Digital marketing is unfailingly becoming a greater portion of the marketing budget of most companies. According to “Emarketer.com”, an independent market research company that provides insights and trends related to digital marketing, media and commerce, in 2010 companies spent on digital less than half what they did on TV. However, by the end of this year, digital and TV spend will be about equal.
Nowadays, if your business does not have a website up to date, or is not engaging in Search Engine Optimization (SEO), Content Marketing or any form of Search Engine Marketing strategy, you have to think seriously about making a business case for it. Many companies are setting the digital marketing as one of their priorities. Yet several ones still do not understand what they should expect from their digital marketing efforts.
Below are some hints to help you avoid the main mistakes companies make in digital marketing.
Mistake #1: Poor Planning
If your company does not have an organized consistent plan, it will eventually fall into wasted time, money and opportunity. Nevertheless, before you invest in digital marketing, you plan the following:
- Understand your marketplace by knowing its competitors, geographical borders, customer demographics, distribution channels etc…
- Conduct a SWOT Analysis. Know your strengths, weaknesses, opportunities, and threats.
- Define your marketing objectives by knowing what you want to achieve, what are your goals and what KPI’s you are using to measure success?
- Plan a budget by knowing what you can afford to spend on this marketing campaign.
Mistake #2: Unrealistic Expectations
Digital equals instant results is one of the biggest misconceptions. Everything takes time to be developed, optimized, and improved so that you get the results you are hoping for. So do not panic just because you are not seeing results in the first two weeks. Be patient let the campaigns progress.
Mistake #3: Not Being Informed
One of the positive aspects of digital marketing is that you can have access, track and analyze any information telling you if the dollars you are spending are producing results. Therefore, it is your duty to be up-to-date about how your company is spending its marketing budget even if you have hired an agency or invested an in-house staff.
You should know the terms, the KPI’s and best practices. Do not forget that free learning materials are available in quantities. Moreover, in case you do not have enough time, you can hire consultants to help you running audits every month. This will save you a lot of money in the long run.