Most businesses share a common grievance that in spite of allocating a large chunk of their marketing budgets to draw more traffic to their websites, the return on investment (ROI) is far from encouraging. What adds to their woes is the fact that while the budgets are limited, the options available are many, leaving them grappling with how to optimise their digital ad spend for maximum gains.
Here are a few strategies that can help:
Understand what is working for you
If you are working in digital marketing and Google Analytics is not your Bible already, chances are that you are living in a cave. A great way to focus on what works best is to set up goals in Google Analytics so that one can evaluate the number of hits and leads coming in. Compare different sources such as your social media channels, organic traffic and paid campaigns to analyse which sources generate a major chunk of your leads. Then, employ the popular ‘Pareto Principle’ to identify the top 20% of sources that generate 80% revenue and target your budget towards those sources. This principle is effective most of the time and marketers swear by its results.
Evaluate and adapt
The thumb rule of working in a domain that is ever-fluctuating is to quickly adapt your approach in keeping with the changing market trends. You might have spent money and multiple night shifts in office on a project only to realise that it is ineffective and needs to be scrapped. Make sure you are prepared for such a situation beforehand and have the requisite tools and a rainy day fund allocated for this. Digital marketing offers greater flexibility to evaluate and adapt, and this freedom needs to be used in a manner such that it optimises your spend while achieving the best results.
Opt for cost-effective digital channels
Even today, most marketing professionals haven’t been able to crack the know-how of digital marketing to their best. It is time that those working in the domain understand that social media has become expensive when it comes to the outcome and engagement. Consequently, it is time to move on from the “spray and pray” attitude to more cost-effective & result oriented digital media spends. Well-planned search campaigns, targeted Google Display Network Banners and content marketing including optimised blogs are all affordable yet effective methods to boost your numbers. Experts often advise that one should not use too many digital channels that follow the same approach or offer a similar experience, such as Snapchat and Instagram, and should much rather research and use other affordable digital media products to expand their reach.
Use innovative methods to drive results
The realm of digital marketing is very dynamic, with new changes being introduced every hour. Starting from the Facebook algorithm and the omnipresent role of smartphones to retargeted banners, marketers have to be aware of the new methods and try adapting to them at the earliest. These trends also open new doors for your brand to gain visibility from audiences that were previously not aware of your products or services. One such example is the live chat feature that has a strong influence on the buying decision of customers and leads to higher conversions. A survey led by Kayako with 400 businesses has substantiated this fact. It has reported that 79% of these companies feel that offering live chat has had a positive effect on sales, revenue, and customer loyalty. So businesses need to go a step further and not only focus on driving more traffic to their websites, but also find the right means to convert that traffic into sales.
Businesses must weigh the cost and impact of digital campaigns to ensure that they get noticed by the target audience without overshooting their marketing budget. A simple way to get started is by partnering with a credible live chat service provider who can leverage the traffic already coming to your website, thus improving your conversion ratio manifold. The key is to deploy the right tools and strategies, so you can optimize your digital marketing spend and achieve the desired results.