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Lack of integration between strategic vision and the tactics needed to get there is a problem I often find when reviewing marketing strategies. That’s why I created the RACE Framework as a simple one-page summary to unify your marketing strategy through goals, objectives, and KPIs.
This is true whether I’m reviewing student assignments or mentoring marketers creating real-world marketing strategies. More often than not, I find myself reading about different aspects of marketing objectives and tactics just don’t line up with each other, and leave you questioning why.
These issues can be magnified by marketing strategy structure – the way the document is split up into separate sections. Without a unifying framework, it’s not clear how each strategy is supporting a goal or the analysis on which the objective is based.
Investopedia defines marketing strategy as: Refering to a business’s overall game plan for reaching prospective consumers and turning them into customers of their products or services.
Market Business News defines marketing strategy as: A company’s marketing goals and objectives combined into a single comprehensive plan.
Pestle Analysis defines marketing strategy as: An analysis of all aspects of your sales activity and combines it in a way so that all departments know what is going on.
These 3 definitions highlight the strengths of a concise marketing strategy to align your objectives with your vision, and the benefits for your team. That’s why we recommend the RACE framework.
RACE is a practical framework to help manage and improve results from your digital marketing strategy. Ultimately, it’s about using a data-driven approach, applying web analytics and recommended best practices to get more commercial value from your investments in digital marketing.
Notice how we have defined four steps of engagement across the customer lifecycle since in online marketing there is a major challenge in gaining initial interaction and creating those all-important leads after the initial customer touchpoint which can then be nurtured.
Integrating your omnichannel strategy will support your goals of channeling customers through the funnel of REACH to ENGAGE, by measuring and tracking the most important touchpoints for your business right now. Find out more about RACE planning tools and training to integrate your marketing strategy.
Structure a plan using the RACE Planning framework
Part of the Digital marketing strategy and planning Toolkit
Learn how to structure a comprehensive omnichannel marketing plan, using the Smart Insights RACE planning framework
The chart below is an example marketing strategy using the RACE framework to integrate objectives, substantiation, strategies and KPIs.
1. SMARTER objectives are not a new concept in marketing. This means committing to quantified objectives that are specific, measurable, achievable, relevant and time-bound. Likely, grouped around customer acquisition, conversion or retention. You can use our set digital marketing goals and objectives module to improve your goal/objective setting technique.
2. Substantation i.e. Evidence proving your goals are realistic based on situational analysis or creating conversion models.
3. Strategies to achieve objectives. Outline the main ways you will reach your objectives. You may wish to follow the strategy, tactics, action and control format from PR Smith’s SOSTAC® structure. It’s also worth thinking about the full range of goals indicated by the 5Ss.
4. KPIs and CSFs. The Critical Success Factors are the detailed measures, for example, those collected within Google Analytics which will help you review to prove you’re on track or make adjustments. You can use our opportunities to improve usage of Google Analytics module to review and improve your internal Google Analytics capbailities.
I recommend this table layout for aligning your strategies with your objectives since it provides a simple one to two page summary of your marketing strategy. Much more effective than a long report your colleagues or clients won’t read…
RACE has been widely adopted by marketing professionals since it helps simplify your approach to reviewing the performance of your online marketing and taking actions to improve its effectiveness.
Our RACE Practical Digital Strategy Learning Path has been designed to support you to create a winning digital marketing strategy to drive business growth.
Achieve rapid growth using fast, actionable solutions and a tried-and-tested framework with our all-new Learning Paths, find out more.
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