How to improve your Digital Marketing strategy with the RACE framework?
When redesigning the digital marketing strategy for your business, it can be tricky to assign yourself a starting point and to stick with a coherent structure. Choosing a framework that conveys all you need from a relevant focus until detailed market segmentation and content marketing inherently keeps you on trace. We’ll go over how the RACE digital marketing framework repeatedly proves us a successful tool to improve your marketing plan.
What is RACE?
Smart Insights developed an easy-to-use framework that structures a marketing plan and keeps the marketing department well informed. This model revolves around the four-letter acronym ‘RACE’. These letters imply an order of the strategic phases ‘Reach’, ‘Act’, ‘Convert’ and ‘Engage’. The strategy does not necessarily have to result into a revolutionary all-changing plan; rather does it allow for directions and consistency.
Oxford College of Marketing explains the steps. In ‘Reach’, you will define the part of your plan where it is stated what channels you use to reach out to your audience to gain brand awareness. In the ‘Act’ phase, it is defined where and how you want your prospects to interact with the brand. Most of times this is a website or a web shop, and often this can be improved to give the right experience to the right people. The ‘Convert’ phase, you use to design ideal action closures that fits an improved customer journey. This means that you optimize your conversions, but don’t forget that conversions aren’t limited to sales . Lastly, the ‘Engage’ phase consists of creating an extended lifetime value of customers after making a sales.
What to do before Race?
Without a proper start, a strategy won’t make sense. Chances are you’ll need to understand the company before organizing a plan that works for them unless your marketing practices have gradually become highly promising. In either way, you’ll need to make informed decisions on building your strategy.
You will be able to come up with effective goals to alleviate relevant problems after you:
– Understand your own Value Proposition and developing a comprehensive Market Segmentation;
– Develop a number of informative personas that each represents a segment and assign to them a digital customer journey that conveys improved touchpoints;
– Rethink your brand management and USP based on a SWOT analysis that focuses on the assessment of the Digital Marketing performance of your competition;
– Stay updated with trends to assign yourself a strategic direction by using a TOWS confrontation matrix.
That’s why Smart Insights lead author Dave Chaffey proposes a ‘Plan’ phase to precede the ‘RACE’ workplace. With research that focuses on the performance of a business on each phase, you will better understand what problems causes deficits and how can effectively solve this. A Digital Health check Radar (8) is a tool to help you visualize your RACE performance against that of others.
Start and manage your Strategy
In all essence, the start of your strategy should represent the end of your strategy. In order to start a strategy, we list down a realistic number of problems assigned to a REACH phase that needs to be solved. Give a reason why you want them to be solved and commit to a SMART objective. At last, state Key Performance Indicators (KPI’s) to track the performance of your problem solving. In between, you will be filling out your RACE strategy with:
– 8P Marketing Mix & Tactics
– Content Planning
– Marketing Campaigns
– Website Optimization
To recap, a RACE framework allows you to keep a trace of your plan, and make Digital Marketing feasible. However, keep note that decisions need to be supported with insights that you had collected. Read our other blog posts to gain more details, or have a look into our Digital Marketing Minor course.