Ask anyone with basic advertising knowledge and they will tell you that digital marketing is the way everything is heading. In fact, a recent study from the CMO Council says that digital spending will rise to $194 billion in the US by 2018. It has already overtaken the traditional media of radio and newspaper advertising, and it’s slowly catching up to television advertising. So why are so many small businesses still slow to recognize that effective digital marketing is here and theirs for the taking? You may notice that this article refers to digital advertising investment, rather than spending. This is one of the primary sticking points with the digital shift.
When working capital or cash flow is limited for a business, the first thing to get cut is typically the advertising and marketing budget. The biggest mistake with this approach is that businesses count on referrals and word-of-mouth business. The fact is, marketing campaigns are the only reliable long-term strategies for attracting consistent new business. A smart business owner should be viewing their marketing as a way to invest money, rather than a way to spend it. Most businesses are still spending on internet marketing products when they need to be investing in digital marketing strategies.
Digital marketing strategies, or ‘eMarketing’, start by tackling specific business goals and objectives before making online advertising decisions. Industry professionals are sharing many helpful perspectives on how to invest in effective digital marketing. After you have a clear objective for your marketing, the choices for your online marketing become that much more clear. Products like Google advertising, Facebook advertising, banner ads, display networks, etc. will now be much more valuable if they fit within your strategy.
The last obstacle to overcome is knowing the ROI that is coming from your online advertising. Vastly improved and intelligent analytics can help you determine if your campaign is successful. Which keywords are working best, what display placements yield the best CPM, or how much each online conversion costs are all factors that come into play. Once you have a strategy and method to analyze your revenue, the decision on what to invest in digital marketing should be extremely easy. If your marketing is making you money, continue to invest that money.
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