Digital marketing: Level up your digital marketing strategy in 2021
Measure your digital marketing performance
- How well is your marketing strategy working?
- Is it generating leads?
- Are you getting a good return on investment?
It’s impossible to answer any of these questions unless you MEASURE your campaigns. This is crucial – the trick to digital marketing success is a continuous improvement loop: Plan, Do, Review. Create an ad and audience; trial it for a week; review the performance and make changes to optimises – over and over..
A/B Testing
A/B testing randomizes the copy your customers see – one group will see set A, the other will see set B. The value of this is it allows you to TEST what works best for your customers and which copy or call to action has the best conversion rate.
Do you have the:
- Right audience?
- Right offer?
- Right copy?
You can do this easily in Facebook Ads when you create a campaign.
Tweak
The purpose of A/B testing is that it allows you to implement changes according to what your customers want. Go with the most popular offer, copy or CTA and use A/B testing to continually refine and optimize your performance.
Measure
- How is your campaign performing?
- Is your digital marketing strategy getting the results you want?
Google Analytics provides free tools to help you understand your customers and their behaviour better. You can monitor your engagement, bounce rate, conversion rate and more – it’s an ideal tool for getting a close-up view of how your visitors are responding.
Repeat
Digital marketing is not an exact science – it requires continual measuring and adjusting. But ‘repeat’ doesn’t just apply to tracking your performance here. Just as your marketing effort is not once-only, you don’t want your customers to be once-only either.
Customer retention is more cost-effective than customer acquisition. The aim is to win loyal customers, repeat business and increase customer lifetime value.
How is customer lifetime value calculated?
Some customers will buy from you just once, others several times. Which customer is worth more to your business?
Customer lifetime value (CLV or CLTV) measures the value of a customer over the duration of your relationship. It’s an important metric because it’s easier and cheaper to retain existing customers by ensuring customer satisfaction, for example, than it is to acquire new ones.
Watch this video: Calculate CLV in 5 mins
How to calculate customer acquisition cost
Use this simple formula:
Customer Acquisition Cost = Cost of sales + Cost of marketing
New customers acquired
Digital Marketing Key Takeaways
- Know your target market, then tailor your copy, offer and content to them.
- Build your presence on social media – Know, Like, Trust.
- Use tools to make your digital marketing easier – scheduling tools, content calendars etc.
- Track your performance.
- Use your performance data to make improvements to your marketing.
- Continually measure, tweak and refine.
ProfitCLUB is a group coaching and networking session for small business owners to learn, profit and grow together. or one-to-one coaching, get in touch with Brad: https://salisbury.actioncoach.co.uk/contact-us/
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