5 Ways to Improve Your Company's Digital Marketing Strategy
A functional digital marketing strategy focuses on building and maintaining authority in a crowded online marketplace. It does this by providing valuable and helpful content. Doing so positions the company as a legitimate and desired service provider.
Setting goals and measuring KPIs
A strong digital marketing strategy requires setting online goals that will support overarching business objectives and tracking the progress towards these goals.
Goals can be tracked by benchmarking current KPI values, and keeping an eye on them while you track towards your goals. Whether industry-standard or business-specific, KPIs will not only help you track progress, but also help you define your place in the market in relationship to your competitors.
A digital marketing strategy aims to accomplish online, what your sales and marketing efforts have achieved in the real world. That is, a digital marketing strategy aims to:
- Help you define your online value proposition so you can differentiate yourself in the online space and encourage existing customers and new ones to remain loyal.
- Help you gain insights into your audience and also force you to integrate your digital channels.
- Help you define the budget you want to dedicate to your digital marketing efforts and prevent you from wasting money on digital channels that do not reap a positive ROI.
- Give you the agility to adapt to new trends and to use updates to your advantage to stay ahead of your competition.
Digital Marketing growth trends
Statistics show that total digital ad spending will grow 19% to $129.34 billion this year—54.2% of estimated total ad spending. And mobile will continue its dominance, accounting for more than two-thirds of digital ad spending, at $87.06 billion this year, while traditional ad spending’s share in the US will drop to 45.8% in 2019, from 51.4% last year.
So, if you are not using a digital marketing strategy or improving your existing one then you are not taking full advantage of the digital marketing space.
Here are 5 Ways to improve your Digital Marketing Strategy:
1. Set SMART goals and optimise for conversions
A set of clearly defined goals and objectives is the first step on any digital journey. It determines where we want to go and how you are getting there. A SMART goal is any objective that is Specific, Measurable, Attainable, Realistic and Time-based.
Wanting your consultancy to become the best isn’t exactly much to go by. It's neither realistic or attainable. Increasing your site traffic by 10% from 10,000 to 11,000 visits by the end of March is a more realistic and measurable approach and warrants specific actions to achieve the goal. The goal is specific, is linked to a relevant metric and has an end date by which the goal must be achieved.
Remember, paying customers are the bottom line. Converting leads comes with a deep understanding of your potential customers’ behavioural traits and motives. Data gathered by analytics tools can provide a better understanding of your potential customers, but you will need to cast a wider net at first to attract prospects before you can dig deeper for insights.
2. Know who and where your audience is, and create a journey for your customer
An in-depth understanding of who your audience is and where they spend most of their time online is the bedrock of any strategy. Failure to do so could see your digital strategy fail before it even takes off.
Your target audience needs to be part of every strategic decision you make. When you have all the data in place, you are then able to make informed decisions about the type of campaigns you should be running, on which channels, with what targeting approach and what size budget.
Look at your website analytics, social media analytics, and digital channel reporting. The more demographic information you can gather from your analytics data, the more insight you will have into your audience’s behavioural traits, and the more effective your digital communication efforts will be.
With in-depth audience data, you can create a more effective buying journey for customers and refine all the processes in your sales and marketing funnel.
3. Quality over quantity
This notion applies to everything, from content marketing right down to your tweets. Posting high-quality content less frequently yields more results than poorly written copy and excessive use of CTAs.
Less is more over the short-term and being patient will reap a far more beneficial reward in the long run. Producing and distributing high-quality content guided by your digital marketing strategy sets the stage for creating an asset of long-term value on your website. Also, before allocating resources towards different campaigns, do research and see whether the returns justify the means. This applies to tools, solutions and other purchasing decisions as well
4. Adapt your strategy to The Latest Digital Trends
Consider that YouTube currently services 95% of all internet users - or that Instagram's user count is growing close to 5% per quarter. This information will immensely influence your digital strategy. What are your competitors doing? What kind of content is your target audience currently engaging with the most? Consider these points then find what works for you and your audience.
Knowledge is power and you need to be aware of all the options at your disposal for the execution of your digital marketing strategy. Through research, you also ensure that your digital strategy remains relevant and captures the spirit of the current digital landscape.
5. Have a responsive website and be mobile-first
Mobile is one of the biggest considerations in digital marketing and is especially relevant to your digital marketing strategy. In truth, your whole strategy should be mobile-first when you look at the number of internet users we have in the world today.
Mobile internet users are on the rise as Smart Insights (2016) says that now 80% of internet users own a smartphone. If your website is not responsive and mobile-ready, you are putting yourself at a huge disadvantage.
The above recommendations should form the foundation of your approach to improving your digital marketing strategy. Not only does having a digital strategy make day-to-day business activities more structured, routine and measurable, it also streamlines your digital marketing process and your sales funnel.
When you focus on adapting and improving your digital strategy, you make strides to stay in-touch with your target audience and appeal to their needs and issues. At the end of the day, all of this leads to more qualified leads and conversions.