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How strategy helps in defining your online footprint.
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A Strategic Approach to Your Online Footprint
Part 1
Presented by
Sridhar Sunkara
How to grow my business
Strategy is the Key
Strategy is choice
The challenge for management is to pick the right game to play and play to win
5 important questions to build a strategy
What is our Winning aspiration?
Where will we play?
How will we Win?
What capabilities must be in place?
What management systems are required?
The motivating factor, aspiration
what area of products, customer segmentation, channels
– Value proposition, competitive advantage
The resources, the activities that need to happen, etc
Integrated Approach
Source: Playing to win – How strategy really works: Harvard Business Review Press
What is your aspiration
Purpose of a company is to create a Customer
There should be a deep understanding of the
Customer
Serve & Win with Customer
Don’t put Product Lens - marketing blinded by products and not see the larger pictures or true market dynamics
Where to Play There should be a deep understanding of the
consumer, competition analysis, and
capabilities
Need to understand what business you are really in
Where to compete and where not to compete
Some of choices:
Geography, Product or service type, Consumer
segment, distribution channel, vertical stage of
production or service you engage
Where to PlayImportant things to avoid
Refuse to Choose
Buy your way out of an unattractive game
Accepting an existing choice as immutable
How to winTo provide better value proposition than competitors do, and
providing it on a sustainable basis
Two generic ways:
Cost Leadership – Cost reduction is relentlessly pursued
• Does not always mean charge lowest prices
• Have option of under pricing
•Can reinvest margin to creative competitive advantage
Differentiation – Brand is relentlessly built
• Distinctively more valuable
• The more a product or service is differentiated along a
dimension consumers care about, there can be premium price
How to win Loyalty emerges where there is a match between what
the brand distinctively offers and the consumer
personally values
Sustainable Winning Strategy
To have both cost leadership and differentiation
Capabilities Companies activities that when perfumed at the highest level
will enable the company’s to bring its where to play and how to
win choices to life
Capabilities should reinforce one another and should make
stronger than they would be alone.
Create an Activity System – Visual representation of company’s
competitive advantage, capturing on a single page the core
capabilities of the company
Capabilities When articulating activities think about:
Generic Strength
Critical Strength
Mutually reinforcing activities
Management Systems
Management is what is most neglected in companies
To be successful a company need robust process for creating, reviewing,
and communicating about strategy
Need structures to support its core capabilities
Need specific measures to ensure its strategy is working
All 5 Questions need to be answered
Strategy is Iterative process
Organization has Multiple levels of nested cascades
No one perfect strategy; find the distinctive choices that work for you
Methodology
Business Model Canvas
Each component contains a series of hypotheses that you need to test
Lean Startup Model
Each component contains a series of hypotheses that you need to test
What is your online strategy
Customer Discovery
What should I do first?
Too much to thing aboutToo many channels
Your Website should be your first step to online presence
The website is the hub of your integrated marketing effort.
The website is the hub for your various audiences.
sustainable growth
What do you want?
What is more important
Time on your site online assets Conversion Rate
or
Stickiness?
• Increasing Conversion
• Not More Time on Site
• User Experience - Careful of Distractions
How To Increasing Stickiness to the site
Website navigation and content should help to facilitate decision, not calculate persuasion
• Increase number of results per page• Visuals (images, map)• Suggest alternatives
Return Relevant Results
Encourage Use of Filters
• Dynamic• Sliders when possible• Retain all filters and
sorts• Add option to clear
selected fields
Clear Price Displays• Bigger is better• Highlight promotional rates• Remain consistent through funnel • Create transparency• Allow customers to modify
Create Urgency• Highlight 5 or less items
• Number of times booked
• Show what they can save now
Easy to Find Content
• Limit tabs• Don’t make customers
search• Show thumbnails on main
page• Include guest reviews
Details Photo Layout convert quickly
2 . 28%Increase in conversion
Streamline Checkout
• Remove Unnecessary fields and steps
• Test one-page flow
• Provide phone number
• Remind customer what they ‘re buying
• Stickiness should focus on increasing conversion. Not on the amount of time on site.
• It’s about creating a great user experience. Make it easy for users to accomplish their goal and they will stick around.
• Be original and authentic to the value you are providing
• Be transparent about what you are offering.
Content Strategy
The important challenge now
Content & Design for different outlets, different devices and languages
Creating Adaptive Content
Put more effort into creating content in such a way that it can be reused effectively.
Create Once,Publish Everywhere
Content
Future of Adaptive Content
Content Goals
Sharable (Viral): Content that is designed to spread organically. Usually, it has little substance beyond the initial spark that makes viral content unique; thus, it has a fairly short shelf life.
The main goal with viral content is to get your consumer to click the social share buttons and build awareness of you, your product or your company.
Discussion: Content that is designed to spark a conversation within a community. unlike viral, its shelf life is much longer.
The content can play on the same extremes as viral, but it's more thought-provoking.
The main goal with discussion content is to get its consumer to leave comments and to interact with other readers.
Lead: Content that is designed to draw people into some sort of opt-in. This content exposes a gap in the consumer's knowledge and hints at a promise of closing that gap if the user enters his email address or fills out a lead form.
Conversion : Content similar to lead content, but with one important difference. This content convinces consumer into making a decision to alleviate whatever problem they need help with
Call to Action Strategy
Fast Thinking
Slow Thinking
Stylized Text Memes
InfographicsPhotos
Visual note-taking
Video
Build the right CMS
Why Quality Custom CMS Work
• EASY TO USE• INTELLIGENT• HELPFUL• FLEXIBLE• POWERFUL• INTUITIVE• STABLE• SECURE• PLEASANT• SIMPLE
Flexible Content – WINNER
Design Responsive Web Design
Custom Mobile Web Design
Why Mobile
Why Mobile
Why Mobile
How people Really Use Mobile
Mobile does not mean on the go
68% use at home
Most common use is
ME TIME
Why Mobile
Mobile Ads or Apps?Mobile ad budgets in the U.S. are expected to increase from $2.3 billion in 2012 to almost $11 billion in 2016
New media require new methods of advertising, and those evolve over time.
3 reasons why mobile ads don’t work
People Don’t Like Them
There’s No Right Side
The “Fat Finger” Effect
Mobile Apps will trump
Consumers- don’t perceive them as advertising- they value them for their functionality
Marketers- more cost-efficient than traditional ads- sometimes create entirely new revenue streams
Users spend on average,
82% of their mobile minutes with apps
18% with web browsers
Smartphone apps fall into five categories:
1. Games and entertainment, 42% of time spent2. Social networks (especially Facebook), 31% 3. Utilities, including maps, clocks, calendars, cameras, and e-mail;4. Discovery, including apps for Yelp, TripAdvisor, and Flixster;5. Brands, such as Nike and Red Bull.
1. Add convenience
2. Offer unique value.
3. Provide social value
4. Offer incentives
5. Entertain.
Five strategies that can help Apps succeed
Five strategies that can help Apps succeed
Add convenience Offer unique value.
Provide social value
Offer incentives
Entertain
Mobile Best Practices KEEP IT QUICK
SIMPLIFY NAVIGATION
BE THUMB-FRIENDLY
DESIGN FOR VISIBILITY
MAKE IT ACCESSIBLE
MAKE IT EASY TO CONVERT
MAKE IT LOCAL
MAKE IT SEAMLESS
USE MOBILE SITE REDIRECTS
Measure
Experiment – The Lean WayTo Win – Set Metrics >> Build Hypothesis >> Experiment >> Action
Step 1 – Pick what key metrics you want to improve
Step 2 – Form assumptions by 1. With existing data 2. Without Data
Step 3 – Create an experimentWho is your audience?What do you want them to do?Why should they do it?
Step 4 – Measure
Experiment – Results
If1. Success >> Next Metric to improve
2. Failed spectacularly - revisit hypothesis. It’s time to identify a new who, what, and why, based on what we’ve learned.
3. Marginal success - but not close enough, try another experiment. The hypothesis might still be valid, and we can try again, adjusting based on what we’ve learned.
Experiment – The Lean Way
