5 Questions to Ask Yourself Before Investing in Digital Marketing
2 August 2020
Whether you are the owner of a small or large business, you’re probably considering investing in digital marketing or even hiring a digital marketing agency to help improve strategy for your business.
Today, we’re going to walk you through how you should go about it, if you were going to invest in digital marketing.
So here are 5 questions that you should ask yourself before you invest in any types of digital marketing services, in order to make sure that you’re making the right decision for your business.
1. What is the company direction?
You probably don’t know that companies without digital strategy typically don’t have a clear strategic goal for what they want to achieve online in terms of acquiring new customers or building deeper relationships to sustain existing ones. And without the presence online, you are missing out on many things.
With that being said, you clearly need to have goals with SMART digital marketing objectives so that you can evaluate through analytics whether you're achieving those goals.
2. Who are my online audience, and what is my market share?
You would never know your online audience if you haven’t researched this. And more importantly, you as a result wouldn’t be able to understand the online marketplace. You would miss out on types of customer profiles, behavior competitors, propositions, and options for marketing communications.
With great tools available from the main digital platforms, it can help you find out the level of customer demand. We recommend doing a search gap analysis using Google’s keyword planner to see how are you into the intent of online searchers to attract them to your site. Moreover, it can also help determine how many people interested in products or services/sectors you could reach through Facebook.
3. What KPIs will you measure?
Key Performance Indicators (known as KPI’s) are measurable elements that are used to evaluate the success organization’s marketing campaign. They allow you to see how well and effective the marketing strategy is performing, and what you should adjust in order to make improvements.
So, when you’re thinking about investing in digital marketing, you should have an idea of what to measure based on the needs of your business. Here are some example of KPI’s you should consider measuring:
- Traffic: The number of people visiting your website
- Traffic Sources: Where your web traffic is coming from
- Conversions: The number of people that have visited your website and become a lead
- Cost per Lead: The amount of money it costs to acquire a new lead by each marketing source
4. What can I expect in the first month?
Based on what we’ve discussed in the previous point about setting the KPI for your marketing campaign, this question is to ask yourself what result to expect? You should have a clear objective in numbers as to what to achieve for each of your KPI’s.
This could be a bit tricky if you’re new to digital marketing. Or if all of these sounds too difficult for you. You could hire a good marketing agency as they would be able to tell you what your first move should be in order to drive early results. You can also ask them for recommendations on what needs to be done.
5. How will I analyze my digital marketing performance?
Lastly, and probably most importantly, is determining how you can track your performance when you start on your online marketing. This is the only way to determine if the objective you set is actually working.
The great thing about digital marketing is that most activities come with built-in analytics tools that you can use for free. For each of the objectives/KPI’s you’re outlined, you can easily find a way to measure, compare, and document incrementally (weekly, monthly, yearly). With that said, you can determine how well whatever campaign you’re doing is working, and adjust when needed.
The most important thing to keep about developing a digital marketing strategy is that it’s never been a set in stone. Meaning that your only mission is to list down what you believe will work best, test it, analyze it, and make the necessary adjustments. Not even most professionals get the perfect results times after time, and neither will you.