The aim of a digital strategy is to attract more business by spending in the right places. So, how do you ensure that you’re making the right investments?
How to get your money back when investing in digital strategy
When it comes to online strategy, getting digitally savvy is no longer in the realm of ‘nice-to-have’. In fact, if you want to keep profits booming in the digital age, it’s a definite ‘must-have’. However, as any good business person knows, you need to make the right investments to reap rewards. Here are some of our top tips for ensuring your digital marketing spend pays off.
Short cuts lead to dead ends
Everyone loves a bargain, and it can be tempting to cut corners on your digital marketing budget where possible, too. However, online marketing is a long game, and taking shortcuts often leads to dead ends.
Take the early 2000s as an example. Lots of websites were trying to fast-track their way to online glory through black hat SEO techniques, like keyword jamming and fraudulent back linking. Far from paying off, Google quickly began to penalise businesses who chose this route. The payoff? Nothing. Choosing cheap tactics resulted in poor outcomes, and the businesses who invested in best practice earlier were able to reap all the rewards.
Similarly, choosing digital marketing companies that cut corners usually means that you’re missing out on key insights. If it sounds too good to be true, it probably is.
Invest more, but invest smarter
Putting more money into your digital strategy isn’t money poorly spent. Hold your digital agency accountable, and get your staff to demonstrate how they’re improving your business. You might also want to be strategic about how you’re allocating your digital marketing budget.
For example, you might want to spend 40% of your budget on content, 25% on AdWords, another 25% on boosting your existing content and save a final 10% for opportunities that arise throughout the year. With this budget in mind, you’ll expect to see a boost in organic traffic, as well as improved conversions through your paid traffic. If you’re able to convert 50% of your pay-per-click traffic, then you’re going to see your revenue increase the more clicks you get.
If you only assign a meagre budget to these operations, however, you’re only going to see meagre results.
Time versus quality versus money
When resources are scarce, it’s hard to know what to spend and where.
You’ve probably heard this before: If you want something done well, you either need a lot of time, or a lot of money. It’s true that good quality content doesn’t come cheap, but what this formula neglects to mention is the fact that a good digital strategy is always going to take a little bit of time and money. In other words, make sure you’re doing something rather than nothing at all.
What you don’t spend, your competitor will
One of the biggest challenges in the digital arena is competing with the market to get better online results. When brands skimp on their digital marketing budgets, they’re likely to see their competitors eat up a lot of the territory they may have already gained.
Like we mentioned before, a healthy marketing budget has room to be reactive. If you’re not willing to put aside money for new opportunities, you’ll lose out on opportunities available to your competition. Not increasing your marketing budget could actually cost you potential customers.
If you’d like to figure out how your digital spend could be best returned in profit, contact JTB today. We pride ourselves on being open and transparent about exactly what our digital strategy can do for your business.