As the owner / marketing head of a growing enterprise you are undoubtedly well-acquainted with the potential that digital marketing holds for your business. But as you assess your marketing strategy, how do you evaluate whether you are investing adequately in digital marketing or using the right digital communication tools?
A recent survey on digital marketing efforts of smaller businesses conducted by Vocus, (a leading provider of cloud marketing software) throws up some interesting results that can help answer these questions.
The Vocus survey was conducted on 408 digital marketing decision-makers in small and medium sized businesses. Of these 196 businesses had more than $1MM in annual sales.
Key takeaways for your growing business from the Vocus survey:
Have clear defined business objectives for your digital marketing campaigns. As per Brendon O’Donovan, product marketing manager at Vocus, “SMBs are approaching digital marketing with a decidedly practical bent: the number one objective for companies in this space is to drive sales”. The graph below shows the top digital marketing efforts rated by the survey respondents on a five-point scale.
The percentage of your overall marketing budget to be allocated to digital media depends on your business requirements. Investment in digital marketing as a percentage of overall marketing expenditure varied greatly across the businesses surveyed ( refer graph below). Even among the larger businesses there was no common ballpark figure for investing in digital marketing. So while some businesses focused entirely on digital marketing, others allocated only a small portion of their overall marketing budgets.
Consider dedicating an employee for managing digital marketing efforts. More than 60% of the respondents had between 1- 5 full-time employees managing the enterprise digital marketing efforts. Some of the businesses had either outsourced their digital marketing efforts or hired part-timers for the job.
Use multiple digital marketing tools/ solutions for achieving desired business objectives. Larger businesses with greater than 1$MM in sales, rated the business website, email marketing and search engine optimization (SEO) to be the most effective digital tools. In comparison smaller sized businesses also showed a preference for social media as a digital marketing tool.
Measuring the success of digital marketing campaigns is crucial. The success of digital marketing efforts can be evaluated largely through generation of sales, leads, improvement in search engine rankings, social network following, publicity generated and influencer buzz. Larger businesses within the survey were significantly more focused towards measuring leads generated and converted through digital campaigns, click- thru-rates (CTR) and count of unique visitors.
Clearly growing businesses are going well beyond the traditional websites to engage and interact with customers online using a combination of digital marketing tools.
However, the Vocus survey also concluded that small and medium businesses lag behind the bigger corporations when it comes to advanced digital marketing techniques such as customizing content , E-commerce solutions, paid-online banner ads and mobile strategies.
With more than 90 percent of businesses intending to improve their digital marketing efforts either significantly or moderately over the next 3 years, digital marketing in the small and medium -sized business space certainly holds great possibilities.
The question now arises – have you decided the next exciting digital marketing move for your business?