Many of the clients and businesses that we work with operate in a lean manner. Now this is fantastic, because personally, I believe that it helps us stay more creative and forces us to think about efficiencies while scaling. So if you’re a new business or about to start with digital marketing, how do you juggle with questions on where to begin or how to allocate marketing spend? We have you covered today with a guide that will help you choose better. Be prepared to take down notes on this one!
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The Top 3 Questions to Ask Before You Allocate Marketing Spend
1. Do you have a documented digital marketing strategy?
It’s not a trick question but based on statistics. Over half of businesses invest in platforms that others are investing in without really having a documented strategy to understand the ins and outs of their decisions. It’s your choice if you want to be a dabbler or a strategic player. If you’re wondering what a strategic direction is, here’s a great way to understand it:
Strategic management is critical to the development and expansion of all organizations. It represents the science of crafting and formulating short-term and long-term initiatives directed at optimally achieving organizational objectives. Strategy is inherently linked to a company’s mission statement and vision; these elements constitute the core concepts that allow a company to execute its goals. The company strategy must constantly be edited and improved to move in conjunction with the demands of the external environment.
Source: Boundless. “The Importance of Strategy.” Boundless Management. Boundless, 26 May. 2016. Retrieved 18 Jul. 2016.
To line it up with your digital marketing plan, here’s what it means:
- How will your plan benefit the brand?
- Which channels are you investing in and why? Which channels bring your customers to you?
- How will you measure success (or are your goals SMART)?
2. Do you really know your customer?
Again this may be basic, but many brands look at digital marketing channels based on the eyeballs they’re generating. So, if you read about SnapChat in the morning news, you’ll go to office and direct your team to work on it. But the question you need to ask is, is this which your customer hangs out? How well do you know your customers? A handy guide for solving this issue is to create detailed buyer profiles or a persona that enlist the real goals that your customers have. Know as much detail about them as you can to be able to be a part of their conversations and not appear like random noise that they ignore.
It does help to remember that having your presence on every network isn’t necessarily free- it comes with you investing your time on each. Your time is basically money that you can invest to stay more profitable. So, look at it as a cost too, and allocate marketing spend wisely. Think in terms of opportunity cost, and get rid of the “it’s free to post” mentality.
3. How are you going to be the best at implementing your plan?
Are you the millionth brand to have a strategy that says, we will advertise on Facebook? How are you differentiating yourself from your competitors? What tactics have you planned so that your ideas are different from how others represent? It’s important to have a holistic vision of the brand that you want to be perceived as. Think about creative storytelling methods that you can employ to stay ahead and be seen. Ensure you’re up ahead with your content marketing research. Think about the various opportunities that you can invest in to delight your customers and attract new ones towards your products. Magic is something you make, once you allow yourself the permission to do so. Be a maker.
What are some of the challenges and opportunities you see as a digital brand in this new world? If you’d like to get together to discuss a strategic plan, reach us here with your comments or drop us a line on social media! Let’s stay connected.
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