Deepak Kanakaraju is a Digital Marketing Consultant from Bangalore, India. Digital Deepak is also an Author, Speaker and Trainer in the field of Digital Marketing. Digital Deepak blogs about digital marketing tips at this blog DigitalDeepak.com.
As a seasoned professional in the field of digital marketing, Deepak Kanakaraju garnered attention from small and medium businesses to leverage online space for making profits. One such being a renowned jewellery business that heeded his advice to brand themselves digitally.
In a candid, digital marketing questions and answers with the audience, Digital Deepak explains why understanding the category of business is of essence before coming up with a marketing strategy or budget. He also talks about the need to tell the brand’s story digitally to get an ROI on the spends done.
Q1) Let’s say there is a small business. How much budget according to you should they allocate for marketing? As a marketer what should we tell them so that they get good number of conversions from their clients?
Recently I had a meeting with a small business owner who started with a jewellery ecommerce store and later opened a physical store. Sales were going good with the targeted market but they wanted a digital presence too and hence came to me for a discussion on what can be done. For small clients my advice is that you cannot outspend the competition, especially in the ecommerce category because people with big pockets and investors coming from outside the country have basically spoilt the market in the sense that when you go to advertise, you might end up spending a huge amount but the ROI would not be even half of it. So as a general rule what I believe is that once you become the leader of the category you fall in, then the market is yours and eventually every mature market becomes a two player game. People only remember the number 1 in the market and an alternative to it if the 1st is not preferred. For example- Pepsi and Coca Cola, Ola and Uber.
So to know the budget, you need to first have the answer to the question- what is the category you are falling in/ what are you focusing on? Once they have the clarity to this, then I suggest you to create a marketing strategy pertaining to this, which is usually telling the brand’s story through digital medium be it a minute or more or have a blog post. This helps in creating brand awareness compared to other mediums which we had earlier like newspapers, magazines etc.
After this create a long term SEO strategy and let the creative spread through all the mediums.
I would just say that be different. Be remarkable. Tell a story, the inspiration and build a brand.
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