3 Ways To Optimize Your Digital Marketing Campaign To Succeed
Every business has finite resources, which is why crushing your digital marketing campaign is so crucial. Unlike big businesses that can throw money at the wall and see what sticks, if small businesses spend money without thoughtful intent they will only increase the likelihood that they’ll be out of business tomorrow. Which is exactly why small businesses must make every dollar count.
Here are a few choice strategies that any small local business can utilize to improve your R.O.I.:
Double-Down on Successful Strategies
With Google Analytics you can create goals to measure the quantity (and source) of leads or potential sales in a much more meaningful way.
After marketing channels (e.g. social media channels, organic web traffic, Paid Ads, etc.) have been active for some time, it’s wise to review your data and perform a critical 80/20 analysis. Also known as the “Pareto Principle”. We use this technique to identify the top 20% of your digital marketing sources that are generating 80% of your quality results.
After identifying the breakout segments and sources you can begin allocating more of your marketing budget.
By discovering and discarding the 80% of waste, you’re able to correctly reallocate your marketing budget, thereby leveraging your marketing budget to maximize your impact.
Remain On Top Of Targeting & Budget
It’s important to remember that not all marketing channels are created equal. Some offer more control over others.
Instead of thinning out your budget across too many channels, thereby diluting your message and awareness, we recommend focusing on the channels that give you the most control, with both cost and targeting.
The better you’re able to control who you advertise to, and how much you spend to reach them, the greater your ability to focus on what works and eliminate what is not working.
Don’t Expand Your Budget Until Profitable
Whether offline or online, every campaign should begin narrow and focused, with a moderate budget to start.
Only after a campaign proves to be profitable should you begin ramping up your spending. This may seem obvious, but it’s important to underscore the difference between spending money marketing on assumptions versus on the hard results based on real world data.
The goal is to establish a solid R.O.I. that is your foundation to build your digital marketing upon. To start with, the profit earned from your now effective marketing campaign(s) offers your business a safety net of sorts for future campaigns that may prove less successful. When done correctly, you can leverage one successful campaign into many more. This can by accomplished by studying the data and identifying the underlying patterns and trends.
Not only can you base future digital marketing efforts on this proven model, you can also put more money into a successful, already established campaign, greatly reducing the risk.
Money is every businesses lifeblood and tough times mean it’s more important than ever to make smarter marketing decisions that net tangible results.
A noisy world has made it more difficult than ever for small businesses to reach their audience. However technology, namely the Internet, is the greatest equalizer known to mankind. When used effectively and efficiently, you can greatly reduce your marketing risk across a variety of areas while maximizing your results.