It’s been a while since we last updated you on the state of digital marketing. Let’s take a look, shall we?
Step one: Set a benchmark and review your existing strategy
The very first step in any strategic initiative is to set a benchmark and review your existing strategy. You can also use this time to set new benchmarks and revisit old ones. This is important because it will guide you in developing a strategy and help you measure your progress. It’s a continuous process, so don’t get frustrated if you don’t see immediate results.
Some of you may be familiar with the Balanced Scorecard approach to benchmarking. The scorecard approach seeks to combine financial, internal business, and external business indicators into a single performance snapshot that can help you make better decisions.
Digital marketing has evolved over the years, and so has the way marketers approach strategy. Today, with more avenues to reach customers, consumers, and prospects than ever before, marketers must be nimble, adapting, and changing to succeed.
While a broad review of your existing marketing strategy may not be necessary at this point, taking a close look at how you plan to engage with your audience –> whether that’s through search, social media, email marketing, or content publishing – is key. That way you can determine which platforms to focus on and whether or not these are the right platforms for your product or service. It’s also a good idea to review the metrics that matter most to your business.
Step two: Identify key performance indicators
Once you’ve set your benchmark, it’s time to turn your attention to the data. This is where you’ll find the numbers that matter most to your business. To start, you can use your benchmark to identify key performance indicators (KPIs) –> the measurements that matter most to you –> across each major area of marketing. For example, if your goal is to grow your revenue, you may want to focus on increasing traffic to your website, boosting your social media presence, and getting coverage in top tier publications. You should also look at your key performance indicators (KPIs) across multiple platforms –> whether that’s email, social media, or mobile.
Step three: Set your benchmarks and measure your progress
Setting goals and KPIs is one thing; measuring your progress against these goals is another. For that, you’ll need to develop a benchmarking metric. A metric which will allow you to track your progress and decide whether or not you’ve reached your goal. There are several options when it comes to benchmarking metrics, so you can choose the one that’s right for you. Once you’ve set your benchmarks, you can measure your progress against them.
For example, if your goal is to grow your revenue, you may want to track the number of leads that come in through your website’s front door. Not an easy feat, given the amount of web traffic that comes from external sources such as social media.
If you’re looking for some inspiration on how to set your metrics and KPIs, check out this excellent report from MarketingSherpa. This benchmarking report provides an in-depth analysis of industries and markets, looking at the top brands, marketing techniques, and strategies. What’s more, you can download the full report for free. All you need to do is register for immediate access.
In summary, setting benchmarks and reviewing your existing strategy is an essential step in the right direction. If you’ve been putting off this task because you think it’s an easy “set it and forget it” kind of strategy, think again. The truth is that this is a continuous process that requires a lot of attention and effort. However, if you approach it the right way, it won’t feel like hard work at all.
Make sure to visit us at least once a week for the latest trends and advice on how to make your blog stand out. You can also follow us on Twitter and Facebook for all the important updates.