Is Your Digital Strategy A Risky Stock Speculation?
If you’ve ever invested in a hot stock in the hope of reaping big bucks, you’ll probably know how much it hurts to be burnt by falling stock prices soon after.
Well, here’s a shocking fact: Buying online marketing ads blindly is no different than speculating in stocks. It’s costly and it yields very little returns.
Yes it’s true!
We’ve seen many marketers pump all their marketing budget into certain marketing channels, or search keywords that they think are important to their campaign, with the belief that leads will roll in.
And many do so without much thought as to how these paid visitors will interact with their webpage; or lack the full picture as to how each click translates into visitors and leads.
The end result?
They end up much poorer for it and wonder why their online marketing channels aren’t yielding more leads. It’s no surprise that many are still struggling to translate online marketing efforts into actual sales.
Some questions business owners and marketers should ask themselves:
Being aware of how each online marketing channel contributes to your bottomline goes a long way to formulating a suitable and sustainable online marketing strategy to improve your returns.
Here are 5 crucial steps to ensure your online marketing efforts are working:
1. Keeping an eye on how your webpage performs can help you spot potential red flags that cost you money
As much as the stock market is sometimes about anticipating how investors will react to key economic indicators; one component of digital marketing is also about understanding how visitors react to your webpage.Before you decide to buy ads to drive traffic to your webpage, ask yourself:
- Is your webpage difficult to navigate?
- Is what you are selling on your webpage easy to understand?
- What do you expect your visitors to do when they reach your webpage?
Anticipating how visitors react to your webpage will help you improve on its performance and reduce the probability that visitors will navigate away from it. This is where digital marketing data comes into play.
Digital marketing data can tell you whether visitors stay long enough on your page to buy into what you are selling to them. This data can also tell you which channels and targeting can bring in more visitors that are likely to convert on your webpage (i.e. submit an enquiry or sign up for a promotion).
2. Get a good data analytics tool to shed insights into your web traffic
Just like how stock analysis tools give traders insights into each stock and help them decide on an investment strategy; a good data analytics tool can help you understand how your web visitors / customers behave and how you can plan your marketing strategy.
It is important to collect and analyse data on your webpage to understand what is actually happening on your webpage, and whether you are losing money because your webpage turns people off!
Google analytics is one such tool that allows you to do so. Just like how market reports and quarterly earnings reports allow investors to determine how well a business is performing, google analytics offers various reports which delves into your website visitors’ behaviour and tells you how well your website / webpage is performing.
Analysing this data allows you to determine what you should do next. E.g. You can cut your losses if you find that no leads come from Facebook. Alternatively, you can also spend more on Facebook if it gets you the most leads.
3. Be clear about your marketing objectives and understand how each marketing channel contributes to your bottomline
Just like how each stock varies in its potential to give you returns; each online marketing channel offers a range of ad targeting options, each with the potential to reach your customers. The question often is, which one should you pick?
Knowing what your goals are (getting leads or promoting brand awareness) can help you decide where to place your marketing budget and how you should run your campaign.
4. Learn to anticipate business trends and understand how these trends contribute to the number of leads you get each month
The digital marketplace is a dynamic and fluid ecosystem, just like the stock market. No one can guarantee an increase in the absolute number of leads month-on-month. Stocks rise and fall according to their perceived value; likewise your online ads are subject to fluctuations in user demand and competition from other advertisers.
It is important to understand whether any drop in leads are due to seasonal trends or stem from the systemic failure of your online marketing campaign. This ensures that the right steps are taken to “troubleshoot” your online marketing campaign.
5. Make sure your campaign generates a steady stream of leads over time. Yes, its possible! Just ask our clients!
While business owners and marketers have no control over seasonal trends that can impact their campaign, they can mitigate extreme fluctuations in paid traffic by spreading out their media budget over time — Just like how investors reduce market risk by investing a large amount of investment over time (dollar cost averaging).
In dollar cost averaging, more shares are purchased when prices are low, and fewer shares are bought when prices are high. In digital advertising, the same principles apply. By spending the same amount of media budget every month, you drive less traffic to your website when your CPC (cost-per-click) bids are high and drive more traffic to your website when your CPC bids are low.
Over time, your cost fluctuations average out and you’ll be able to acquire a steady stream of leads every month.
With a steady stream of leads every month, you’ll be able to analyse when and why certain dips occur, and how changes in your ad copy and targeting affect the number of leads you get.
This allows you to make structured changes to your campaign that have a meaningful impact on your leads and sales. In time, your cost per lead is reduced.
Is your digital marketing campaign costing you and causing you grief? Let us help. We’ll show you how to supercharge your online marketing campaign and grow your leads quickly. Send us an enquiry now!
Pictures from pixabay.com