A consumer will court you over time, getting to know the product, and eventually decide to make an investment (it’s a bit like flirting, only with a brand). But with the rise of digital marketing, it has become easier than ever to track and measure the contribution marketing makes to an organisation’s overall goals, and to close that gap between marketing efforts and sales.
When it comes to digital marketing efficiency, it’s important to look at your marketing efforts and ensure that they are being streamlined to produce the maximum return for minimal cost (isn’t that what we always want?), both in terms of budget and resources. How do you do that as a small business?
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Start with a plan. Whether you’re talking about growing revenue, getting quality leads, driving traffic or boosting engagement, you and your team need to have clear objectives in mind – something that you can measure. When you have a metric to track it’s much easier to assess your efficiency and make any necessary adjustments.
Measure your marketing efficiency. Marketing efficiency can be measured in a number of ways, including by calculating some or all of the following metrics:
- Cost per acquisition: Measuring cost per acquisition (or cost per action) can help you determine how much your marketing efforts cost. If a marketing campaign results in a lower CPA than another, you can look at understanding the reasons for the difference and how you can address them.
- Click-throughs: Click-throughs offer a way to understand how well your messaging is resonating with customers and potential-customers.
- Visitor engagement: Tracking visitor engagement can show you what content or messaging is most successful, this way you can take your most successful content and replicate in other places to improve efficiency.
- Conversions: Conversions are one of the simplest ways to get an understanding of whether your marketing activities are efficiently resulting in sales.
Keep an eye on your progress. As with all aspects of business efficiency, you need to constantly be tracking and adjusting your strategy and content to optimise your processes and improve your efficiency. Marketing is no different. One way to do this is through daily stand-up meetings. These meetings allow relevant employees to share critical information, openly discuss issues and solutions, and hold themselves and each other accountable.
Pick the channels that make your budget work hard. Budgets are often tight, or even just small, in a small to medium-sized business. So you need to make sure that however you are spending your money, it isn’t wasted. Google Ads is an intent-based medium. So, when people go on to Google, they are looking for something (sometimes it’s a Netflix show; sometimes it’s a song, and other times it’s the location of a specific business or a type of service.
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