What does your digital marketing strategy say about where your company is heading in 2020? Research suggests that companies looking to maintain or grow their digital revenue needs to invest 10-30% of their annual revenue into digital marketing efforts (HubSpot, 2018).
Traditional marketing such as trade shows, conferences and billboards cannot show the same levels of data and proof of return on investment that digital marketing offers. Return on investment (ROI) is defined as the money you receive for the investment you make, in this case, in growth marketing.
Return on investment in your digital marketing plan
A recent call taken to Xune Solutions by traditional marketing company offered a £4000 investment for a guaranteed reach of 2500 members of a target audience in newspapers with national reach over a 4 month period with no commitment to sales ROI. Compare this to a targeted digital advertising campaign we run producing a 3x revenue return on investment. Traditional marketing pales in comparison when it comes to meeting your potential customers where they are and offering a solution to their problem, in turn solidifying your long term revenue.
Understanding that your investment will provide direct results and reward you with higher revenue and profit. Customer lifetime value, attracting customers, nurturing them and continuing to delight your current customers is how you can guarantee the success of your company and make your growth goals a reality.
Getting specific on your current growth goals is essential to implementing growth marketing for reaching them. You can’t implement a road map for success without setting your focus on where you are headed. A growth goals calculator can help you understand the levels of growth marketing investment that will get you there.
Good news is, the risk is low! Tying your digital marketing plan to a specific revenue goal is the difference between reaching the goal, or not. One of the benefits of digital marketing is you can see how an investment of £X brings revenue of £Y, so every aspect of digital marketing can demonstrate the return on investment and all your marketing efforts can be optimised and improved along the way to support growth.
So how does your digital marketing plan get you there?
Once you have your growth goal for the next 12 months in mind. Use the calculator to work out how much you need to invest to hit this target in your time frame. Turn your goal into simple step by step maths! If your revenue target is £1 million, how many sales does that equate to? Based on your current website traffic and sales, how many additional visitors would you need to bring to the website to make £1 million in sales?
Now you have this number fixed in your mind, write it on a big poster in your office/home. Focus on creating a marketing strategy that will bring this number of visitors to your website. Take a look and determine where your ideal customers are online and how you and your brand can turn strangers into visitors with digital marketing.
With your website traffic target in mind, we add the digital marketing plan.
Key questions for your digital marketing plan
- Where are your customers when they are online?
- What are they searching for? Do they use Google? Alexa, Google Assistant, Siri – how are people asking questions on the internet?
- What are the answers they need to help them along their journey?
- Do they use social media? Which platforms? When are they most active during the day and which day of the week?
These are just a few questions to get you started, thinking about the different places you can help those looking for products and services just like yours.
Digital marketing plan cornerstones
Growth from digital marketing doesn’t happen just by writing some blogs and increasing your social media activity, any action you take towards your goal should do just that, bring you closer towards your ultimate goal.
Sit down with your team and take the following into account to see how each piece of the puzzle goes together to complete the plan and ensure that none of your marking efforts go to waste.
1. Set your growth marketing goal
As mentioned earlier, goals are the key to success, to have the best road map, the end point needs to be clear for the entire team to work towards. If you have good visibility on your current ROI and your current conversion levels, with these in mind, its a simple multiplication from where you are to where you want to be.
Placing a timing on these events, makes it more straight forward for planning the activity levels required to reach your business goals.
2. Map out your ideal audience
Ask yourself why you started your company – what problem are you trying to solve in the world? Whether this is helping people to decide what to wear on their next night out or whether to have solar panels installed on their homes, your ‘why’ will speak to the audience you are trying to help.
Creating as much detail as you can in your ideal buyer persona means you can deliver contextual, highly relevant content. By being more direct and speaking to people who will understand the value of your products will lead to high levels of customer satisfaction and relationships with people who become future brand ambassadors. As the adage goes, ‘try to appeal to everyone and you end up appealing to no one’.
3. Identify your marketing time and budget
How much are you willing to commit to making this goal a reality? If you are a small to medium sized company looking to grow in 2020 then you should know that content marketing generates 3X more leads than paid advertising (Hubspot, 2018). Yes, content marketing and increasing website traffic via search engine optimisation is a longer term strategy but it is a worthwhile one.
If limited on time and budget then there are many things you can do yourself to grow organically online to grow at a steady rate. Alternatively if you are looking for faster digital growth then committing time and budget to your plan will help you reap those rewards within your goal time frame.
4. Find channels that provide digital marketing return on investment
With your audience in mind, it may take some research to find where they are on the internet, how they like their information and what they might want their online shopping experience to be. All of this research will pay dividends into your marketing campaign as it allows you to focus on channels (platforms or online locations) that are likely to provide high levels of return. We suggest starting with 3-5 channels to focus on initially and as your audience grows, you can build your digital presence in new areas.
Depending on where you will be implementing your growth marketing plan: search, content, social media are just a few examples, it is best practice to deliver content the audience wants to hear, rather than just what your company has to say. Be useful, relevant and informative and create different types of content to learn how your audience prefers to receive information. Some channels, such as YouTube lend themselves to video content and as the second biggest search tool in the world, people continue to use YouTube to answer their questions and build relationships with brands before they decide to buy from them.
5. Plan your digital growth marketing activity
With the previous 4 items accounted for you can begin to map out (use a content calendar!) what your activity will look like week on week, what you can manage in-house and what you might need additional support to achieve. By understanding what your customers are looking for in their discovery and decision making process you can answer questions, build authority and develop content that will continue to generate high quality traffic and revenue for years to come.
Think here about a long term 6-12 month view so you can see where specific marketing campaigns will bolster your business revenue, it’s not a simple matter of flicking a switch, building a marketing campaign will have a ramp up time frame so understand before you get started when you want to have the tap running full flow and start with enough time to make this happen.
If you have questions after reading this blog, get more help by booking a quick call with us, let us help you reach your growth goal.