document and integrate your strategy
I have never met a marketing manager or business proprietor who did not want to reduce marketing costs or increase the return on the dollars being spent. With that in mind, I will start the year with my first 10 THOUGHTS on how to maximise return on investment in marketing expenditure. This is the second.
I will assume that no reader of this THOUGHT does not have a well-documented marketing strategy.
Surely in 2019, no-one has failed to grasp the importance of a marketing strategy in minimising marketing expenditure and maximising return on the investment in marketing. This is so self- evident it should not warrant discussion here.
What may not be as well understood, however, is the importance of having a digital marketing strategy and ensuring the strategy is fully integrated into your overall marketing strategy. The failure to have a digital marketing strategy in 2019 will almost certainly lead to waste, and failing to integrate it into the overall strategy will, almost certainly, limit returns.
Despite this, a recent study in the US noted the following:
- Businesses with a fully integrated marketing strategy – 34%
- Businesses with a stand-alone digital strategy – 17%
- Businesses using digital marketing without a strategy – 49%
The finding that only 34% of businesses have a fully integrated marketing strategy is surprising. The finding that 49% of businesses were engaged in digital marketing with no documented strategy is alarming. While there are no statistics, my experience suggests that this situation is even worse in Australia.
Digital marketing (or communication) is the future of communication. It delivers cost efficiencies and a level of accountability simply not found in traditional communication. The digital space is also where the audiences are with newspaper readership declining by 17% per annum and magazine readership declining by 18% per annum in Australia.
Digital marketing is, for most business, central to minimising costs and maximising returns.
It is also critical to have just one marketing strategy with one brand, one action plan, and one set of budgets. A single strategy drives co-ordination and facilitates a more consistent and cost-effective approach to communication and marketing in general.
Place digital marketing, in all its forms, high on your list of marketing considerations in 2019 and leverage the potential benefits in terms of targeting and accountability.
Develop and implement a comprehensive digital marketing strategy and ensure that it is a fully integrated subset of the broader marketing strategy.
Ensure that there is just one brand, one action plan, and one budget. Then ensure that the board signs off on all three and management commits to all three.
SOURCES OF CORE DATA
Vital, Smart Insights, HubSpot, Productive Strategies Inc, Modern Marketing Partners and Neto
MORE THOUGHTS – www.djohncarlsonesq.com