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Running a business isn’t easy and many of the decisions you make come down to how much you can afford to spend or what kind of risk you can afford to take for a calculated return. If you are thinking about marketing online, whether it be through paid search, social media or organic SEO you can be savvy and make sure you aren’t wasting money or dedicating resources to areas that aren’t delivering a return.
Put Some Time & Effort Into Your Tracking & Reporting
Like anything you get out what you put in. With any digital marketing strategy everything should be able to be measured and tracked. This will enable you to find areas where your performing well and others where you aren’t. If the company you’ve engaged isn’t giving you information around what your results mean for your business and the return you should expect to receive you should be asking for it.
You should also being putting time into understanding Google Analytics, so as a business you can track and measure traffic and conversions.
Investment vs Return
You should be investing time into understanding & analysing your investment v return. Before you start investing in your digital marketing plan put some effort into understanding your customers, the value an individual customer acquisition returns to your business and the number of referrals they provide you. This will help you assess your cost to acquire customers and the return that your marketing efforts will deliver to your business.
Pick Your Channels
Ultimately you know your business and you understand what your customers want and the type of customers you are trying to target. If you’re a business to business client in an obscure industry social media may not make sense when choosing where to invest your money & resources. Take time to understand the different channels you can market to and how they suit your business. If you’ve engaged an agency get them to detail why they suggest a certain channel to market your business and how it fits with your overall marketing strategy.
It’s a Long Term Investment
If you’re thinking about marketing online and you only want to dip your toes in the water you should probably think about spending money elsewhere. You need to be committed to developing a long term strategy as you will only start to see results and a return on investment when the cumulative effect of your marketing efforts start to come to fruition. This is especially important when undertaking search engine optimisation which is always a long term investment for your business. Talk to your agency partner about the long term goals & plans for your digital marketing plan and remember to measure and track everything against your goals so you can continually refine & improve.