Online marketing may seem expensive at first… until you compare it with traditional marketing. Businesses are still paying to reach mass markets ONE TIME with ONE message. How much are they paying? Let’s see…
Or, you could reach a highly targeted audience all year long, with thousands of timely messages, with a digital marketing and advertising campaign for less than the price of a brand-new Honda Accord. And while highly targeted traditional advertising is still a very important part of your marketing mix, you can’t afford to ignore digital any longer.
If you’re looking at marketing as an expense, then something isn’t right. Every business owner wants to know: what’s the ROI? ANd while Gary Vaynerchuk has a great answer to this, I would like to address the idea of how business owners can make digital marketing pay for itself. There are a few simple (and perhaps even obvious) ways, but during our day-to-day operation it’s easy to overlook them.
With Clear, Concise, and Targeted Messaging That Pulls Customers In
You got a potential customer following you on social media. Great! Now what? Your captive audience is worth nothing unless you are using your digital marketing channels to build your Know, Like and Trust factor.
One of the most important parts of your content/messaging plan is to make sure you have content going out frequently for people in every stage of the customer journey.
Imagine you’re at a networking event, and you’re moving around the room. The first person you meet has no idea who you are, what you do, and little about your industry. The second person is a bit more familiar, but not with your unique offerings. And the third person is very aware, and is even in the market for your product/service.
Would you talk to all three of these people the same? I hope not!
Clear messaging will make a huge difference in your ability to convert prospects into customers and increase repeat business.
By Asking For The Sale
When you get caught up in the fun atmosphere that is social media, it’s easy for some people to forget that you’re on there for a reason. What we mean by “asking for the sale” is to have some call to action in your messaging every so often that makes it easy for your audience to purchase from you, or become a customer.
A recent example of this from my clients: For a local distillery, we put out a lot of fun content. Drink recipes, celebrating national holidays, photos of the ‘distillery dog’ GinGin… so we felt no shame in promoting an ‘Adopt A Barrel’ program where fans of the distillery could get their own 5, 10, or 15-gallon barrel of their aging spirits (at current retail price). When we posted it, three people jumped on right away to say they wanted to be contacted to learn more.
If you time your ask appropriately, and balance it with really great content, you can begin to actually profit from your social media marketing efforts.
By Amplifying Reach (And Conversion) with Ads
Spend MORE money? Yes. Because sometimes, in order to squeeze as much value out of your time, you need to put a little cash behind it. I read somewhere recently that the average Facebook page’s organic reach is somewhere between 1%-6%. If you take an hour to create a piece of content, and then it only gets seen by 100 people, and your message typically converts at 5%, then you have 5 new customers from that one hour of work. But if you can reach 10k people with that same piece of content and convert them at the same rate, you now have 500 new customers from that one hour of work. Factor in the advertising cost (maybe it costs you $1k to reach those 10k people) and do the math. If the lifetime value for a new customer for you is even just $100, you’ve turned that one hour of content creation into nearly $50k for your business.