growth-of-digital-markrting-must-be-ree-valuated

Measurement for Growth in Digital Marketing Must Be Reevaluated

All marketing that utilises electronic devices, and is utilised by specialists in marketing to promote their message and track its effect throughout the customer journey. In the real world digital marketing usually refers to campaigns for marketing that are displayed on phones, computers, tablets, or any other devices. It could take many forms, such as online video advertising on displays as well as search engine marketing, paid social advertisements and postings on social networks. Marketing via digital channels is usually compared with “traditional marketing” such as billboards, magazine ads as well as mailings direct to the consumer. It is odd that television is often included in traditional marketing.

What is Digital Marketing?

Digital Marketing is also known as online marketing is the process of promoting companies to reach out to potential customers through the internet as well as other forms of digital communications. This does not only include the use of email, social media and online-based advertisements as well as multimedia and text messages that are used as a marketing channel.

In essence, if the marketing campaign involves communication via digital that’s digital marketing

On a larger scale digital marketing is advertisements that are delivered via digital channels, such as websites, search engines as well as social media, emails and mobile apps. By using such online media channels it is the process through which businesses endorse products or services and brands. Customers heavily depend on online sources to investigate products. For instance, Think with Google marketing research found the majority of people start their research on search engines, whereas 33% go to brands’ websites, and 26% use mobile apps.

Although modern-day digital marketing is a vast array of channels that marketers must simply integrate their brands, advertising online is more complicated than just the channels. To realise the full effectiveness of marketing through digital, marketers need to dig into the multi-channel and complex world to find strategies that can make an impact with engagement marketing. It is the process of creating significant interactions with potential and repeat customers, based on data you gather over time. Through engaging with customers on a global scale to build brand recognition and establish your company as an industry leader and put your business in the forefront when a buyer is ready to buy.

Role of Omnichannel In Digital Marketing :

With an Omnichannel Digital Marketing strategy, marketers will be able to collect important insights into the target audience’s behaviours while opening the doors to new ways for customer engagement. In addition, businesses can anticipate more retention. According to a study conducted by Invesp, firms that have effective customer engagement strategies that are omnichannel, maintain an average of 89 per cent of their customers, when compared to businesses with weak omnichannel solutions with a retention rate of only 33 per cent.

Future of Digital Marketing:

For the future of digital marketing, we’re likely to see a growth in the number of wearable devices that are available to customers. Forbes predicts the future of social media. It predicts that it will be more interactive in the B2B industry, videos will be improved to meet the purpose of search engines optimization (SEO) to improve its effectiveness and marketing via email will become more personalised.

“Digital is at the core of everything in marketing today–it has gone from ‘one of the things marketing does’ to ‘the thing that marketing does.'”

Twenty decades ago, the primary measurement for mail-order stores was the circulation of catalogues. Catalogues that were distributed to more mailboxes equals more sales. It was logical at the time, but if department stores, or any other retailer, counted print catalogues as their sole gauge of growth then they’d be ignoring an enormous portion of their revenue.

However, many companies have a similar position with regard to digital. They’re still relying on the old-fashioned desktop marketing metrics in a world that’s now mobile-first. If not addressed, this could cause problems for even the most innovative companies.

It’s not an easy task to change digital measuring and marketing metrics and KPIs However, it’s possible but (most importantly) extremely valuable. Mobile isn’t going to go out of fashion. 

It’s the driving force behind the growth for companies in a brand new era that’s

Micro-moments:

There are a lot of micro-moments. A vehicle buyer was able to engage in over 900 interactions with digital technology before she picked her brand new car and drove it away from the lot.

Cross-device:

More than 75 per cent of online adults begin an exercise on one device then finish or continue it on another.

Cross-channel:

76% of those who use their phones to search to find something close by visiting a store within one day.

As an example, my GPS watch failed while I was running today, I found exactly the same replacement as I drove back from work. A quick search on the internet this morning informed me that the retailer had it on hand as well as that it would operate after hours. An average online cost-per-acquisition (CPA) of this action will not reflect the value I got when I learned that the retailer had the correct inventory or that I had purchased it in the store. This mobile-first approach challenges the credibility of the old siloed marketing metrics.

Leading brands today have seen a huge growth in their business by taking advantage of these emerging cross-channel and mobile technologies. How? by rethinking measurement with the mobile-first lens, which focuses on three fundamental issues: What’s important? What’s working? And, what’s possible?

What Matters?

It’s possible to gauge many things effectively, yet you can’t determine the things that really matter to your company.

Marketers who are winning at growth nowadays don’t base their analytics plans on the measurement tools they’ve got. They begin with the goals that their company would like to attain and then decide the most effective method to measure to achieve those objectives. If there’s a disconnect between your objectives and KPIs for measurement, it will hinder your ability to get the outcomes you want.

However, it is possible for the right combination to be magical. In a Forrester research that was commissioned by Google, of survey respondents who were identified as “sophisticated marketers,” 53 per cent said they follow well-established metrics that directly relate to business goals. These marketers are businesses that are at a minimum three times more likely to achieve their objectives than other marketing organisations.

Take a look at what you can do to improve your brand’s reputation:

  • Find out what business results you are interested in.

  • Make sure you have the appropriate KPIs in place to gauge the results for the present world

  • Your teams should be aligned to these marketing metrics and results

What’s Working?

Another question marketers are rethinking are “What’s working?” We’re all aware that consumers communicate with us in different ways and with different expectations each day so there are bound to have gaps in our measurement. If a customer in the store, such as a mobile phone user, uses the phone to look up an air conditioner prior to buying the product, the retailer must come up with new ways to grant credit to mobile phones for this in-store conversion.

Online-to-offline isn’t just the one gap that we need to fill. There are also gaps between sessions, devices channels, sessions, and more. However, it’s not too difficult to bridge these. Successful marketers are constantly thinking of new approaches and estimates and utilising innovative tools to understand how things are effective.

Importance of Target:

Target is an excellent illustration of this. When Target discovered that most of their customers started their shopping experience on mobile, they needed to reconsider some of their strategies from the viewpoint of mobile-first customers. They began using store visits information to gauge the impact offline of their online marketing.

Beyond more accurate measurement, they increased the effectiveness of their information and used the information and insights to create a unifying merchandising experience for the customers of all channels. They also honed on what attracted their customers to their stores and what items they anticipated buying. This means that the Target omnichannel shoppers are their most valued customers.

There are bound to be gaps within our measurements, however, which is fine. However, companies that are using modern technology and fresh estimates to figure the most effective methods are making smarter choices and delivering better results.

Think about what’s working for your brand’s image:

  • Be aware it is not possible to measure every single marketing dollar accurately.

  • Utilise the latest tools as well as solutions to fill the gap.

  • Consider new estimates when you aren’t able to find a solution.

What’s Possible?

Marketing leaders today are committed to asking “What’s possible with digital?” Instead of merely improving their existing strategies they’re trying new things and innovating to figure out how they can bring about results both now and in the near future.

Since the consumer has answers to their questions and is more task-oriented than brand-loyal in times of necessity. This could mean waking up on a Saturday morning needing to locate a nearby retailer quickly to purchase a baseball glove for an eight-year-old’s birthday celebration. This could be the case when you need to repair a malfunctioning water heater or have a flood in your basement. 

Perhaps it’s as easy (yet equally crucial!) such as a morning coffee in between running run-of-the-mills. These are the perfect times for brands to cater to customers’ demands. However, if we do not adopt an innovative approach to testing to determine what value we can bring to our customers and brands during these times the growth opportunities that exist will not be found.

Example:

Take PhotoBox as an example. PhotoBox offers an online business that sells gifts and photos that allows customers to make use of their own images to design and print photographs, books, and many more. PhotoBox was aware that most of its customers finished their purchases and designs using a desktop computer and preferred the screen and keyboards it provides. However, PhotoBox also saw more and more people start their shopping experience using mobile devices. PhotoBox’s main concern is how can mobile affect its goals for business across all of its channels?

This brings out a lot of unanswered questions. What’s the most effective message? Experience? and so on. But first, they needed to determine if mobile phones would actually impact their goals or not. They then had to modify the data. In order to determine this hypothesis, PhotoBox used a controlled geo-experiment that measured the growth in mobile advertising presence in specific regions and an increase in sales.

Growth in Digital Marketing:

Are you evaluating the type of growth that is most important? Are you focusing on your industry’s equivalent to catalogue distribution?

Digital has offered marketers many new opportunities in recent years and mobile has created many more opportunities. However, driving mobile growth requires more than changing the technology. It requires a change in attitude: one that challenges traditional marketing metrics and instead focuses on business-related results that are new. A mindset that doesn’t worry over small flaws and instead uses big-picture tools or benchmarks for making better choices. Also, one that focuses on unstoppable experimentation in search of the possibility of finding new ways to do things

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