Smart Insights is a digital marketing publisher and online learning platform run by Dr Dave Chaffey. Chaffey is the author of the excellent book Digital business and e-commerce management, which I studied during my Information systems and management degree. I have been reading up on digital marketing this week, and I came across one of Chaffey’s frameworks that organise and simplify modern marketing.
Smart Insights RACE framework lays out the marketing funnel to help people plan and manage a digital marketing strategy. The framework includes; plan, reach, act, convert and engage and shows the critical measures for target setting and evaluating each stage of the marketing funnel.
The Smart Insights RACE Framework
- Plan: Define your goals and strategy
- Reach: Grow your audience using paid, owned, and earned media
- Buyer stage: exploration
- Key measure: audience volume, audience quality, audience value and cost
- Act: Prompt interactions, subscribers, and leads
- Buyer stage: decision making
- Key measure: leads/lead conversion rate, time on site, subscribers/likes/shares
- Convert: Achieve sales online or offline
- Buyer stage: purchase
- Key measure: sales, revenue/profit, conversion and order value
- Engage: Encourage repeat business
- Buyer stage: advocacy
- Key measures: repeat purchase (lifetime value), brand satisfaction and loyalty, advocacy
Find out more about the marketing RACE planning framework on the Smart Insights website.