAM:

1. Khilane Kissane Harilal (ID: 18296460)

2. Jayden Carey (ID: 18333969)

3. Venezuela Lubis (ID: 17749675)

4. Carrie Millar (ID: 17730679)

5. Justin Beavis (ID: 18335554)

SBU Situational Analysis:

SBU Corporate Appraisal:

SBU Corporation:Digit Books is a multi-award winning Perth based bookkeeping company, specialising in

the use of cloud-based accounting software Xero to streamline the process of financial

management for business owners. Services offered include bookkeeping and reporting,

payroll, BAS, IAS & GST assistance as well as consulting. The company’s operations

consist of seven employees at their Perth headquarters and seven employees at their

outsourced Manilla operations (Erkins 2017).

The key stakeholders consist of all 14 of their employees, particularly their management

team comprising of Andrew Erkins, Raymond Bechard and Leah Moore who essentially

hold the entire voting rights for the company. Furthermore, their client base of over 270

businesses (Erkins 2017) also holds a large stake in the company, relying on them to

manage their bookkeeping at a professional standard, including the financial data used

to declare their clients taxation obligations. Lastly, for the clients Digit Books processes

payroll for, the employees of these clients also have a vested interest in the company

and their ability to produce their payslips on time and for the correct amount.

While there is no provided data in regards to Digital Books financial performance, they

have won awards for the 2015 Bookkeeping Firm of the Year at the Australian

Accounting Awards and the 2016 Australian Bookkeeping Partner of the Year at the

Xero Awards (“Digit Books” 2017). They are also currently ranked as the ninth largest

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Xero partner in Australia, currently holding a Gold Champion Partner status (“Xero

Advisor Directory” 2017).

Currently the business is looking to expand in the east coast of Australia, where they

currently hold a competitive advantage over most other firms based on the east coast

who generally have not won any bookkeeping awards. Long term Digit is looking to

expand overseas into countries such as the United States and United Kingdom.

The Perth SBU functions mostly as the executive operations of Digit Books as a whole

company, while utilizing their Manilla operations as the “behind the scenes” of Digit

Books operations, responsible for the data-entry work for processing their customers

financial activities. This allows the Perth team to focus on the higher level business

strategy activities such as management, business development, digital strategy and

customer satisfaction.

Digit Books current corporate structure can be broken up into the executive team, admin

team, Perth and Manila team, the diagram below depicts the makeup of the

organisational structure of the company (Digit books organisational chart 2017).  

Figure 1- Digit Books Corporate structure

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The executive team is made up of Andrew Erkins, Raymond Bechard and Leah Moore.

Andrew’s role is in business technology development, Raymond’s role in operations and

accounting and Leah focusing on customer experience and bookkeeping (Digit Books

2017). Andrew Erkins has a background in information technology and software

development and has a love for technology, which has played a large role in the

formation of Digit Books (Erkins 2017). Raymond Bechard has an accounting

background and has worked with major accounting firms globally, such as Deloitte, and

brings experience in the accounting field as he is a Chartered accountant (Digit Books

2017). Leah Moore has a background in helping people through her past experience in

customer service, she has helped people grow through mentoring and has brought a lot

of valuable elements to the company (Digit Books 2017).  The Digit books team of

employees are made up of accountants, bookkeepers, management accountants and

tech experts (Digit Organisation Chart 2017). The executive team have strategically

chosen Digit Books employees based upon their skills, attitudes and qualifications, with

Andrew stating that “we don’t hire employees unless they are suited to our business”

(Erkins 2017).

Digit Books corporate stakeholders identified in figure 2,  shows its executive team made

up of Andrew, Raymond and Leah, the employees including admin team, Perth and

Manila teams, the Bookkeepers and Tax Practitioners Board, the businesses in which

Digit Books works with and Xero Accounting software (Digit Books 2017). The biggest

corporate public to play a role in forming Digit Books is the Xero accounting software,

this cloud based software has formed the company’s vision, strategies, marketing, and

business plan and continues to change how the business changes and grows (Erkins

2017). Businesses in which Digit Books works with have also played a role in affecting

Digit’s operations, small business trends such as E commerce and social media affect

how Digit Books markets itself to a business (O’Neill 2016).

Figure 2- Digit Book’s corporate stakeholders

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Digit Books resources include its executive team, admin, Perth and Manila employees,

technology such as the virtual assistant available on the Digit website, Xero

Bookkeeping technology and Digit Books paid and owned media assets (Digit Books

2017). Xero Bookkeeping software has shaped how employees are trained and the

customers in which Digit Books attracts (Erkins 2017). Another resource in which Digit

utilises is the virtual assistant, which works is an outsourced online assistant that

organises emails, client information and events. The virtual assistant is a resource in

which Digit Books has utilised to keep up to date with technological changes and has

really changed the efficiency of work in the business (Treanor 2017). Social media is

another resource in which Digit Books has utilised. Digit Books like to keep an online

presence particularly on Facebook by joining Facebook groups related to bookkeeping

and accounting and has used this to attract new clients (Erkins 2017).

Digit Books past performance is made up of its strategies of the hourly price strategy,

small business targeting strategy and the use of advanced technology. Digit Books

started by teaching people how to use cloud accounting and in it’s beginnings adopted

an hourly rate pricing strategy (Erkins 2017). After using this pricing strategy Digit Books

changed to package pricing to ensure a predictable revenue stream (Erkins 2017). Digit

Books are selective with the businesses they work with. The type of business, business

goals and attitude of clients must align with Digit (Digit Books 2017). This strategy has

been successful for Digit as most of their clients have come from referrals from other

clients, and has allowed the business to give a better more defined customer experience

to their clients (Erkins 2017).  

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Table 1: Tows Analysis

External Threats:

·         Competition

·         Slow Economy

External Opportunities:

·         Incoming NBN

·         Rise of Analytic Software

Online Tools/Data Storage

·         Free trade agreements

·        ‘Green’ trend

Internal Strengths:

· Award winning, well renowned

· Use of Xero Technology

·  Effficiency

·  Social media presence in

related groups

Australia’s slow economy could

harm small businesses and

discourage them from purchasing

book keeping services to cut

costs. This can be combatted by

Digit’s award winning history and

perception that they are industry

leaders, this means that they will

The incoming NBN will provide

faster internet for more rural

businesses. This will encourage the

use of Xero. As a Xero based

service, this will lead to a larger

potential client base for Digit.

The rising desire of small business

to use analytic, online tools is

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be the first considered book

keeping services.

Competitors such as Bean Ninjas

and Carbon can be seen as

threats to Digit Books, however

Digit’s efficiency, use of Xero

technology and award winning

history makes Digit the premier

book keeping company in the

state.

perfect for Digit Books. Digit Books

uses a cloud based tool (Xero) to

provide in depth analytics for a

small business.

The ‘Green’ trend also plays into

Digit Books favour, with it being

100% online it saves a lot of paper

wastage.

Internal Weaknesses:

Limited nationwide or global

presence

Lack of communication with

Manila branch

By improving communications

with the Manila branch, Digit

Books should be able to formulate

better strategies and

cohesiveness with Manila to

counter the negative effects of

Australia’s slow economy.

The lack of global presence of Digit

Books can be easily combatted due

to the numerous free trade

agreements the Australian

government has.

SBU Customers:

Over the past five years Australia’s accounting and finance industry has had an annual

growth of 2.6 percent with most of this growth being seen in New South Wales of

Australia (Windle 2017). The accounting and finance industry has approximately 9,968

firms which employs around 108,177 people in the industry (“The Australian accounting

industry” 2017). Over the past five years there has been steady demand for services

such as auditing and increased growth for advisory services (Windle  2017). In the future

it is expected that the growth in the Australian accounting industry will continue to grow

with advisory and other traditional accounting services to play a role in this continued

growth  (“The Australian accounting industry” 2017).

Digit Books customer focus is on the health and wellness, retail and e commerce and the

professional service industries (Erkins 2017). Over the past five years the health and

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wellness industry has seen substantial change. A key trend is the use of social media as

a medium for customer communication such as blogs and forums (Magner 2016). Over

the last five years, retailers are becoming increasingly focused on analytics and data

related to social media interactions (Zahra 2017). Within the professional service

industry, a major business trend is the introduction of online services, such as online

databases and the storage of data (Grady 2014). A potential customer group, as

identified by Digit, is the franchise industry (Erkins 2017). Within the franchise industry

there has been a continuous interest for web based applications which show KPI

metrics, this helps with monitoring (Morrison 2013).

PESTELE

Political

In 2016 Liberal government's federal election campaign focus was on jobs and growth

with prime minister Malcolm Turnbull discussing a one percent cut to the small company

tax rate (Janda 2016). Australia currently has over 21 free trade agreements with a

multitude of countries and regions, these FTA’s  allow for smooth transition of business

with reduced trade barriers (“Department of foreign affairs and trade” 2017). Digit Books

could positively benefit from these factors, a cut to the tax rate would allow for increased

efficiency and profits as the business costs would decrease. Digit Books should also look

into expanding its operations overseas as Australia has multiple free trade agreements

which assist in expanding.

Economic

Australia’s current economic growth rate sits at a low 2.4 percent after a 1.1 percent

growth from the fourth quarter of 2016 (Janda 2017). On the second of May the Reserve

Bank of Australia (RBA) left the interest rate at a low of 1.5 percent, unchanged from the

previous eight months. This was an attempt from the RBA to keep a steady monetary

policy having no effect on economic sectors (“Reserve Bank of Australia” 2017). Digit

Books can benefit from this low economic growth as small businesses will have excess

funds to spend on bookkeeping services. The interest rate being held at a low 1.5

percent positively affects Digit Books also, with the government trying to encourage

borrowing of money small businesses may be looking to grow its operations.

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Social

Over the past five years smartphone ownership rates have increased 58 percent per

household, consumers in this group also tend to use their smartphones for at least five

separate activities each day (Holmes 2016). Another major consumer trend has been

with the consumer concern for the environment, according to the Euromonitor

international consumer trends report 65 percent of consumers are looking to have a

positive rather than negative effect on the environment (Sony 2015). Both these social

factors are something in which Digit Books can benefit from, the mobile trend would help

reach more potential customers. Additionally, a stronger focus on what Digit does

positively for the environment could attract more customers.  

Technological

During 2014 the Australian federal government began the rollout of the National

Broadband Network (NBN). The NBN would provide Australians with broadband access

to 93 percent of the population with 100 megabits per second downloads. The NBN

network has a positive impact on small and large Australian businesses (Alizadeh 2014).

Another major trend is the increasing use of social media, more specifically 48 percent of

small businesses use social media to promote their business (Palmer 2014). The

increase in broadband network can potentially increase Digit’s customer base. Digit

Books may also look into business targeting on social media as businesses are

increasingly using social media.

Environmental

With the increasing penetration of the internet, the process of E waste has begun to

develop whereby old technology becomes irrelevant and becomes landfill. Australians in

total are producing more than 140,000 tonnes of Ewaste as of 2014 (Gardiner 2014). A

trend seen in the Australian industry is the recycling of technology and environmentally

friendly technology, which attempts to reduce the impact which technological advances

are having upon the natural environment in Australia (Yan and Yeh 2017). Another

environmental factor in Australia is the impact in which using the cloud technology is

having on the environment. Using the cloud software can be energy consuming as it

requires a lot of power, however overall the cloud has reduced Australian businesses

footprints by a large amount (Quinn et al 2014).When working with businesses it would

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be beneficial for Digit books to consider the environment impact the technological

changes are having and strategize to reduce this effect.

Legal

In 2014 the Privacy Act was updated to include 13 new regulations related to personal

information and data and the use of this with all businesses collecting data, a penalty of

1.7 million was applicable to all companies that are found of invading privacy laws (Kelly

2014).These new privacy laws relate also to the transfer of personal information to

offshore entities ensuring that these overseas entities are complying with Australian

privacy standards, the law also stated that the overseas company if found to be

breaching this law, the Australian company would be the ones who are found liable

(Christie 2014). These privacy laws could affect Digit Books negatively, especially with

the current Manila operations if this overseas entity of the business were to misuse

personal information this could be a large cost to Digit books.

Ethical

In Australia Information Technology ethics has become standard practice within the

industry. There are prevailing concerns around customer data and the misuse of it, moral

duties to protecting online safety, scams and response to crisis plans (Aynsley 2015).

The Australian computer society code of ethics entails moral responsibility in terms of

technological use and discusses codes on honesty, professionalism, competence,

privacy etc (Australian computer society 2014). Digit Books could benefit by having an

ethical code within its business which addresses how the business is protecting

customer data as well as a plan if a crisis was to emerge.

In Australia health, wellness and fitness is becoming an increasing trend, the industry as

a whole is currently worth $2 billion Australian dollars and between 2012 and 2017 has

had a growth rate of 9.3 percent (Magner 2016). For Australians expenditure on health,

wellness and fitness products and services is worth around $2,100 currently and is

expected to increase to over $6,000 per person (“Health and wellness” 2016). The drive

for health, wellness and fitness products and services is due to increasing concern for

personal health due to rising health issues (Magner 2016). The Australian retail industry,

including brick and mortar and domestic online retailers, accounts for approximately 4.1

percent of Australia's gross domestic product. Approximately six percent of all retailer’s

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sales are made up of domestic online sales (Productivity commission 2011). In the last

ten years, the retail industry has had downward sales growth, due to increased

competition from overseas retailers, failure to innovate and lack of segmentation (Scutt

2017). The professional services industry in Australia is currently worth $132 billion in

terms of revenue. Between 2012 and 2017 has had a growth rate of 0.6 percent, this

industry also employs around 500,000 Australians (Ibis world 2017). The low growth in

this industry is due to low economic growth in Australia and the global economy in the

past five years (Australian Industry report 2015).

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SBU Competition:

Competitive Determinants

Bean Ninjas Carbon My Accounts Eye on Books

Product

Similarities

Solely use Xero

bookkeeping software and

are a Xero Gold Champion

Partner (Bean Ninjas 2017)

Use tiered/package pricing

Solely use Xero bookkeeping

software (“Carbon Group” 2017)

Main headquarters is

geographically within 5 minutes

of Digit

Use tiered/package pricing

Both use Xero bookkeeping

software and are a Xero Gold

Champion Partner (My

Accounts 2017)

Use tiered/package pricing

Uses Xero bookkeeping

software and are a Xero Gold

Champion Partner (Eye on

Books 2017)

Located in Perth

Product

differences

Located in Queensland

Less focus on the team

(short blurb about one of

the co-founders.

Offers a 30-day money

back guarantee.

No publicly mentioned

awards.

Offers bookkeeping for

companies in the US,

Canada, UK and New

Platinum Champion Partner (as

opposed to Digit Books who is a

Gold Champion partner)

Bookkeeping team consists of

CPA’s

Have three different locations

across WA as well as an office

in Melbourne.

Active blog averaging 2-3 posts

per week (“Carbon Group”

2017)

Also cater to companies

using both MYOB and

QuickBooks

Locations in Sydney and

Melbourne

Claim to not

offshore/outsource their

bookkeeping activities (“My

Accounts” 2017)

Also cater to companies

wanting to use MYOB

bookkeeping software

Claim to not outsource their

bookkeeping activities (“Eye

on Books” 2017)

Bookkeeping firm of the year

for 2016

Variable pricing strategy

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Zealand as well as

Australia.

Also offer services in

Accounting, Business System

Management, Insurance and

Finance (“Carbon Group” 2017)

Positioning Make bookkeeping as easy

as possible so customers

can focus on growing their

business.

Premium positioning – Use only

Certified Practicing Accountants

to process their bookkeeping,

which is not legally required and

costs more.

Focus on the needs of small

businesses and work with the

software they are comfortable

and experienced with using.

Understand that all of their

individual customers have

different needs, and tailor

their services to cater to each

of their customer’s needs.

Price Small plan: $210 per month

Standard plan: $390 per

month

Premium plan: $675 per

month

Monthly Activity Statement

is an additional $50 per

month

Payroll services is an

additional $15 per

employee per month for

fortnightly or monthly

payruns, $30 for weekly

Graphite plan: $49.90 weekly

Marble plan: $99.90 weekly

Diamond plan: $299.90 weekly

(“Carbon Group” 2017)

Entry Pack: $330 per month

Starter Pack: $795 per month

Growth Pack: $1,495 per

month

Established Pack: $2,950 per

month

(“My Accounts” 2017)

No pricing information

available due to variable

pricing

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(“Bean Ninjas” 2017)

Distribution Clients reached via e-mail

and phone, only offer

remote support.

E-mail and phone support for

clients, as well as remote PC

access. Also offer on-site

support for clients operating in

Perth.

E-mail and phone support

only

Offers both onsite

bookkeeping and offsite

bookkeeping with contact

through e-mail and phone.

Promotion Utilize blog with weekly

posts for inbound customer

acquisition. Social media

activity involves sharing

own blog posts as well as

posts that would be helpful

or relevant to their

followers.

Very active blog, posting 9

articles throughout April 2017

period (“Carbon Group – Blog”

2017)

Also feature multiple case

studies/testimonials from

satisfied clients on their site.

Host of annual “Bogan Bingo”

event for charity, providing a

channel for customer acquisition

(“Carbon Group” 2017)

Social media accounts on

Facebook, Twitter and Linkedin.

Social media accounts on

Facebook, Twitter, Linkedin

and YouTube.

Fairly active on Facebook

and Twitter, updating

followers in regards to what’s

happening inside the

company.

Utilize helpful/educational

blog posts for inbound

customer acquisition.

Inactive blog, with the most

recent 2 posts spaced over 2

years apart (“Eye on Books”

2017)

Social media accounts on

Facebook, Twitter, Linkedin,

Google and Vimeo.

Relatively active on

Facebook and Twitter,

although mostly focused

around posting motivational

quotes/images rather than

business information.

Market Share

and

<1% of the Australian

bookkeeping and

<1% of the Australian

bookkeeping and accounting

<1% of the Australian

bookkeeping and accounting

<1% of the Australian

bookkeeping and accounting

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Performance* accounting industry

(IBISWorld 2017)

industry (IBISWorld 2017)

Ranked 2nd highest Xero Partner

in Australia (“Xero Advisor

Directory” 2017)

industry (IBISWorld 2017)

Ranked 8th highest Xero

Partner in Australia (“Xero

Advisor Directory” 2017)

industry (IBISWorld 2017)

Ranked 5th highest Xero

Partner in Australia (“Xero

Advisor Directory” 2017)

Competitive

Advantage

Cater to a wider

geographical market by

expanding their product

offerings to different

countries.

Cater to a broader market of

business services as opposed to

just bookkeeping.

Niche competitive advantage

of positioning themselves on

catering particularly to small

businesses

Offer a tailored variable

pricing to businesses rather

than the one-size fits all flat

fee of their competitors.

Sustainable

Competitive

Advantage

Established bookkeepers

overseas before other

competitors, allowing them

to increase their foothold on

the overseas market with

less competition.

Carbon has created a premium

position in the bookkeeping

industry, being one of the few

firms that solely rely on Certified

Practicing Accountants to carry

out bookkeeping activities.

Acquiring and retaining small

business customers in their

early stages generally

equates to faster growing

revenues than established

companies growing at a

slower, steadier rate.

Discretion in pricing allows

Eye on Books to undermine

their competitors on price

without their competitors

knowing how much they are

charging.

*This conclusion has been made based on data from an IBISWorld report for the Australian Accounting and Bookkeeping Industry.

It is important to note that the competitor’s market share of only the Australian Bookkeeping Industry would likely be significantly

higher

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Key Findings:

The Perth SBU consists of 7 employees, with the management team comprising of

Andrew Erkins in charge of digital strategy, Raymond Bechard responsible for business

development, and Leah Moore responsible for customer satisfaction.

The TOWS analysis uncovered S-O Strategies of pushing the benefits of Xero being a

cloud based solution in light of the rollout of NBN across Australia, as well as the fact

that it is a more environmentally friendly solution to traditional paper heavy bookkeeping.

S-T strategies involved promoting Digit as an industry leader in bookkeeping and Xero

software, as well as the financial benefits Digit’s services will reap in light of a slow

economy. W-O strategies involve utilizing the benefits of free trade agreements in

reducing the barriers to entry for providing Digit’s services overseas. W-T strategies

involved improving communication with the Manila operations to improve their

operational efficiency.

The SBU customers particularly involved businesses in the industries of health and

wellness, retail, ecommerce and professional services, and a general trend towards

social media adoption, use of online platforms for data storage and a stronger emphasis

on data analytics to improve and monitor KPI achievements.

To summarize the PESTEEL analysis of Australia, current political affairs involve the

change in leadership from Labour to Liberal, with Malcolm Turnbull pushing the agenda

of achieving jobs and growth. In the economic environment it was observed that we are

currently in a slump with a slow economy and continually falling interest rates. The

social environment reveals a clear trend towards widespread smartphone adoption, as

well as a growing societal concern for the impact we are having on the environment.

Current technological environment activity involves the rolling out of the NBN, which will

provide both faster and more ubiquitous access to internet across Australia. The

environmental analysis of Australia observed the impact of a rise in e-waste from

discarded old technology, and a trend towards finding environmentally friendly methods

for processing this waste. Lastly the legal environment identified new regulations

provided in the Privacy Act, with harsher consequences for breaches of privacy and

misuse of personal information.

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The competitive analysis identified Bean Ninjas, Carbon Group, My Accounts and Eye

on Books as the major competitors to Digit Books. As a whole, it was observed the

companies show some degree of differentiation in regards to brand positioning, social

media influence and niche markets. Overall however, Digit Books provides a unique

sustainable advantage in their professionalism and the more personal level of customer

relationships offered by Andrew, Raymond and Leah.

SBU OBJECTIVES AND GOALS:

Some aims of Digit Books were outlined (short, mid and long-term) in initial

consultation, allowing our firm to design specific Goals and Objectives for

Digit Books.

Digit Books have discussed both business and marketing aims, however in

this current form they are destined to be ineffective due to their lack of

specificity and measurability.

SMART objectives have been created to provide a measurable indicator of

future business success for Digit, while giving the company something to

strive for.

Recommended Goals & Objectives:

1.     Build Brand

Building brand is a necessity for continued growth of a business. Especially

relevant is improving the recognition of said brand, often using social

media.  As discussed previously, Digit has some positive and negative

elements to their online presence. They are a presence in industry related

Facebook groups, however they do require a somewhat larger following on

social media platforms to be even more successful. Hearing success

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stories of companies that started in a comparable situation to the current

state of a business is always inspiring to said business and would thus

encourage the business to take similar measures, making Digit Books an

ideal book keeper for them.

Digit Books should aim to grow their following on each social media platform by ten percent each year for the next three years.

Digit Books should aim to have five more client stories/interviews available to view either on social media or on their website within 12 months.

2.     Build educational portal

Digit Books expressed their desire to build an educational portal which will

long term increase site traffic and improve the perception of Digit as experts

in their field. This educational portal can be text, image or even audio and

visually based.

Digit should aim to build and bolster an informative and engaging educational portal for their website within 12 months.

Digit Books should aim to have produced six pieces of broadcast media (Vlogs or podcasts) within 12 months.

3.     Expansion

In the short-term expanding a business imposes many costs and lowers net

income, however if the expansion is wise it will provide long-term dividends

especially in terms of net income (Fredman 2017). In consultation, Digit

suggested some key regions they would like to expand to.

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Digit Books should aim to have started up a new branch, in Sydney and Melbourne in the next three years.

Digit Books should aim to have started up a new branch, or acquired a similar branch to Digit in the United Kingdom, Hong Kong and the United States in the next five years.

4.     Add New Services

There is always a desire to add new services to a business to win over new

customers. It would be a very wise move for Digit Books to begin offering

an advisory service along with their current service. This would make Digit

an all in one financial service for small business, able to gather/analyze

data and then advise businesses on what action to take, based on said

data.

Digit Books should aim to have transitioned 25 percent of their current clients and 50 percent of new clients to an additional advisory service along with the current services provided.

5.     Own local market

Owning the local market is an important focus for the short-term.

Ownership of local markets demonstrates that the businesses core services

are the strongest in the local market and should be reflected elsewhere if

expansion is desired, which it is.

Digit Books should aim to have a larger market share than all competitors, every financial year.

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RECOMMENDED STRATEGIES:

Market Development Strategies:

In terms of the market scope, Digit will apply the multi market strategy, allowing Digit to

target multiple customer segments. Digit will target two distinct customer groups: small

businesses and franchises. It is recommended that Digit implement this strategy, as it

will offer high potential growth and profit (Market Strategy 2013), as aligned with the

objectives. In regards to the market commitment, Digit will utilise a strong commitment

strategy. This means Digit will intensely defend their position, with a high degree of

involvement in the market (Market Strategy 2013). Moreover, Digit should adopt

functional product positioning. This method of positioning has been selected as Digit

aims to satisfy consumer’s practical needs, solve problems and provide benefits (Bhat

and Reddy 1998, 32).

Geographic Expansion Digit Books aims to expand its organisation geographically, with both domestic market

expansion and international market expansion. In fact, for a company that wants to grow,

geographic expansion is essential (Lu and Beamish 2001, 566). In terms of domestic

expansion the business will pursue expansion into other states of Australia, and at first

the domestic expansion will focus upon major cities of Sydney and Melbourne of the

eastern states. Expansion geographically into these two capital cities is well suited at

first because of the large populations of these cities (Expert 2017), the increased

potential customer base and the opportunity to build the brand in Australia. Digit Books

depending on the success of domestic expansion into these capital cities may in future

like to expand into all states of Australia, and this would be based upon whether the first

geographic expansion was successful. International expansion for Digit Books would

involve growth of the business into countries such as the United Kingdom, Hong Kong

and the United States. Factors of entry into these markets are based upon the relevance

of the market and the complementary assets (Reed 2015). In all three of these countries

there has been growth in cloud accounting services, interest in the product and demand

from consumers in the market (Power 2013). Based on these factors expansion into

these overseas markets would give Digit books an increased opportunity to grow its

business with increased revenue.

22

New Market SegmentsDigit will continue to use a narrow product scope, meaning they will continue to offer only

financial services. Though, they will offer multiple services within this category to serve a

wide range of customers. To enhance the product scope Digit will offer advisory

services, thus creating a new market segment. Advisory services is an existing market

whereby Digit Books would be competing with other businesses who provide these

services and will be using sustainable innovation (Reed 2015). Creation of this new

market segment would involve an organisational change to the business by creating this

new advisory service. In creation of this new market segment, the customer value

creation mix would be important in determining what customers sought after when

looking for advisory services and the correct promotion strategies. Digit currently utilises

package pricing, this enables Digit to address multiple customer needs whilst maximising

sales volume (Venkatesh and Mahajan 2009). As Digit has proven success using

package pricing it is recommended that they continue to utilise this method.

New Marketing Channels Digit Books currently does not distribute its services to any intermediaries. This allows

Digit to have complete control over its outlets and provide consistency in the service

provision (Advantages and Disadvantages 2017). As Digit has proven success using

direct distribution it is recommended that they continue to utilise this method.

Incremental Innovation:

Education Portal

In looking at Digit Books’ incoming search traffic by keyword, it was found that the vast

majority of traffic was sourced from people searching long tail keywords such as “What is

a liability?” or “Is cash an asset?” (“Organic Search Positions” 2017), rather than actually

searching for Digit Books or a bookkeeper in general. To clarify, the majority of traffic to

Digit Books stems from people generally looking for educational content, landing on blog

posts rather than the home page. While at first glance this might seem discouraging, this

kind of traffic actually presents a strong opportunity for lead generation. As stated in the

goals and objectives, we have recommended the creation of an educational portal in

regards to bookkeeping practice and general financial topics. This can be considered an

23

incremental innovation, as the strategy will involve introducing a new product (product

line extension) into their existing market (Reed 2015, 214). Incremental innovation is

necessary for Digit to meet market demands and to remain competitive (Reed 2015,

215). The education portal would entail the creation of online content in the form of

MOOC’s (Massive Open Online Course) either in a video or written format, covering

commonly searched topics in regards to bookkeeping, using the Xero bookkeeping

software and other financial topics. We recommend providing these courses free to the

public as an effective means of generating a larger volume of inbound traffic and leads

converting to sales (Lusch and Vargo 2009). Lastly the education portal (as well as the

existing blog) should be optimized to increase lead generation from search. This would

involve ensuring effective SEO practices, placing a visible call to action on every page

such as to sign up to the “Actionable Business Advice” newsletter or to make an enquiry.

Also as a last ditch effort for pushing the call to action, exit-intent popups (popups that

appear upon detecting a user is about to click out of the site) such as OptinMonster for

WordPress (“Optinmonster” 2017) should be utilized to try and convert almost bounced

visitors to paying customers.

Advisory Services

Digit will utilise incremental innovation to introduce advisory services to their product mix.

This will be considered a product modification, as the service is improvement of existing

offerings.

The purpose of introducing advisory services is to offer higher value services to clients,

increase retention and expand the client base. This will transform Digit into an all in one

financial service for SMEs. Digit Books has a focus on innovation and creativity, aiming

for effective solutions to common business problems (“Our Team 2017”). Thus, the

introduction of a new service is aligned with their company culture, vision and objectives,

in particular to ‘own the local market.’ In terms of processes and research Digit will

perform the stage gate process to ensure new service is released with high chance of

success (Reed 2015, 217). Additionally, Digit will employ a variety of research

techniques throughout the development process, including focus groups, surveys and

observation. This will allow Digit to collect information about market trends, market

demand and competitors products (Reed 2015, 220). In terms of promotion it is

recommended that Digit uses paid advertising in magazines. Digit should place

24

advertisements in prominent business magazines, such as Business Review Australia

and Business Insider. Digit can use this platform to inform customers of their new

product offerings and industry success. Moreover, social media marketing, in particular

Facebook, is recommended. This will be used to increase engagement and build

relationships with customers. In addition, it will increase brand recognition allowing Digit

to extend to a larger audience via “likes”, “shares” and “comments” (Chang, Yu and Lu

2015, 779). Moreover, Digital will use Search Engine Marketing, in the form of google ad

words, and Search Engine Optimization to generate online traffic. In regards to pricing, it

is recommended Digit uses value based pricing. When using value based pricing Digit

will attach value-added features to differentiate their services, thus charge a higher price.

In this situation customers pay for the perceived value Digit will bring for the extra

services (Denyes 2016). Lastly, Digit should perform market analysis every six months to

evaluate market conditions. This will allow Digit to make price adjustments in response

to changing market conditions, such as market shortages or surpluses (Economic

Glossary 2017).

25

IMPLEMENTATION PROGRAM:

Strategy Action Objective Measurement Target Where Control Mechanism

MARKET

Market ScopeMulti market

segment.

To acquire five clients

within each customer

segment in each

geographic location

within the first year.

Number of

clients.

Five clients per

segment, per

state.

Sydney and

Melbourne. Competitor analysis.

Market Geography

National

market

strategy.

To establish a new

branch in New South

Wales, Queensland

and Victoria in the

next three years.

Establishment of

physical location

in each state.

One branch per

location.

Sydney and

Melbourne. Cost analysis.

Market Commitment

Strong

commitment

Achieve five percent

growth and break

Growth and

profit.

Five percent

growth and to

Sydney and

Melbourne.

Focus group.

26

strategy.even in the first

financial year. break even.

PRODUCT

Product Positioning

Functional

position.

To be in the

awareness set of 75

percent of target

market.

Awareness. 75 percent

awareness

Perth,

Sydney and

Melbourne.

Customer feedback.

New ProductAdvisory

services.

Transition 25 percent

of current clients and

50 percent of new

clients to an

additional advisory

service.

Growth.

25 percent

current clients, 50

percent new

clients.

Perth,

Sydney and

Melbourne.

Monitor customer feedback

through polls and surveys.

Design and Scope

Narrow

product

scope,

offering a

combined

total of 15

To offer 15 services

to each target market

in each geographic

location.

Number of

services offered.

15 services per

target market, per

location.

Perth,

Sydney and

Melbourne.

Cost analysis.

27

services.

PRICING

New Product Pricing

Value based

pricing.

To offer 15 percent

added value in one of

every ten sales.

Price increase.

15 percent added

value in one of

every ten sales.

Perth,

Sydney and

Melbourne.

Cost analysis.

Pricing for Existing Products

Package

pricing.

To offer three suitable

packages within the

first month of

operation.

Number of

packages.

Three suitable

packages.

Perth,

Sydney and

Melbourne.

Cost analysis.

Price Flexibility Price

adjustments.

Analyse market

conditions every six

months in the first five

years of operations.

Macroeconomic

activity and

aggregate market

analysis.

Market analysis

every six months.

Perth,

Sydney and

Melbourne.

Cost analysis.

DISTRIBUTION

New Product Distribution

Direct

distribution.

Offer all services

exclusively through

Digit.

Location services

sold.

100 percent sales

through Digit.

Sydney and

Melbourne. Business analysis.

Channel Structure

Direct Offer all services

exclusively through

Location services 100 percent sales Perth,

Sydney and

Business analysis.

28

Strategy distribution. Digit. sold. through Digit. Melbourne.

Distribution Scope Strategy

Exclusive

distribution.

Offer all services

exclusively through

Digit.

Location services

sold.

100 percent sales

through Digit.

Perth,

Sydney and

Melbourne.

Business analysis.

PROMOTION

Current Advertising Campaign

SEM.Raise brand

awareness.

Traffic generated

in Website and

Facebook page.

Increase traffic by

20%.Perth.

Statistics of Website and

Facebook page.

Advertising

Paid

magazine

advertisemen

ts.

Raise brand

awareness.

Ask them the

medium they

used to know

about the

business.

Increase brand

awareness by

25% at least.

Perth,

Sydney and

Melbourne.

Surveys/questionnaires.

Public Relations/Publicity events

In bound

marketing

(social media

and blogs).

Raise brand

awareness and

engage with the

audience.

Traffic generated,

views,

comments.

Increase traffic by

25%.

Perth,

Sydney and

Melbourne.

Statistics of Website and

Facebook paga.

29

BUDGET SUMMARY:

There is a budget of $20,000 for this strategic marketing plan. Due to the plans to

introduce an advisory service, a financial planner is to be hired, this will rise labor costs

however does not factor into this budget.

Social Media Marketing

o 1 Sponsored Post per month lasting one month

o $100 budget per post

o $1200 per year + 10% pricing contingency = $1320

Clicks on Facebook sponsored costs in the professional services industry average out to

cost $1.01 US (Marsan 2017) which as of today correlates to $1.37 AUD, this implies

that if approximately 73 people clicked through in this month that it would reach the $100

budget. However, if this budget is not reached then the remaining budget can be

transferred into the next sponsored post.

Search Engine Optimization

o Hire professionals

o $79 per week

o $4,108 + 10% pricing contingency in case of change equals $4,519

Using professional advertisers is the best way to go about Search Engine Marketing for

small business. Hiring a company such as Sponsored Linx to do the work for the

business (especially on bookkeeping related key words, but not on the business itself)

costs $79 per month which translates to a yearly sum of $4,108. ("Adwords PPC -

Sponsoredlinx" 2017)

Creative Contractors

o $5,277 per video

o 2 videos, later to be split up and released separately

o $10,554 + 10% pricing contingency in case of change equals 11,609

30

A 2015 study suggested that prices for professional, freelance videographers for an

“average small business marketing large job” was approximately $5,277. ("2015 Videography Pricing Survey Results" 2017) Digit will require at least two filming

sessions, doubling the cost before splitting up into smaller videos to be released at

differing times. In total, it will cost $11,609.

Left Over

The remaining funds will be left for marketing and public relations issues as they arise.

Budget (20,000)

Facebook Advertising Search Engine MarketingCreative Contractors Miscellaneous

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