You may be familiar with the famous saying “a penny pincher is still a penny pincher, even if he’s rich”. The same may be applied to the theory of marketing management. For instance, a marketer who is focused on increasing sales volumes through highly efficient marketing tactics may still follow the same routine, even though he has plenty of money to spend. In other words, getting the most out of your marketing dollars is more important than simply spending as much as you can.
This, however, does not mean that you need to limit yourself to what is possible within your existing framework. In order to get the most out of your marketing investments, you should consider whether or not there is an alternative method that could improve your results. One such method could be the use of digital marketing analytics.
The Advantage of Digital Marketing Analytics
Let’s take a quick look at the advantages of digital marketing analytics over traditional tactics such as SEO and PPC.
For one, with digital marketing analytics, you have the advantage of more accurate measurement. When you rely on metrics such as daily impressions or the number of people who clicked on a particular link or displayed an ad, you are essentially making assumptions about what would happen if you did the same experiment again. However, with digital marketing analytics, you can measure these effects more accurately, as they are all based on more extensive and scientific data.
It is also important to note that, although SEO and PPC are effective tactics, they are both largely performance-based. This means that, although you may see positive results from your efforts, you cannot tell whether or not those results are actually due to what you did. With digital marketing analytics, the data collected about your marketing efforts are all accessible in one place, which gives you the ability to see the entire picture.
The Disadvantages of Traditional Marketing Tactics
Although SEO and PPC are effective tactics, they can also be very time-consuming and, due to the way competition is increasing, quite expensive. If you want to see immediate results from your marketing efforts, it is better to try and opt for more traditional tactics such as TV advertising or direct mail. The latter still has the advantage of being relatively affordable, even if you are running low on funds. The major drawback, however, is that you are relying on the same tactics that have worked in the past, which may not be the best use of your time and money if they do not produce the desired results.
Another disadvantage of traditional marketing tactics is that, unless you hire a full-time in-house marketer, you are largely dependent on agencies or freelancers for ongoing SEO, PPC, and media planning. This can be a double-edged sword, as you may end up paying more for less effective services.
Why Marketing Analytics Is A Useful Mix
It is always useful to have a mix of tactics in your marketing toolkit. Even the most established marketers are still using SEO, PPC, and other traditional tactics alongside more modern methods, such as social media marketing and content strategy.
The reason for this is that a combination of methods usually produces the best results. It is certainly beneficial to have a solid foundation in place before you begin your digital marketing journey. This means having a marketing framework that can be built upon. In fact, many agencies and in-house marketers specialize in creating marketing frameworks, which can help you identify the key performance indicators that will allow you to track your progress.
Marketing Framework Template
With that in mind, let’s now take a look at what a marketing framework template might look like.
A marketing framework template is nothing more than a neatly organized collection of key performance indicators that can be used to track your marketing progress. Instead of relying on guesses and assumptions about what may or may not work, you can now measure the results of your experiments with exactitude.
In addition to that, a marketing framework template allows you to track your performance over time and identify any patterns or changes that might allow you to improve your results. For example, if you notice that your web traffic is increasing steadily but not at a fast pace, it might be a good idea to examine the types of content that your audience is responding to.
How to Create A Marketing Framework
In order to create a marketing framework, you will need to start by drawing up a list of all the key performance indicators that you will need to track. Keep in mind that not all marketing activities will have the same importance, so you will need to rely on your expertise along with that of a professional marketer to determine which ones are most important to you.
Once you have your key performance indicators in place, it’s time to build your marketing platform. This is where you will find the foundations of your marketing plan, including things like your objectives and key messages along with the metrics that you will use to track your progress. You should make sure that all the key performance indicators that you have chosen to track are easily identifiable and can be shown in a clear and concise manner.
Once you have built your marketing platform, it’s time to get specific with your strategies. This is where you will lay out the details of your plan, including what you will do and how you will do it. You should make sure to include detailed plans and timeframes for each phase of your strategy, along with supporting materials such as marketing research or analysis from qualified external sources.
Writing a marketing plan is a lot like writing a business plan, but it is more focused on strategy than revenue generation. This is important because your plan will serve as the blueprint for your marketing activities. As such, it is essential that you write your plan in a way that is easy to follow and provides the support that you need to implement your strategy. If you follow these simple steps, you will be able to create a marketing framework that will allow you to measure your success and improve your results time and time again.