Digital Marketing Strategy for Emerging Market Firms

Digital marketing has led to the development and advancement of targeting tools that help companies such as Worldwide Vegan Dairies implement strategies to help them venture into new markets. Digital marketing has various channels that can be integrated to lead to better returns and ensure that it positions itself well in the new market. The company can increase the effectiveness of digital marketing through content marketing which ensures that they deliver content that its audience is searching for. This will make the company relevant to its target consumers in the new market. To create a digital marketing plan, the company will have to review its Australian market, set ‘SMART’ objectives by evaluating present benchmarks and KPIs of itself and that of competitors in the industry. The organization can also scan for marketing and sales opportunities by analyzing its audience and outreach. It should also summarize the personas of the customers and their purchase history to come up with a marketing capacity.

It should further select its market segments and personas, which help it, define effective digital targeting strategies. The corporation will also use email marketing to reach its target audience by designing quality information that can attract potential customers.. Many people are doing great things for their health and environment in the current world, hence the high demand for vegan products, especially among millennial. Therefore, Worldwide Vegan Dairies should offer quality plant based dairy substitutes that will attract more consumers in the new market and keep it ahead of its competitors. Customers will buy products from companies they trust hence the digital platforms of the company should be well detailed to increase consumer traffic.

Introduction

Digital marketing involves using the internet, social media, mobiles, and other channels to reach online consumers. It is a new endeavor and demands the application of new techniques to approach potential customers. It could also be summarized as using the internet to create product awareness and drive sales. This form of marketing has various advantages compared to traditional marketing methods. It has advanced targeting tools that enable companies like Worldwide Vegan Dairies Inc. to segment their marketing strategies effectively. The company can leverage Email ads, promoted tweets, and search result ads to penetrate the Australian Market. Unlike internet marketing, digital marketing is broader in scope and entails platforms like subways, smartphone Apps, mobile devices, and video games. Demona would be the source in digital marketing, and the Australian customers are the receivers. The company’s investment in digital marketing will bring the best returns to the eight companies and gives them the best chances of success in the highly competitive market. The analysis compares the results for different marketing strategies for eight companies based on Semrush and the Trends.google.com/trends results. Semrush is a Search Engine Optimization (SEO) research tool while the Trends.google.com/trends indicates market interest in the companies over time.

A search on the internet reveals that companies like Dairy Free Down Under, All the Things, and Plant Pantry have invested more in digital marketing in the dairy products industry. The data provided from the search engines show how the eight companies performs based on various Key Performance Indicators (KPIs) common in digital marketing. The number of indexed pages by Google Trends shows the pages that have been visited by a visited and added to the database. In the case, A.V.S. Organic Foods has the most indexed pages meaning that more people searching for dairy-related products visited the web than any other company in the competitors’ list1. The domain authority score by Semrush shows how easy it is for a page to appear in the top search of related content. In this case, Vegan Cheese Shop is above the average of its competitors but needs to reach more customers by optimizing its digital marketing strategies. Several backlinks count the other pages with a link to the company’s website. This variable is essential because it is associated with higher rankings in search engines. Organic keywords estimate how well a page is prepared to attract traffic to its content. The company needs to invest in a digital marketing strategy to improve its organic keywords ahead of its major competitor since it is a new entrant in the market.

Comparison for marketing strategies based on Google Trends and Semrush

Comparison for marketing strategies based on Google Trends and Semrush

Digital marketing has many channels that could be combined to yield the best returns for the company. Website marketing is a powerful tool that could do various campaigns. Websites are the best methods of creating a brand and building loyalty to a product or service. An easy-to-use website would reach receivers with the exciting milk products that the company offers. Content marketing uses published websites to promote products through emails, Search Engine Optimizations (SEO), eBooks, online courses, blogs, and info graphics. Social media marketing is another digital marketing tool that could build social trust and brand awareness2.Short Message Service (SMS) has also emerged as a reliable tool for sending information regarding market entrants and spreading positive information regarding a brand.

However, the company should anticipate various challenges before investing in digital marketing. These challenges should be weighed against the drawbacks of traditional marketing to decide on the best strategy. One of the challenges is that digital marketing channels keep changing abruptly, and hence the company should be ready to keep up with the changing marketing trends. Also, the company should be willing to continuously train staff on the effective use of digital marketing tools and how to integrate it into the company’s operations. Another challenge is that the platform is crowded, and it is increasingly becoming difficult to make a specific product visible. Besides, there is also the challenge of synthesizing the information generated from digital marketing campaigns. The company must interpret the data accurately to gain insights into selling the product on the online platforms. However, with the help of marketing experts, Worldwide Vegan Diaries Inc. will create a competitive advantage by overcoming these challenges hence staying ahead of its peers.

Digital Market Opportunity

Australia is one of the largest countries and is the smallest continent. It is a high-income country that was ranked 14th largest economy in the world. As per the International Monetary Fund (I.M.F.) data, it was ranked 21st in terms of per capita income. Though the country is English speaking, it has diverse cultures since 22 percent of its population consists of immigrants. The country ranks well in terms of education, quality of life, health, and other variables for measuring the quality of life. The high-income profile of the country supports its shift towards e-commerce and digital marketing3. The country’s digital aspect of marketing has been growing in recent years and is expected to continue growing. Due to its fast adoption of smart technologies, e-commerce has been booming, and the digital marketing space has been expanding over time. The internet penetration rate is at 88 percent in the country, and in 2020, it grew by 1 percent. Social media is most prevalent globally, with 18 million of its 25 million people possessing active accounts in social media. It was estimated that social media users spend an average of five hours on media platforms in a day. Eighty-two percent of the population prefers specific marketing ads that target a specific population. The country has been experiencing rapid growth in online shopping, recording 12% increase each year for the last five years4.This has been confirmed by the increase in revenues from e-commerce over the years to the current 26 billion dollars, out of which 3 billion dollars is spent on personal care and food.

Cheese, alongside milk and butter, are the main milk products consumed in Australia. Over the recent years, the consumption of milk products per capita has varied significantly, reflecting changes in consumer preferences influenced by changing consumer perceptions. For instance, milk consumption has declined over the years and is at 97 liters per capita. The increased demand has substituted the reduced preference for milk for coffee and the culture of consuming other flavored milk products. However, Worldwide Vegan should be excited by the stable increased demand for cheese over the recent years. Besides, the popularity of specialized cheese products has grown considerably over the years. The foodservice industry has incorporated some special types of cheese in their diets that have further increased the demand. 39% of Australia’s milk production is processed into cheese, which is the processing stream’s major product. The information confirms a market opportunity that the company can leverage (Liu and Vrontis, 2017). In Australia, 41% of the milk products are exported, and the 59% left is not enough to cater to the various milk products. Consequently, various products have had to increase production capacity to keep up with the demand.

The search engine optimization indicators by semrush show how well a company is prepared to attract traffic and convert it into sales. The information provided shows that there is a ready demand for cheese in Australia. Digital marketing is in existence, and the infrastructure for e-commerce is in place. The company should choose a marketing strategy that will maximize its sales in its e-commerce platforms and retail partners. Other methods of measuring success must complement the marketing strategy. For example, the conversion rate measures how well the company converts traffic into sales. The company must invest in a digital marketing strategy that creates brand awareness and excites the people to try the new brand. The success of specialized cheese products confirms the market’s preference, and the internet penetration rate highlights the market’s readiness for targeted digital marketing campaigns.

Persona Research

Dairy products like cheese have become more popular in Australia in the recent years. According to research conducted in 2019, more than eighty-five percent consumers in Australia indicated that they purchased block cheese in the last 12 months5. The survey compared data of the period between 2016 and 2019, and it indicated that the cheese market has increased to fifteen million from thirteen million in the past three years6. Most buyers in the Australian market are women who buy large amounts of blocked cheese.

Well-researched personas are beneficial to businesses because they result in better quality leads. Persona research helps organizations identify what interests their customers, services, and products they prefer and how to locate them. This ensures that the organization will design its marketing to the right customers in the right locations, which eventually grants the opportunity to produce better quality leads7. The company can use the information it gathers about its potential customers to create a personal connection with them and direct its messages in a personalized manner. This will help it establish better lead nurturing programs directed at distinct personas and enhance lead quality for the company. In the long run, this implies better customers.

Further, persona research leads to an understanding of the needs and interests of consumers. This is because the research will help the organization identify the problems faced by consumers in the market. This will help it to cater its content to the audience in a manner that they will find valuable.

Persona research will help the company develop richer closed-loop analytics. Once the company identifies the persona that will lead it to its most ideal consumer, it will understand the type of leases marketing and sales department should spend much time attracting new customers. This makes the company efficient because it ensures minimal time is spent handling leads that will never buy or acquire customers who are not ready to stick around.

To create a good buyer persona, one should have a great understanding of the main audience sections, based on qualitative research on users and analytics8. Personas are useful only if they are thoroughly and well researched. Tools such as Selesti will help the team carry out user research that identifies the customers’ identities, behaviour, challenges, and expectations from the company. Selesti will also help condense the research by identifying similarities between the users and grouping them. The team will also brainstorm and refine to categorize the personas into primary and secondary personas.

Qualitative research for buyer personas can be carried out through customer surveys, phone, and one-on-one interviews, and web and exit surveys. This will help determine the behavioural drivers of the persona, what prevents them from purchasing, and their expectations from the buying experience. The research team should ensure that the personas reflect real individuals with real inspirations, needs, and concerns. The team should start with what they know and use the acquired demographic information9.The Australian Bureau of Statics will provide information such as ethnicity, income, value, and buyers’ preferences. The team should also humanize the customer group by giving the persona a past, present, and future.

Short Term Market Impact

The company will be forced to develop a marketing plan involving a diverse mix of activities to help it achieve its goals in the new market. The company can adopt a reduced pricing promotion that will encourage new consumers to act. Lowering the price of dairy products will give the customers an incentive to purchase. Further, the company can implement group offers that will help it gain exposure since it will be dealing with a new set of consumers. The organization can also tailor the services to offer a permanent discount to influential groups10. For instance, the management can target employees of a given organization that fall within its target market.

Additionally, the corporation can adopt a pay-per-click advertising strategy that will become visible to new consumers. Effective implementation of this form of advertisement is recognized for driving importantly targeted customers to the company’s website. The company can also consider roadshows that will help introduce vegan products into the new market. The company will be forced to rethink how to introduce its products in the market by considering selling directly to the consumer or through intermediaries.

In general, the success of digital marketing can only be decided by the rate of return per dollar invested. There are other marketing strategies and the company must decide the best alternative by comparing return on investment. This will be important in determining whether the strategy is working and when the best decision is to change the strategy. The fiscal over site measures could be used to alter some aspects of the strategy based on the overall objective. The company’s short term objective is to dominate the online market. To achieve this objective it has to create awareness before turning attention to returns on investment.

A fiscal metric could be number of people visiting the site per dollar invested and indicators by Google Trends. This metric will allow the company to alter some aspects of the strategy to obtain maximum popularity from the investment. A second metric could be percentage change in website traffic due to the marketing strategy. A third metric could be the conversion rate that gauges the percentage of people who purchase from the total number of customers reached. This metric measures the effectiveness of a marketing strategy. Payback period could be used to measure the cash flows generated from the digital marketing. The metric calculates the time taken to pay back investment in the company from the incremental revenues due to the marketing strategy. The company should start with target metrics, determine the current performance and implement the strategy to meet the targets. The success of the strategy should be measured against the targets agreed by the company.

Fiscal Oversight

To measure the website’s success and recommendations, the company should use key performance indicators (KPI). The first category of KPI is the audience which provides information concerning people who visit the website. This category provides details on the user’s demographics, interests, behavior when they visit the website, and the form of technology they use to access the website. The audience segment is the second segment which shows the number of customers who visit the website, the ratio of new visitors, how long the visitors stay on the website, and the bounce rate. The acquisition segment is the third segment in Google analytics handles traffic sources of the website. This section helps the company determine the number of users who come to the company’s site through organic search results11.It also provides information on how visitors use subpages and how they engage with the content on the page. The fourth KPI allows the company to directly track sales figures and establish whether the visitors acquire the information they needed.

The conversions sector is the third KPI which evaluates the set objectives and determines whether they have been accomplished. The segment will show the conversion rate, which helps determine the number of transactions in a given period. The company will use the above Google analytics to help it target marketing efforts to the most lucrative geographic locations, generating more conversions. To enter the new market successfully, the company should first determine its main objective to set revenue and periodical targets. The company should identify the market segments, companies, and personas it will be marketing to and partners to complete the complete solution12. Digital marketing has proved to be more cost-effective compared to the old-style methods. Further, it delivers conversion because incoming traffic can strategically be converted to leads and sales.

Social media marketing email marketing, and SEO generate rapid and effective interaction with the target audience and lead to better results regarding conversion rate. The higher conversion rates resulting from marketing digital tools will deliver good benefits to the company regarding better and higher revenue. Since digital marketing facilitates easy interaction with the company’s target audience, the company will experience high customer attraction. It will be able to improve its marketing efficiency and accurate targeting. Digital marketing is here to help companies utilize strategies and techniques that have been proven to attract highly targeted traffic that leads to results. When an organization targets the right people that deliver relevant results, its survival will be guaranteed in the market. Many people are doing great things for their health and environment in the current world, hence the high demand for vegan products, especially among millennial. Therefore, Worldwide Vegan Dairies should offer quality plant based dairy substitutes that will attract more consumers in the new market and keep it ahead of its competitors.

Reference List

Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.

Liu, Y. and Vrontis, D., 2017. Emerging‐market firms venturing into advanced economies: The role of context. Web.

Peral, J., Maté, A. and Marco, M., 2017. Application of data mining techniques to identify relevant key performance indicators. Computer Standards & Interfaces, 54, pp.76-85. Web.

Size, E.H.M., 2020. Share Trends Analysis Report by Product. By Application, By Region, And Segment Forecasts, 2027. Web.

Footnotes

  1. Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.
  2. Size, E.H.M., 2020. Share Trends Analysis Report by Product. By Application, By Region, And Segment Forecasts, 2027. Web.
  3. Size, E.H.M., 2020. Share Trends Analysis Report by Product. By Application, By Region, And Segment Forecasts, 2027. Web.
  4. Size, E.H.M., 2020. Share Trends Analysis Report by Product. By Application, By Region, And Segment Forecasts, 2027. Web.
  5. Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.
  6. Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.
  7. Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.
  8. Liu, Y. and Vrontis, D., 2017. Emerging‐market firms venturing into advanced economies: The role of context. Web.
  9. Curtain, F. and Grafenauer, S., 2019. Plant-based meat substitutes in the flexitarian age: An audit of products on supermarket shelves. Nutrients, 11(11), p.2603. Web.
  10. Peral, J., Maté, A. and Marco, M., 2017. Application of data mining techniques to identify relevant key performance indicators. Computer Standards & Interfaces, 54, pp.76-85. Web.
  11. Liu, Y. and Vrontis, D., 2017. Emerging‐market firms venturing into advanced economies: The role of context. Web.
  12. Peral, J., Maté, A. and Marco, M., 2017. Application of data mining techniques to identify relevant key performance indicators. Computer Standards & Interfaces, 54, pp.76-85. Web.

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NerdyRoo. (2022, September 9). Digital Marketing Strategy for Emerging Market Firms. Retrieved from https://nerdyroo.com/digital-marketing-strategy-for-emerging-market-firms/

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NerdyRoo. "Digital Marketing Strategy for Emerging Market Firms." September 9, 2022. https://nerdyroo.com/digital-marketing-strategy-for-emerging-market-firms/.

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NerdyRoo. 2022. "Digital Marketing Strategy for Emerging Market Firms." September 9, 2022. https://nerdyroo.com/digital-marketing-strategy-for-emerging-market-firms/.

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