Presentation on theme: "The Cost of “Free” in a Digital Age A Guide for SMEs Stephanie Webb Managing Director."— Presentation transcript:
The Cost of “Free” in a Digital Age A Guide for SMEs Stephanie Webb Managing Director
Overview Creating a digital strategy Determining digital channels Monetising resource costs Allocating responsibility Measuring for ROI
What is digital marketing? Digital Marketing is … “The marketing of products or services using digital channels to reach consumers.” – Financial Times Lexicon Examples Mobile Apps SMS Digital Billboards Anything else with a digital foundation
Creating a digital strategy Should be included as part of your overall marketing strategy & planning. Before you begin … What are you wanting to achieve? Who are you trying to reach? What are you providing?
Creating a digital strategy What should be included in your strategy? SMART objectives & goals Audience profile & target segments Value proposition & messages Distribution channels & planning calendar(s) Measurement of KPIs … continued
Determining digital channels Digital channels are not mutually exclusive. Social Media + SEO + ________ = Inbound strategy Points to consider … Remember the purpose of your strategy Know where your audience is present & engaging Employee or outsourced costs – content, design, management, etc. Make sure you know how to measure it against the KPIs
Determining digital channels Most recommended Email Direct access to audience(s) Personification Search Engine Optimisation Organic – relevant website content to searches Paid – keyword buying Social Media Brand awareness Direct customer engagement Display Advertising Similar to traditional advertising methods … continued
Monetising resource costs How much does digital marketing cost? – It depends! Each channel potentially requires different designs, content, amount of time spent engaging or setup, etc. Things to consider for each channel … Staff / Agency management time & fees Graphic design or content creation fees Channel costs (e.g. promoted posts)
Monetising resource costs Example Costs 1 Social Media – Facebook (single campaign; promoted) … continued Strategy / Planning Branded page setup (if required) Graphic design Content creation Video / Photo creation Feedback engagement Editing / Approval loops Platform monitoring & measuring Cost of advert placement Setup of advert Graphic design for advert Measurement of advert Other
Monetising resource costs Example Costs 2 Email – single campaign; first time sending … continued Strategy / Planning List building List purchasing (if required) Template sourcing / setup Social media integration Image(s) sourcing Image(s) purchase / creation Content research Content creation Editing / Approval loops SEO checking / analysis Metrics review Other
Allocating responsibility AdvantagesDisadvantages Individuals Multitasking Decision making Try to be everything Singularly focused Teams Divide & conquer Brainstorm ideas Too many cooks Opposing ideas
Measuring for ROI Use KPIs that will demonstrate whether you have achieved your SMART objectives or not. New leads Membership sign-ups Sales uplift – overall or within specific products / services Increased social interactions Only account for the data you need to know. Each channel will output different data.
Measuring for ROI Common Metrics Traffic Overall site traffic Traffic sources Click-through rates Cost-per-click Revenue Metrics Return on investment Cost-to-acquire customer Conversion Conversion rate Cost-per-lead Page views per visit Time on site Rate of return visitors Bounce rate … continued
Key takeaways Knowing your audience is crucial. Planning ahead can save you resources. Repurpose content where and when appropriate. More isn’t always better. Don’t be afraid to experiment – no one gets it right 100% of the time. Don’t be put off by the costs.