If you are like most business owners, you have noticed the trend toward moving traditional advertising dollars to online advertising. With the rampant increase in mobile computing and the adoption of smartphone technology, this is a smart move. However, it does have pitfalls. Therefore, these are a few tips to help you get the most out of your digital marketing dollars.
Set Clear Goals
Your first task should be to set clear, achievable goals. Like many businesses, you may be focused on gaining more, but you need to define what you mean by “more.” Are you looking for more people to click on your website? You don’t even have to have a great campaign for that goal, but you may not increase your revenues with this goal.
Drill down what you are looking for. Do you need leads, new customers, returning orders, newsletter subscriptions, phone calls, or sales? Be very specific about what you want from your marketing campaign.
Clearly Define Your Target Audience
You don’t want to spend thousands of dollars splashing your online advertising across multiple channels and never encountering the individuals who are actually interested in your product or service. You may receive clicks on your advertising, but they may not be from those who will purchase your product.
Therefore, the best way to save money on digital marketing is to clearly define your target market. You can start with demographics, but go deeper. What are their interests? What publications do they purchase or read? Are there specific websites that they frequent? Look deeply into exactly what type of person buys your product, and target your marketing dollars toward these individuals.
Analyze Your Competition
Your next step should be reviewing how your competition is targeting your prospective clients. What types of content are they providing, what is their SEO strategy and where are they advertising online? Learn everything you can about your competition, and track their results. Find ways you can improve upon their strategies.
Set A Clear Budget
You may think that online marketing is cheaper than traditional marketing, but this is not typically true. If your company is well-established, you can get away with reducing your digital advertising budget. You can also spend less if you provide very targeted advertising and have a highly responsive market. However, you will typically spend as much on digital marketing as you did on traditional. Therefore, set and stick to a clear budget.
Track your marketing efforts using analytics. Then, adjust your strategy based on the projects that have the best results.
As you start your online advertising campaign, consider creating a diverse plan for a specific target audience.