Disappointed in your digital marketing results? Chances are you are focusing on VANITY METRICS.
Rule #1: Start with your business objectives, not vanity metrics.
This seems so obvious, right?
Focusing on your true revenue drivers is critical. But in our experience, we have seen companies jump right into a so-called solution such as social media, Pay Per Click advertising or LinkedIn advertising before determining if that is the best way to impact their bottom line. Businesses today spend between $2,500 and $12,000 per month on paid digital marketing. Don't be wooed by digital marketing experts who claim success using VANITY METRICS. Be smart and deliberate about your digital strategy. Focus on what matters most.
The point is – be smart and deliberate about your digital strategy. Businesses today spend between $2,500 and $12,000 per month on paid digital marketing. You will hear digital marketing experts make claims about the success of their campaigns and projects using VANITY METRICS.
Here’s what I mean by VANITY METRICS. They are the simple metrics that all the platforms provide: impressions, likes, shares, comments, followers, open rates, views, traffic, time on site, bounce rate and more.
They are referred to as “engagement metrics” and are the most used metrics in social media, content marketing and digital advertising. They are readily available. It’s no different than a TV network telling you that your ad will reach 250,000 people, or the radio station telling you that your 30 second spot will reach 20,000 people.
They are just gross numbers. And they do not tie directly into generating qualified leads, converting leads to appointments, and appointments to business. They are strictly top of the funnel metrics and focusing too much on these impressions will not advance your business goals. They are not useless metrics, they do tie into brand awareness and help you gauge what resonates with your followers– but only scratch the surface of what digital marketing can truly do for your company. Metrics that tie into your business objectives include number of demos scheduled, appointments, white paper downloads or emails collected. Even stronger metrics that tie directly into your business objectives are customer lifetime value, retention, services per household and new business closed.
We have never worked for a company where resources were unlimited – so we’re trained to use resources wisely. Before you embark on a digital investment – build your initiatives around your key revenue drivers, and focus specifically on the audiences that matter most using the communication channels and platforms that have the best opportunity to reach and influence them.
Isn’t that how your sales staff works best? When they find the most qualified prospects? Why not do the same with your digital marketing? If done right, digital marketing can replicate and exponentially expand the efforts of your sales force by finding the right audience, delivering the right content or offer at the time when they are most interested.
We leave you with these questions that you can use inside your own organization to better align your teams towards the same goal before developing the right digital marketing strategy.
What are our primary revenue drivers? (include primary product/service and most desirable target customer) This seems like an obvious question too. You will be surprised at how many different answers you will get from different managers and employees, unless you provide clear communication and expectations.
What results will make us successful in the next 12-18 months? (your area of focus – defined using S.M.A.R.T. goals - Specific, Measurable, Achievable, Relevant and Time-based) This is what everyone should be focusing on.
How will Sales and Marketing reach the right audience with the right message/offer at the right time?
We’re The CGO Group, partnering with businesses and nonprofits to meet their most critical objectives through focused strategy and execution. Contact us to determine if the time and fit are right.