Digital Hub
4 December 2022
A digital hub is the heart that allows the movement of the arms and legs of your business. Your heart may allocate the resources but it should be your head that provides your governance.
So if you're walking atop the online stage measuring audience feedback - who's going to know if you look or sound coordinated?
You have to articulate how a website works as a hub for your business - this means a start, a measured pace and knowing where your props are.
You must create a performing benefit chain linking website activity to lowering the cost of customer acquisition.
For digital platforms email contacts have the highest reported ROI, next is paid advertising on social media followed by 'organic' SEO. And in 2019 digital marketing budgets surpassed all traditional media ad spending for the first time.
How to do this without confusion creeping around with you on stage as you put ideas into your script.
Simply
A digital strategy usually just involves a way to do something with software and so a digital transformation with a digital strategy for email marketing is like using a CRM.
- But digital marketing can also require a digital strategy and that includes:
- Written Content
- Keywords
- Podcasts
- Video
- Paid Targeted Advertising
If you can imagine a governance model that has flexibility and sensitivity then you could be on your way to growth and success.
Any roll out using digital strategy needs acceptance.
The Why
Banks do this
"Once the minimal set of services is absorbed and becomes part of the users' daily routine, banks roll out a new service within the app, broadening it's capacity and easing up the client's life.
And this is governance.
A radar groove
"...with a graph that visualizes consecutive monthly profit numbers, you get instant insight into the directional trend over a longer time period."
"If you update your financial model (profit/loss, balance sheet) routinely (ie every quarter) then do the same for your marketing model. Even if you're wrong about the percentages, you can still make money if you are directionally correct."
So a successful rollout usually means a governance strategy was used.
What you don't want
The legacy problem - "Today's managers are trying to implement third-generation strategies through second-generation organizations with first-generation management".
45% of companies do not have a digital transformation plan and less than 50% of businesses use A/B testing tools - digital transformation needs acceptance and must be bound by an operational budget.
Professional business health relies on the governance to improve financial performance.
CTR and PPC ad results can be doubled using A/B wording testing.
You can't DO governance without reading the KPIs derived from the data.
As your business adapts to change you want each tool to chain benefits thereby shortening accurate decision times helping to improve financial performance - cost effective marketing and business health. It's a layering of tools, methods and governance.
Like using a dashboard GUI representing the KPIs relevant to you and your audiences interest.
You must create a benefit chain linking website activity to lowering the cost of customer acquisition.
Make YOUR benefit chain
Chain the benefits of the targeted website/media interaction together to improve financial performance - the payoff is reducing the cost of acquiring a customer.
Governance helps align investment along a common direction with flexibility & sensitivity.
Remember a smaller company isn't as able as a large one to carry a loss forward.
- Govern your investment and your return. Your information palette will vary and change - for example with retargeting and remarketing:
- retargeting is nomenclature for anonymous visitors - the website and the social channels ie Return On Ad Spend
- remarketing is for email clients - nuanced for demographics and behaviour like abandonment
Couple the financial and marketing models to make an operational calendar model - coordinate when and how your budget goes and so reduce risk and improve ROI.
Use the websites potential to be cost effective and reduce risk for your business.
