For SMMEs who are trying to compete against larger companies, nothing evens the playing field in the same way as digital marketing does. In fact, with a few critical resources which are dedicated to the proper marketing strategy, an SMME can be featured above much larger companies on the SERPs.
All you really need in order to compete above the competition is excellent digital content for your target audiences as well as a way to assess the effectiveness of that content. Return on investment (ROI) digital marketing is crucial to evaluating the effectiveness of your content and putting together more effective content to boost the ROI of your small business.
As opposed to traditional advertising which tries to coerce reluctant participants into purchasing a product, digital marketing aims to put together content that people need and generally want.
How To Get Started With Digital Marketing ROI
The Internet is a very important stepping stone in the journey of consumers and business buyers all over the place. More than 70% of individuals now research a company before making the decision to become a customer. That’s why businesses of all sizes, from start-ups to enterprises, make an investment in digital marketing.
As with any marketing strategy, although, you will want to measure your return on investment (ROI) from online channels. Fortunately, digital marketing offers plenty of data, which can assist you to calculate your Internet marketing ROI.
What Are The Basics of Digital Marketing ROI?
Digital marketing can be quite a significant investment for SMEs. However, if you don’t measure the ROI of your digital marketing spend, you will have no idea about how to measure or evaluate the effectiveness of your investment. Unfortunately, a full 45% of SMBs are leaving the success of the digital marketing solely up to chance.
Almost a full century has passed since marketing and advertising pioneer John Wanamaker said that “Half the money which I spend on advertising is wasted; the trouble is, I don’t know which half.” For 45% of SME owners out there, it seems that not much has actually changed.
That being said, evaluating digital marketing ROI can be quite challenging when you think that SMMEs are now utilising an average of 7.8 different channels in order to promote themselves. That figure does take into account both traditional and digital marketing activities however still reflects the increasing complexity of SME marketing.
The advantages of measuring your digital marketing ROI far overshadow any potential drawbacks. Dependent on the kind of digital marketing campaigns that you run at your SME, setting up conversion tracking may only take a couple of hours. Measuring ROI presents the foundation for making more informed marketing decisions. At the end of the day, better data assists with making better decisions, which produces increased revenue.
Do you want to become an advanced digital marketer? If you do then you need to do our Advanced Digital Marketing Course. Follow this link for more information.
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