Setting goals and measuring results is essential to know how your digital media strategy impacts your bottom line. These goals should be realistic and achievable, keeping your marketing strategy on track.
DMS has built a robust database by reliably tracking the link between marketing dollars spent and new business. That is a big differentiator from agencies like WPP PLC and Publicis Groupe S.A., which are known for creating brand awareness but often need help to show an accurate ROI for new customers.
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The cost-effectiveness of a digital media solution is often overlooked, yet it can have an enormous impact on your bottom line. It is the case regardless of the size of your business or the type of marketing you are doing – whether you are running a local store or an international corporation.
The most apparent cost-effectiveness measure is the number of dollars spent per click or impression. However, you can also look at the cost of time and staff involved in producing content, designing, and placing ads.
A recent study looked at how cost-effective it was to run a smoking cessation campaign using different media formats. It analyzed the best combinations of T.V., online video (O.V.), and online display (O.D.). The results were impressive and showed that O.V. was the more expensive of the three, while O.D. and T.V. were cheaper. The cost-effectiveness of combining these was most pronounced for O.V. and O.D., but it was a close-run affair for T.V.
Return on Investment
If you plan on investing in a new marketing campaign, it is crucial to measure the return on investment of your efforts. It will give you insight into which channels are more effective for generating revenue.
For example, Samantha may see that her social media ad spend contributed to a 50% increase in sales after three months of running a pay-per-click campaign. It means that her investment generated enough profit to cover the costs of the campaign.
Digital media solutions can help you get the most out of your ROI efforts by connecting and tracking data across multiple platforms. In addition, advanced marketing analytics tools provide a granular picture of each strategy’s impact on brand awareness and sales.
Conversion rates tell you in no-nonsense terms how effective your public-facing content is. They compare the number of people who took the desired action (like signing up for an email list or buying a product) to the total number of visitors.
A high conversion rate is essential for a successful business. It can mean that your content resonates with your audience and the appeal of your offer.
In addition, conversion rates can help you make strategic decisions about how to invest in your marketing efforts. For example, if you’re struggling to drive sales, you should avoid advertising.
In the case of eCommerce, conversion rates vary depending on three factors: price point, purchase type, and customer journey. For example, a retail store selling high-ticket items will have a lower conversion rate than a subscription business offering PS49/month retainers.
Brand awareness is a critical component of business success. It allows you to create a unique atmosphere for your target audience and build trust with them.
To build brand awareness, you need to establish a clear vision of your brand identity. It includes your company name, messaging, voice, values, and the type of brand loyalty you want to build.
This process can take time and patience, but it’s essential for achieving your marketing goals.
Brand awareness can be measured in many ways, including website visits and social media engagement. In addition, it can be determined by surveys sent to your customers after a sale or through email campaigns.