Defining Digital Marketing Goals
Digital marketing, although it has been around for several years now, is still relatively new. In addition, each year it becomes more complex. The excitement for all of the new tools and channels can lead marketers into a trap of focusing too much on how and then forgetting to focus on the why. This is why it is important to make sure that you set up digital marketing goals that are clearly defined.
There are more and more channels to use to reach your customers and there are even more sophisticated data tools for digital marketers to use. Collecting data across several channels and creating a customer profile provides brands with a better way to target individuals in order to create more personalized experiences for their consumers. Consumers can be reached using their preferred digital channels, which could be the web, social media, mobile, email, or a combination of these things. Brands can communicate in these ways to improve their customer journey.
Defining Digital Marketing Goals
Setting goals and measuring against them is critical for qualifying the success of an online marketing initiative. Here are some tips for defining and measuring digital marketing goals that are effective.
Amount Spent Versus Earned Conversions
One of the easiest and simplest goals for experts to measure and define is the amount of money that is spent on the digital marketing campaign compared to the number of conversions into customers that pay. Acquisition strategies are one area that most marketing experts spend a lot of money on. This might include Google Ads, Facebook ads, partner affiliations, email campaigns, etc. Each of these has costs associated with them. A marketing team needs to measure how much of their budget they spend on each of these channels and then look closely at how many conversions each of these strategies turns into. This will show how effective the campaign really is.
For example, if you are spending a ton of money on Facebook ads and the conversion rates are low, a change is necessary. Look closely at all of the money that is being spent and if it is not bringing anything into the business, it is time to reevaluate.
It is important to make sure that you set a target for lead conversions. You can then measure this against the amount of money that is spent. Make sure that you are meeting this goal each month. If you do not achieve your goal, changes need to be made. Using smart data tools can help you reach your consumers where they are and help determine the best channel to use in order to catch the attention and gain the conversions that you are looking for.
Customer Retention
Acquiring new customers is only one aspect of digital marketing to consider. Additionally, it is important to make sure that you are retaining your current customers. Retaining customers is more profitable than obtaining new ones. The reason for this is because getting new customers is expensive and overall returning customers tend to spend more in the long run. One study shows that 80 percent of the future revenue of a company will come from only 20 percent of their current customers. One reason for this is because each sale in the future is going to provide a larger gross margin because the cost of purchases is not measured against the cost of buyer acquisition.
To define this goal a marketer will need to look at the increase in the average purchases from their current clients. Engagement measurements should also be considered. Since retaining customers is so important, retention goals need to be considered as these are critical for digital marketing plans. Data and other marketing technologies can be used in order to come up with retention strategies for your consumer base. This might include emails, personalization, and loyalty programs that can help make reaching strategy goals more manageable.
Win-Back Ratio
At some point in the customer lifecycle, they will lag or revert. Trying to pull them back in, is an objective that marketers need to set and work towards. Setting goals for win-back ratio is an important aspect of digital marketing. Product suggestions, abandoned cart emails, personalized benefits, and special offers are all good tactics to help keep your customers coming back. Try these different options and keep track of what works for your particular customers. Spending time researching how to keep your customers engaged can really pay off.
Defining your digital marketing goals and then carefully measuring them is the best way to determine the success of each campaign. Understanding how well each strategy works will lead to the most success when it comes to digital marketing.
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