As discussed in my previous post, the notion of digital marketing is a relatively new concept. As a result, many models that have been developed over time have become gradually less relevant and applicable. That is not to say that they have become completely useless. Rather, there is a need to adapt and innovate models to become more relevant for today’s modern operating environment.

Digital marketing has been a major disruption to a brand’s marketing management processes. The rapid impact of globalisation as a result of technology has created the need for businesses to perform market analyses in even greater depth than ever before. Ignorance to your micro, meso and macro environments could quite easily result in a brand lagging behind and losing significant market share if they fail to have a thorough understanding of the elements that surround them.

Furthermore, distribution channels are another element of marketing strategy that has been heavily disrupted by technology. It is believed that for a brand to ensure long-term existence and success, an integrated, multi-channel approach is vital. Today, consumers want the best of both worlds. They want to be able to quickly evaluate options through online comparison. In addition to having this convenience, many consumers also want to physically compare and evaluate before making a purchase as well, particularly for more expensive products or products they want immediately. In fact, approximately 80% of shoppers will go in store when a website shows that the product they want to purchase is in stock at a nearby store. The growing increase in this consumer behaviour trend may require brands to shift their current marketing distribution strategy.

An element that has remained consistent despite the disruption of technology is maintaining a clear mission and vision. Ultimately, this could be considered the most important component of a brand’s marketing strategy. Staying on track with these aspects ensures that the brand does not lose sight of their identity and what they want to accomplish. In order to establish a confident customer base, a brand needs to effectively portray their mission and vision. This could be both implicit or explicit.

After discussing the implications of digital marketing on strategic planning, the conversation naturally progresses to what businesses should be doing. So, what should be present in every strategic marketing plan?

Half a century ago, the life expectancy of a firm in the Fortune 500 was around 75 years. Now it’s less than 15 years and declining even further.

Steve Denning, Forbes

The most important component of a modern-day strategic marketing plan is to have the element of adaptability. In order to stay relevant, competitive and front-of-mind to consumers, businesses must be open to change. Business environments are shifting quicker than ever. Today, it is so easy to fall behind the pack if a business does not keep an open mind about adapting aspects of their strategy.

Do you agree that adaptability is a crucial characteristic for a business to have in today’s digitally disrupted world? Is this the key success factor to a modern organisation?