MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels MKT-FPX5410 Digital Marketing

 

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Introduction

After creating a marketing mix and social media strategy for Spokin’ Wheels, the final component of our marketing strategy is a digital marketing plan. Our customer base is well-established through our two physical locations and continues to expand as our online presence grows. By revamping the company’s website and assembling a team to manage our social media platforms, we are poised and eager for ongoing growth. We have also established a presence on Facebook and Instagram to promote our brand to audiences nationwide. The ultimate focus for Spokin’ Wheels will be the SOSTAC framework for our digital marketing plan. This approach will enable us to analyze both internal and external factors affecting our business and competitors.

Situation Analysis

SWOT Analysis

Strengths

• Mass retailers
• Online competition
• New entrants
• Nationwide customers
• Social media following
• Brand recognition
• New to online sales and service
• Small business
• Small staff
• Established business
• Strong team
• Customer service

MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels

A company’s strengths are considered internal factors that are controllable and known. Our team has already taken steps to revamp our website, establish a presence on Facebook and Instagram, and initiate the transition to a fully digital customer service team. Although we are new to online sales and service, our team has years of experience with our two physical locations and a solid understanding of our customers’ needs and preferences. We have conducted surveys to gather feedback on what our customers desire from our online presence. Additionally, Spokin’ Wheels is committed to becoming a more environmentally friendly company and aims to achieve a paperless operation within the next year. While this may seem minor to some, it represents a significant strength as it will digitize, streamline, and expedite our record-keeping and sales/service processes, ensuring that every transaction is smooth and efficient.

Weaknesses

Weaknesses are also internal factors within an organization, and every company has them, even successful ones. While some weaknesses can be viewed as opportunities, it is crucial to recognize that if not addressed, they can escalate into larger issues. For Spokin’ Wheels, we face certain disadvantages as a small business with a limited staff. Additionally, our inexperience in the online sales and service arena can be overwhelming. However, since these are internal factors, they can be managed, and Spokin’ Wheels can develop strategies to meet consumer needs in response to any negative feedback. To stay ahead, generating feedback surveys is an effective way to monitor customer satisfaction throughout their experience, whether in person or online. As we focus on the digital realm, some performance analysis measures we will monitor include:

MKT FPX 5410 Assessment 3 Digital Marketing Plan for Spokin’ Wheels

• Unique visitors – who is visiting our website
• Conversion rates – how many visitors become customers
• Total number of site sessions – how often visitors come to our site
• Repeat visits – tracking customers using cookies
• Duration – how long visitors stay on the site
• Popular pages – which pages attract the most attention
• Subscription rates – how many people subscribe to our email list
• Churn rates – tracking unsubscribes from our site
• Click-through rates – evaluating the effectiveness of our paid web advertisements
• Social media engagement – assessing whether our content is being shared and tagged

According to the literature, all the Key Performance Indicators (KPIs) listed above can be quantified and utilized as objectives that can be continuously measured and updated (Caffery & Smith, 2017, p. 571).

Opportunities

Opportunities for an organization are considered external factors, as they are beyond our control. However, in the digital landscape, opportunities can be vast if approached wisely. Since Spokin’ Wheels has already revamped our website and embraced social media, we are well-positioned to capitalize on these opportunities and expand our brand. We can leverage the internet to reach new, larger markets, offer new services, and form strategic alliances. By utilizing our social media platforms, we can encourage our followers to visit our website and potentially convert them into customers, whether for bicycle apparel and accessories, service packages, or new