Two of the most important areas to consider when planning your digital marketing are budget and objectives. With these two areas defined what becomes clear, is the path needed to achieve success.
It is important not to get hung up on the how at the initial stage, and please do not even begin to consider your budget yet. This can lead to over analysing concerns and objections, which for the most part will come from personal fears rather than an objective overview of your business.
The holistic approach
Take a holistic approach, because while it is not all about the money, what is important is the planning and execution of the plan you are going to be making the investment on.
Five key areas to assess before you even begin thinking about the cost:
Consider your target audience and where are they online
If you are a lawyer who targets clients over the age of 30 with a six figure income, LinkedIn may be the place for you to look at engaging in groups or sponsoring posts on your company profile. If you are selling women’s jewellery to a target audience of 25 to 50 year olds, in major cities with an income above five figures, Facebook advertising - where you can refine relevant brands, interests and regions could be the answer. Fine tune who exactly it is you want to target and where they are online, the business without a niche is often the business seeing less growth.
Look at the data you already have from existing visitors and clients
Knowing how your clients / visitors interact with your business online - think website, Facebook, Instagram, email campaigns etc is the first step in understanding how you can convert visitors into clients and repeat business. There are a variety of tools available, such as HotJar or Crazy Egg to monitor behaviour on a website, as well as the insights available from all social media channels. Your email marketing campaigns can provide a wealth of data on what your clients are interested in by the clicks they take, and when they are opening your emails. This data is a goldmine for your marketing objectives.
How you can use client data to build your marketing plan
Once you have identified your target audience and analysed the data you have on hand you can begin to craft your marketing objectives. Objectives will vary depending on the space your business is in. A younger company may be all about focusing on building brand awareness, and older company may be looking to increase sales. The data you have will provide a good indication of what to focus on and / or how you can improve. A variety of initiatives may need to be looked at, so now is when the details come in to play, as you create your plan by reviewing all of your options.
The benefit of resources you already have available
You have your marketing objectives set and a plan in place, now to look at the investment needed, or in simpler terms your marketing budget. Yes, you do need to spend money to make money, but take a look at your networks for successful experts in their fields who could help you implement your plan.
Be open to exploratory conversations, ensure you do your research on different options and review how they fit into your marketing budget and how they will meet your overall objectives.
An existing business, with the benefit of longevity behind it, could find the opportunity to extend existing relationships, perhaps by offering a loyalty programme.
I always suggest leaving looking at the budget until last, know that it is so very important and because it is left til the end does not mean to ignore it all together. As mentioned above, it is often personal limiting beliefs held around money or success, which can lead to the stifling of business growth.
Measuring your return on investment
Generally marketing budgets range from 5 to 12 percent of revenue, depending on your objectives, and where in the market your business current sits. If your business is looking to grow your budget may be at the higher end of the scale. To work out your return on investment (ROI) you can use the following simple formula:
(Return - Investment) / Investment *100 (as a percentage)
Return (Total revenue generated from the marketing plan)
Investment (cost associated with the marketing eg. print, advertising, technical, management, cost of the goods sold – ie. Time to produce the good or service)
When you have a return on investment goal you can more accurately measure how success for your marketing plans are and adjust these throughout the life of your business to ensure the greatest return for your company.
Remember businesses evolve over time, and data is ever changing, don’t fall in to the trap of thinking once you have a marketing objective it will always be the same. Business growth comes from assessing and reassessing.
To discuss your marketing plan and budget, get in touch today.
Seriously, what is your problem? Not in that way of course... I want to help.
I know business owners have questions about being online, Facebook, Google, LinkedIn, email, websites, and more. I do myself! I also know it can be confronting asking for help, and confusing when you don't know how to find the right answer, or even the right question to ask.
What problems / issues / questions are you facing in your business right now?
I am offering you the opportunity to get it all out there. Simply send me an email with your burning question, or questions and I will send you the answer! It's that easy. No catch, no signing up to a database, just email away.
I look forward to being able to provide you with some answers to what you have been looking for.
Digital marketing is a great tool to share your business, your brand, your products and services with both clients, potential clients, and the wider public. What can be off putting for some businesses is that they do not know which digital tools they need to be using for their business, and immediately it goes in the too hard basket.
For some businesses a mix of both digital and traditional marketing may be the way to go, below I share some of the more common digital tools that people are using. For more information on any of these just get in touch and I will be happy to help you work through the pros and cons for your business.
Mailchimp offers an improved feature for its paid subscribers. You can streamline recurring communications using the Automation tool.
This tool creates the ability to send a series of emails within a workflow at the time you choose, to specific subscribers that meet a set of conditions you have created. This can provide a clear pathway for businesses using a sales funnel from signup to conversion or for repeated engagement.
Other uses may be - a welcome email, incorporating the Mailchimp Goal feature for sending emails after specific website activity, sending a series of emails leading up to an event and more. Let's look at the terminology first.
Glossary (courtesy of Mailchimp)
Automation: The catch-all term for an email or series of emails sent to a subscriber based on a triggering action or absolute date.
Workflow: A schedule for rolling out a series of emails, along with their content and configuration details.
Email: A single campaign that's part of your automation workflow. At MailChimp, we usually call emails "campaigns," because they reach many subscribers. With Automation, we call them "emails," because they go to a targeted subscriber, more like an email you would send personally.
Delay: The period of time between two emails in a workflow. A relative delay depends on the email before it, while absolute delays are based on the trigger-date.
Queue: A batch of subscribers who have met a workflow's criteria, and are waiting to receive the next email in a workflow.
Trigger or Event: The catalyst that starts an automation workflow, for example, signing up to your list or purchasing a particular product.
Things to bear in mind when setting up your automation workflow
With paid Mailchimp accounts based on the number of subscribers you have, from as little as $10/month you could give the Automation feature a go. If you need help setting up a Mailchimp account with a branded template for your business, get in touch with us today.
Email is an effective way of directly reaching your target audience, your email appears in an inbox and remains there until the recipient either replies to you, or deletes the message. Either way your reader is taking an active action associated with your business. Check out 5 ways to define and engage with your audience through email marketing
If you are spending hours crafting the perfect email, only to look at your statistics and see pitiful results, fear not, here are four areas to address and 24 tips to give your email marketing the edge.
Suss out the 24 tips for yourself here
With 20 years experience in marketing, Kath knows what works for businesses, this blog has the latest tips, tricks and innovations to help your business online.