The Economist Budget Report

Published: 2021-07-06 06:37:29
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BudgetThe budget was done on the items that were needed by the organisation for the digital campaign to be carried out successfully. It was drafted as shown in the table below:ItemCost (in $)1.Channel5002.Social Media: Facebook AdsTwitter AdsLinkedInGraphics, photos, and videosSocial Media ManagementElectronic Media (Ad Campaign) Print Media (Magazines)2003001005003005,0001,0003.Street Marketing200004.Sponsorship1000005.SEA500006.Influencers1000007.Podcasts200008.Viral Videos600009.Banners2000010.Bus Shelter1000011.Advertisement118100TOTAL506000This budget was done economically to ensure that there is an increased return on investment for “The Economist.” It thoroughly covers the items that are most prioritised by the company and sections that will be able to improve its performance.Media Plan The main focus would be on the Electronic and social media. There will be an ad campaign which would enable the brand to reach larger audience. Most of the budget allocation is on media plan. Along with that magazines advertisement would be used as well. Billboards are primary source of capturing market as well. It has been included in the plan as well. Social media pages would be created to engage general population. There would be different campaign on social media as well to attract people’s attention. Conclusively, there would be a substantiated focus on the advertisement.Test and Learn PlanThey are as follows after putting down all our needs in place; we made a plan to test all that we have proposed so that we can attain our objectives. This will give us a chance to experiment, iterate and grow skills in the company. It will as well enable us to be more competent. We want to develop a culture of testing and learning that will help us grow into attaining a first-class digital experience (DODSON, 2016).Since the organisation is one dealing with reporting of current affairs and things going on in the world, it is a daily necessity to the public. It feeds people with news that are going on within their country and even in the world. Therefore, it needs an elaborate digital system that shall make it possible to convey information to the readers in a timely way and the right context. The system should enable consumers to get information flexibly anywhere at any time. It is for this reason that this digital campaign plan was proposed.This test and learn plan is aimed at determining whether the digital campaign will work well with “The Economist” organisation.The critical areas that shall be addressed: The Use of Big DataWe are planning to use big data to determine the highest number of consumers for The Economist. We shall be able to group the various classes of people and identify their areas of interest. For instance, if we notice that women are mostly interested in fashion, we shall be able to include our adverts in fashion programs on television and also put Ads on fashion sites. If men are much involved in sports and politics, our advertisement will major on such programs. This will enable us to get our target market and as well increase our sells. Through Big Data, we shall also be able to know our competitors and what makes them better than us so that we can adjust accordingly (FLORES, L. 2014). Avoidance of Content ShockAnother thing that we shall employ in our testing and learning process is to filter out all unnecessary and poor quality information to the user. We shall improve the quality of information that we feed the public so that they may not get bored in purchasing The Economist. We shall ensure continual improvement of our product and adjust accordingly depending on the consumer needs and the objectives of the organisation.Optimizing Mobile UseSince most consumers in the current world use mobiles in purchases, we shall provide guidelines to them on the products we offer and how they are supposed to access them. We shall as well do our advertisement through mobiles and give them notifications on what is going on. This will help us reach out to the consumers wherever they are at any time (FLORES, L. 2014).. We shall identify areas where consumers spend most of their time and therefore increase our ads on those sites. We shall as well develop an application that will help consumers access our site. Drafting a FrameworkIn our learning and testing process, we shall write down a framework that will be geared towards attaining the objectives of the organisation. We shall consider the goals that we have, our targets, the Key performance indicators, and segments (FLORES, L. 2014). A plan shall be drafted to ensure close tracking of events and day to day operations together with the impact that they have on the organisation. Later on, the information will be gathered, and the operations that lead to losses shall be monitored or eliminated while those bringing in profits will be improved.. This will help us keep on track and focus on our vision. It will enable us to take calculated risks that can eventually lead us to success.Personalizing Dynamic ContentThis will be done through the use of big data, mobile application and avoidance of content shock. The information shall be dispatched to multiple users of The Economist regarding their interests. Through personalisation of the content, a wider market will be obtained because every individual need of the users shall have been addressed.Optimizing Content to Drive Action.This will be done through the display of information that is relevant and useful to the users on the website. This will largely depend on what we know about the particular consumer. Therefore, we shall be able to display a similar web page to the consumers but with different products depending on what that specific consumer likes. Creating Personal Videos and Television ExperiencesThis will be done through the creation of videos for advertisement targeting specific audiences that love watching particular programmes. For instance, if we are aiming women, our ads will be displayed on the television in between programs that women love watching. This applies to all classes of people depending on the type of people we are targeting. Delivering Tailored Advertising with ProgrammaticThis will be done to ensure that the content provided to the users is essential. It will ensure that the right audience gets the correct information and at the right time. Tailored advertising will be done by arranging the interests of the various consumers, designing creative and attractive adverts, delivering these advertisements to multiple consumers regarding their need and finally taking a measure on the effect of the ad. This will provide a wider market which shall lead to more purchases and hence more Returns on Income. Regular Analysis and Reviewing Without proper analysis and review, the goals and objectives of the organisation will not be realised. We shall, therefore, be doing a regular report on what is working out and what is not working out (DODSON, 2016). A panel of project managers and experts shall be selected to do monitoring and ensure that information concerning every operation is tracked and recorded and a regular report given to the management. Through the analysis, we will be able to do the required adjustments and improvements to make the digital campaign for ‘The Economist’ a success. The organisation will also be able to determine whether their objectives have been achieved or not. ConclusionFrom the above research and discussion, it was established that implementing the digital campaign will be instrumental to “The Economist.” With the fast growing technology, organisations need to adopt modern ways of designing products, marketing, and advertising. This is the only way in which they can be able to catch up with other businesses. The organisation will, therefore, need experts in IT to make digitalisation successful and productive. However, wisdom is required in implementing these new ways of technology in business since it might be expensive to try every other new technology to see whether it is working out.ReferencesDEISS, R., & HENNEBERRY, R. (2017). Digital marketing.DODSON, I. (2016). The art of digital marketing: the Definitive Guide to Creating Strategic, Targeted, and Measurable Online CampaignsFLORES, L. (2014). How to measure digital marketing: metrics for assessing the impact and designing success. http://www.books24x7.com/marc.asp?bookid=89379.ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT. (2010). Good Governance for Digital Policies: How to Get the Most Out of ICT The Case of Spain’s Plan Avanza. Paris, OECD Publishing. http://ezproxy.lib.gla.ac.uk/login?url=http://dx.doi.org/10.1787/9789264031104-enRICKETTS, A. (2012). The Activists’ Handbook: a step-by-step guide to participatory democracy. London, Zed Books. http://public.eblib.com/choice/publicfullrecord.aspx?p=875598ROTELLA, P. C. (2008). Digital literacy: tools and methodologies for the information society. Hershey PA, IRM Press.THOMAS, B., & HOUSDEN, M. (2017). Direct and digital marketing in practice. http://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&db=nlabk&AN=153261

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