Using digital marketing to grow your business
Investment in marketing is important
There are two ways to look at marketing: paid and owned media. Paid media is when you pay a third party, such as an advertising property like Google or Facebook, to drive traffic back to your site.
Owned media is created by you and doesn’t involve a third party. It could be a blog, social media page, or website.
Two important factors to consider when measuring the effectiveness of any marketing campaign are durability and sustainability. However, if you’re looking for more short-term results, you must be prepared to continue investing in that campaign month after month.
The key is finding a balance between the two extremes. It can be tough to justify investing in marketing and advertising because their return on investment (ROI) is very low. Costs have gone up while profits have decreased, making it hard for businesses to see a positive outcome from any marketing campaign.
However, there are two exceptions to this rule:
- Ownable media. With ownable media, you’re investing dollars but getting very few leads in return.
- Honorable media. With honorable media, you’re making an initial investment and then receiving a consistent flow of leads over time as long as you continue the campaign.
Where businesses should invest
Investments are an important part of any company, and just like in any other investment, there is a certain expectation of what you should get back. For example, if your company has an internal ROI threshold of 15%, that means for every dollar you invest, you should get $1.50 back within six months. But, of course, this also starts generating a return on your investment.
As a result, you need to find a project that will give you the best ROI in the shortest amount of time. There are many different opportunities right now in marketing, but one area where CMOs are seriously investing in research is social media.
CMOs quickly realize they can’t do everything in-house, and it’s not cost-effective to try. In addition, they struggle to find staff who are trained and capable in all aspects of marketing, from content writing to social media management. As a result, you should consider the following solutions:
- Outsourcing. You can examine each component of the marketing team separately to determine what can be outsourced effectively.
- Automation. A lot of companies are looking into automation because digital marketing has become increasingly reliant on technology over the last five years. The amount of money you need to spend to keep up with the competition has increased exponentially. So it’s important to be mindful of this when deciding on your marketing strategy.
Trying to build an in-house tech stack can be expensive and time-consuming; instead, it’s often easier to look for external solutions, cobble them together using tools like Zapier, and use that as your tech stack. That way, you can focus on your core business instead of trying to do everything internally. Again, this is an example of making an investment.
Three reasons to invest in digital marketing
With everything digital, from social media to blogging and email marketing, it can be easy to feel overwhelmed. But it’s important to remember that finding the right balance is key.
So don’t let yourself get bogged down — focus on integrating one or two new digital marketing efforts at a time and see how they go. If you’re still not sure whether digital marketing is the right step for your business, here are three key reasons to invest in digital marketing.
It’s common knowledge that to increase brand awareness, you need to do some amount of brand advertising. The more visible your company is, the easier it becomes for your sales team to sell and close new business. This also means you’ll get more inbound leads because, based on the strength of your brand, people will be interested in what you offer.
Word of mouth
Word-of-mouth marketing is a powerful tool. Referred customers are often more loyal and profitable than other customers, so it’s important to have a system that encourages referrals.
Unfortunately, many companies don’t take advantage of this strategy because they don’t know how to track referrals. But with the right tools, you can easily measure the success of your referral program.
Many companies aspire to be the top player in their field but focus only on their direct competitors. While this is a good start, it’s important to remember that you’re also competing with indirect compe
titors. These businesses may not offer the same product or service as you, but they still threaten your success.
It’s crucial to understand who these companies are and what makes them different from yours. This should include evaluating your performance against theirs and identifying their strengths and weaknesses so you can capitalize on any opportunities.
To succeed in digital marketing, start considering investments in automation and outsourcing. Such measures can help you achieve your objectives quickly. At the same time, building your brand is an example of an investment that will pay off in the long run.
If your company prioritizes programs that generate fast internal returns on investment, you’ll be setting yourself up for long-term success. You can track and measure your success in the short term and make necessary adjustments along the way.
With Tempesta Media, your investments in digital marketing are safe. Contact us today if you would like to accelerate your success with managed content marketing