Updated: Apr 1, 2019
As far as digital marketing efforts go, it can sometimes be tough to know if anything you’re doing is truly working like it should, especially when you’re using several digital marketing channels. It could turn out that you’re actually spending a lot of money to get very little return on investment. That’s why it’s always a good idea to take stock of your digital marketing efforts periodically to determine whether the money you’re spending and the channels you’re using are helping you meet your objectives or taking you off target.
Marketing is not an event. It's something you do daily to build massive value in your business and deliver massive value to your customers. ~ Allan Dib
Following are 7 guided questions to ask that will help you determine if your digital marketing is in alignment with your goals, and whether you’re spending too much money with very minimal returns.
1. Do you have specific digital marketing goals?
Eg. Let’s say you want to increase sales (who doesn’t right?!), a more specific goal could be to increase the average online customer spend from $50 to $75. In this case you would still be increasing sales, but setting a specific goal helps you determine the best tactics to use to get there.
Tracking & Measuring
2. Can your goals be tracked and measured? Are they?
3. Do you have processes/systems in place to measure your results?
In other words, what will success look like and how will you know you’ve achieved it? As the saying goes “what gets measured, gets managed”, and can therefore be improved. If your goals can’t be or aren’t being tracked and measured you could be wasting valuable marketing dollars.
Targeting & Costs
4. Have you created a profile of the type of clients/customers that you want to work with? Are you working with more of these types of customers this year? If not, why not?
5. Do you follow a defined sales process that you or your employees can duplicate to qualify and convert leads? Is it effective?
6. Do you know how much it costs you to acquire a new customer (cost of advertising divided by number of converted customers)?
7. Do you know the lifetime value of your customers?
These questions will help you determine whether your targeting, approach and message need tweaking, as well as whether your digital marketing efforts are costing you more than you are making (or will ever make). At the end of the day, we need to make our marketing accountable. When we test, measure and improve these numbers, we’re on our way to building a highly profitable business.
As you think on these things, ask yourself - Do I want things to continue the way that they are at the moment? What needs to be improved? Next, write down at least 5 digital marketing objectives that you want to achieve in the next few months and then create a plan towards achieving them.
Of course, I would love to work hand in hand with you to help you leverage the power of digital marketing to make your business become more profitable.
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