In last month’s article titled “How to Make the Most of Digital Marketing,” we examined how digital marketing can help your business grow. Unfortunately, this involves more than waving a magic wand. You can either choose to do it yourself or hire an agency to do it for you. Either way, if it’s not well done, you could end up wasting a lot of money with no return on your investment.
Indeed, any business will want to implement a system that promises to grow revenue. But the biggest mistake is to dive into a scheme that you don’t understand well. Understanding the potential of digital marketing and how you can deploy it effectively will significantly help meet your revenue goals.
Tips to Avoid Losing Money in Digital Marketing
Here are some tips to help you effectively target your audience and eliminate wasteful spending in your digital marketing efforts:
- Create a Strategy
A digital marketing strategy serves as a guide to what you should and shouldn’t do. Invest in marketing that is in line with your mission and goals. And then be ready to make improvements and adjustments because the digital market is always changing.
- Understand Different Platforms
Each platform has its strengths and weaknesses, whether you’re looking at LinkedIn, Facebook, Google ads, etc.
- Use Good Content
People will easily trust the content that is engaging and adds value in some way. No matter the quality of your product or service, terrible content will cause you to lose potential customers. Always remember your content is a direct reflection of your brand.
When you run ads, they will be displayed when there are searches on the internet relating to what you have advertised. This costs money. To avoid paying on unnecessary clicks or views that don’t convert to leads, run targeted ads. You can also use negative keywords, geo-targeting, or influencers. Keep in mind that any platform offering paid promotion options has as its default to spend your budget as fast as possible (they are in business, too).
- Track Your Results
Track your results on a daily, weekly, or monthly basis. This is the best way to know if you are wasting money. Measure and track your campaigns to understand how much you are making off any campaign. For every single $1 spent, if you are not making any returns you need to rethink your strategies. Note that it could take 60 to 90 days to get enough data for proper analysis.
- Avoid Buying Fake Followers
This is simply a bad idea because you will get little or no return on your investment. The fake accounts will be inactive, and hence no engagement or sales.
Carry out A/B testing for anything you want to put out there to your target audience. Be it content, emails, newsletters, social media posts, campaigns or ads, testing will save you from marketing with low or no returns.
- Add a Call to Action
What do you want an interested reader or viewer to do: make a call; fill out a form; subscribe; make a purchase; or visit a website?
- Don’t Ignore Existing Customers
Approximately 40 percent of business revenue is from returning customers. Specifically target this group with offers, new products or services, or just wishing them well on holidays.
- Don’t Hire Bad Marketing Consultants
Finally, you might decide to outsource the marketing if your business doesn’t have employees with the necessary skills, or if it’s overwhelming for your staff. Whatever the reason, don’t make the mistake of hiring bad consultants.