Learn from smart data.
Last year, over 75% of companies in the EU have indicated that online presence is highly valuable to them. Often, this translates into a strong online presence as a website or social media page. Online functionality is top priority - order tracking, sales statistics and e-commerce are matters of daily conduct. Nearly 60 percent said they were going to invest more in marketing on social networks in the coming year. Almost 70% of small businesses say they’re going to increase digital marketing investments this year. The primary driver is social media, followed by raised mobile advertising expenditure.
However, plenty of channels stays unused. A lack of awareness and a hasty digital landscape change attribute to a lag in adoption at top levels in an organization. This multichannel era requires much more effort than merely implementing desktop channels into the marketing strategy. Disregarding the variability of channels which are at one’s disposal is basically flushing your marketing budget down the toilet. To illustrate: in the last three years mobile usage has outperformed desktop usage, however marketing budgets are still oriented towards the latter. Smart marketers know the future of online marketing and make use of various multichannel to generate more revenue for their company.
So what’s driving the change?
Digital marketing is thriving as result of improved data technology and accelerating adoption by marketers. Using data technology, marketers can now plan fully automated campaigns based on collected and acquired company data. Instead of the emphasis on demographic features, marketers now can target on characteristics such as personality, behavior and interests. Targeting offers to specific audiences who by means of regression analysis are predicted to display higher purchase likelihood, reduces costs, increases spending and improves conversion. This method is not only applicable to current customers. It can also be used to increase conversion potential for prospects too.
In terms of revenue, because that’s what we’re in the marketing business for, online ROI is highly measurable compared to traditional channels.
Insights into ROI is especially important as your efforts pay for itself in more website traffic and more leads. Furthermore, will it lead to more customers and ultimately, an increase in revenue. It also helps you to prioritize your efforts - determine quick wins based on insights from your sales team and to translate them into actionable plans and work towards results as a combined force.
But what happens when you don’t hop on the digital transformation bandwagon in time?
The digitization of society knowledge and traditional mechanisms in the areas of market and customer behavior obsolete at once. Much of traditional knowledge and classic mechanisms regarding market forces and customer behavior have become outdated as result of digitalization.
Use data analysis to gain insights that stimulate growth
Start with acknowledging the power of tech and the role it plays in formalising the customers’ path from digital marketing engagement to purchase. You’ll start to see how you can build those technical skills internally or recruit them within the organisation.
Develop the right strategies and processes to thrive in the multi-channel world
Don’t just blindly use every channel for your marketing goals. Strategically pick channels that are proven to work and that fit your target audience. Don’t just hand-pick - let the data do the work. Test different tones of voices, different visuals and different offers across channels and increase budget towards those that perform better on a steady base.
Don't forget to incorporate email marketing into your multichannel strategy. Whilst multichannel strategies are often mentioned in relation to social media, remember that email still vastly outperforms social media in terms of ROI. And mostly: make use of automation tools provided by the channels to re-target and re-conquer your brand into the consideration set.
Pay attention to result-driven marketing techniques
While branding is important and we’d be the last ones to say that brand awareness is not a significant part of your company’s success, it’s not everything. Aim to create an actionable path where you can measure your results. Ensure that your strategy allows for direct conversation and direct conversion with and of the consumer. If you want to know more about direct response advertising, we’ve posted the pros and cons for you here.
Incorporating data into your marketing framework is ever more important to survive the digital age. Kobi Digital can deliver you databases, data enrichment and tools to utilize data in forms of email marketing campaigns on your behalf. We use data science to optimize your results. Want to know how we can help optimize your marketing structure? Get started here!