Without a strategy anchor, we find companies often allocate marketing dollars based largely on intuition, the previous year's budget or on what fared well in recent quarters. A more useful approach measures proposals based on their strategic return, economic value, and payback window.
Without a strategy anchor, we find companies often allocate marketing dollars based largely on the previous year's budget or on what fared well in recent quarters. Those approaches can devolve into “beauty contests” that reward the coolest proposal or the department that shouts the loudest rather than the area that most needs to grow or defend its current position. A more useful approach measures proposals based on their strategic return, economic value, and payback window.
The other prerequisite in shaping an effective marketing program is understanding your target consumers’ buying behavior. That behavior has changed so radically in the past five years that old ways of thinking about the consumer—such as the marketing “funnel”—generally don’t apply. Where the funnel approach prioritized generating as much brand awareness as possible, the consumer decision journey recognizes that the buying process is more dynamic and that consumer behavior is subject to many different moments of influence.
To establish the right marketing mix, organizations need to evaluate the effectiveness of spending by channel. This approach statistically links marketing investments to drivers of sales and often includes external variables such as seasonality and competitor and promotional activities to uncover both changes in individuals and segments over time and interaction effects (differences among offline, online, and—in the most advanced models—social-media activities).
The first step is to gather data and take a 360° view of your market, starting with:
Breakdown by gender, marital status, age, occupation and income.
Analyze location by country, US state and over 1,000 worldwide cities.
Drill down into interests, brand affinities and topics of discussion.
Rank the people and media who most influence your analyzed group.
Your company's competitors.
Competitor product summaries.
Competitor strengths and weaknesses.
The strategies used by each competitor to achieve their objectives.
Setup analytics on all channels
Establish baseline data
Identify lead generation KPIs.
Establish Digital KPIs
Sales Revenue. How much revenue has your inbound marketing campaign brought your company?
Cost Per Lead.
Inbound Marketing ROI.
Traffic-to-Lead Ratio (New Contact Rate)
Landing Page Conversion Rates.
To discuss how our approach can help you reach your marketing goals, call us at (413) 658-8470, or contact us online.
“Dan Green has presented for the MRAEF on numerous occasions. Whether Dan is presenting social media trends or about new technology, his presentations are timely and relevant to the current marketing trends as well as the economy. The MRAEF members who attended his workshops always walk away with valuable information that will help them with their daily marketing promotions.”
The Green Internet Group is offering high-level web-marketing solutions to local and regional businesses at a time when he could just as easily be working in New York and charging 10 times what he’s charging., they understand that local businesses will live or die in the new economy based in large part on their web-presence–and on the management of their web-presence. They offer measurable, smart, well-priced solutions and the expertise help local companies remake themselves into fully-operational, web-connected, 21st Century success stories. C. White, President, Owner, Apollinaire Contract Sales Solutions
Written by: Curtis White
Green Internet Group Services
Date published: 06/04/2016
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