Many people who want to improve their online marketing strategy are curious about what it means to blend SEO tactics with content marketing. The advantages of a blended online marketing strategy are vast permitting you truly grow your business at the much more rapid pace than should you didnt have one. Before it is possible to understand the different strategies and marketing tools that are available, it is important to identify what online marketing is and how it promotes a business.
Online marketing is the practice of leveraging web-based channels to spread a message about a companys brand, products, or services to its potential customers. Once you have a sense of where your traffic is coming from and how traffic figures change over time, youll have an easier time determining which areas of your online marketing strategy are working and which need tweaking.
The first step to a successful online marketing strategy is looking closely into the overall requirements of your company. More often than not, however, the effectiveness of a marketing strategy is offset by the inability to measure up what is really required. In some cases, it might even be counterproductive: which is why it is the CMO’s job to tackle efficiency questions for the best results. In this article, let us explore some of the yardsticks by which to measure the effectiveness of your current online strategy.
What kind of campaigns are you running?
Different kinds of campaigns have different rates of success, depending on the nature of the company, product, targeted customer and various other factors. You may have email marketing campaigns, newsletter marketing campaigns, social media marketing campaigns, online advertising campaigns running parallel to each other, but it is important to ask a few questions about your campaign before continuing in the same old direction.
How to measure the effectiveness of your campaigns?
In the long run, the goal of a successful marketing campaign is to make it entirely self-sustaining. Without a proper digital marketing tactic, you potentially stand to lose out on online market shares, online value propositions, online customers, resources such as time and money. You also stand to lose out on optimization opportunities and opportunities for improvement. Consequently, you should try to measure the effectiveness of your campaigns against certain fixed goals and achievements. You could, for instance, see how you stack up against your competitors and evaluate your rate of growth accordingly. Ask yourself, and answer, some questions about the brand’s value proposition, goals and strategies of growth, marketing channels that are currently under-utilized by your company. Check which of these fits best with your profile and requirements.
What are the tools that are used to measure the ROI of campaigns?
ROI is often taken as the proof of an effective marketing plan, and it can be measured quite easily with a few effective tools. Metrics that can help measure ROI from social media and elsewhere include:
Goals for conversion: This is the first step where you need to define targets for online purchases, contact forms, newsletters, time spent on a page, interaction on social media, etc.
Reach: Track reach to see how it improves over time.
Traffic: Measure referral sources to check which strategies work more through Google Analytics.
Leads: Keep track of traffic from blogs and websites that are converted to leads. It is important to focus on a) bounce rate, b) average page views per visit and c) average time on site.
Customers: Check leads to also keep track of customer conversions. The popularity and effectiveness of a strategy should also take into account rate of returning visitors to a site.
Costs: Cost per lead/cost to acquire customers is also an important factor. It is measured by dividing marketing + advertising costs by number of new, paying customers within that period.
Rates of Conversion: Keep an account of the visit-to-lead conversions i.e. online traffic percentage from leads. Note: Top 10% of the AdWords advertisers had 11.45% conversion rates or higher.
Audits: Social media audits can be especially helpful, but you can use emails, contact forms, etc. too
A/B tests: Discussed below in greater detail.
How to run A/B tests to identify the effectiveness of campaigns.
A/B tests are one of the best processes for measuring campaign effectiveness. Apparently, only 28% marketers are satisfied with their current conversion rates. Naturally, A/B testing is a great way of testing out the kinks of marketing. To do so, you have to decide what to test, select treatment and control mechanisms, and create a test, promote it, gather data, and then analyze it: or simply use one of the pre-existing ones. Read full story here…
Monitoring, evaluating and analysing each component of your online marketing strategy are an essential step in gaining better understanding into potential customers. Small businesses who understand the power of an online marketing strategy are crushing their competition.
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