The proliferation of digital marketing platforms, tools, and channels make it much easier for people to discover your product or service and hopefully become a customer. While you should always maintain a presence on social media, you now have the opportunity to connect with customers wherever they are looking for content.
If you’re looking to grow your business faster and easier, then consider pursuing online marketing initiatives.
Step 1: Set a budget and a financial target
You won’t be able to make any forward progress in your online marketing efforts if you don’t have a clear idea of how much you’re spending. Before you start spending money on ads or buying marketing tools, take some time to set a budget and a financial target. Then you can accurately assess your progress.
It’s always tempting to want to increase your marketing budget without thinking of the consequences. Big financial investments in advertising can seem like a sure way to attract more customers to your company. But if your financial health is important to you, then consider how these marketing efforts may affect your bottom line.
Step 2: Choose the right platform
Now that you have a clear idea of how much you’re spending and how much you’re hoping to get back, you can start to choose the right platform and channel for your marketing. There are many platforms and communities where your product or service may be discovered, but you need to consider the differences between each one.
If you have a product to market, then choosing a retail-focused platform like Shopify, BigCommerce, or eBay Commerce Platform can help you spread the word to potential customers who are actively looking for your product.
Step 3: Create content
To get the most out of your online marketing efforts, you need to create content that is going to resonate with your audience. Whether you’re in market for investment, insurance, or education, you can find the content that you need to succeed. Your content may be in the form of a downloadable eBook, whitepaper, webinar, or simply a blog post.
While you may not need to create content for every platform and channel individually, you should establish a schedule for creating content and blogging regularly. Establishing and following a content schedule ensures that you are always creating fresh content that is relevant and engaging to your audience. Additionally, making content consistently and regularly will help establish yourself as an expert in your industry and allow you to gain credibility when you share your knowledge with others.
Step 4: Measure effectiveness and review results
Once you start to see some results from your online marketing efforts, it can be difficult to know what is going on. With digital marketing, it’s always a challenge to assess results without using metrics or analytical tools. This is where step four comes in: measuring effectiveness and reviewing results.
Measuring the results of your online marketing activities isn’t easy. There are a number of different metrics that you can use, such as:
- Unique Visitors
- Conversions (i.e., click-through rates)
- Cost per acquisition (e.g., CPA, CPC, or CPO)
- Average Order Value (AOV)
- Profit Margin
- LTV (Lifetime Value)
All of these metrics can be used to assess the results of your online marketing activities. However, you should focus on metrics that are directly related to your product or service. Metrics that are used to assess the performance of a website, for example, may not be as useful for your insurance business as metrics that measure the performance of an online shop.
In order to accurately measure the effectiveness of your online marketing activities, you need to define a goal for each platform and channel that you are using. For example, if you are using traditional advertising to attract new customers to your brand, then you can measure the performance of that ad campaign by looking at the number of leads that you accumulated.
In conclusion, pursuing online marketing efforts can help your business grow. However, you need to be strategic about which platforms and channels you use in order to create the best impact. Defining how much you’re spending and a financial target should help you determine how effective your campaigns are before you spend more money. Finally, measuring the results of your online marketing activities isn’t easy, but with the right tools it’s possible. To help you track the success of your campaigns, you can use tools like Google Analytics to segment traffic and track the performance of different campaigns along with their budgets. Furthermore, you can use tools like HubSpot or MarketingCharts to create dashboards and monitor the performance of your entire marketing team.