What half of your marketing is working?
“Half the money I spend on advertising is wasted; the trouble is I don't know which half.”
A popular adage about marketing is credited to John Wanamaker. The quote is: “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
Even though some consider their legacy marketing methods more effective, when compared to digital marketing, very few can provide metrics that provide value and information that improves sales results.
All that has changed with the advent of digital marketing. The digital tools available to business owners and marketers can now provide them with quantifiable results. Those outcomes can be aligned with goals and objectives that are specific for your product and its position in the sales funnel. Are you launching a new product, are you targeting a specific demographic, are you only interested on people that are within a precise distance from your business?
The way people search, compare and purchase products, has also been affected by the web. Pre-digital, consumers would visit retail locations to find and compare products. Awareness was initiated via ads on mass media or direct response. Well, that has also changed dramatically. While traditional media still provides awareness, it is diminishing. Use of traditional media has continued to erode year over year.
Under these circumstances, what are the options available for businesses and marketers?
The answer to this question will be different, depending on the size of your business, your goals, your target and marketing budget. However, there are effective tools that are being used by the largest companies that can also be used by smaller and medium size companies.
Regardless of the approach you use: – digital, traditional, or hybrid – it’s crucial that you develop your marketing skills, refine your expertise, and test new methods — even if those tactics are tried and true to other marketers. Whether you consider yourself to be a digital or traditional marketer, it is important that you stay nimble and open to that one marketing approach that outperforms your wildest expectations.
Some of the tactics used by large and small companies include search, video, display, digital audio, mobile marketing, radio, TV and print. When you are developing a marketing strategy for your product or service, consider all these options but to succeed, first answer the question at the top of this article and select those that will provide you with the best measurement possible.