Is Digital Marketing a Good Idea?
Many businesses do not have a clearly sensongs defined digital marketing strategy. Unfortunately, 45% of organizations don’t have one. This makes it crucial for companies to understand the power of digital marketing to increase their revenue. With digital marketing, companies can make personalized exchanges between producers and consumers. Personalized exchanges can increase both online and offline revenue, which can help drive a business’s growth.
If you’re one of the 45% of organizations without a clear defined digital marketing strategy, you’re not alone. Several years topnewsplus ago, that number was much higher. In fact, some studies have shown that as many as 70% of organizations did not have a digital marketing strategy at all. This means that these companies are performing digital marketing activities without any strategy or goal in mind, and thus aren’t able to stay ahead of their competitors. Even worse, without a strategy, there’s no way to know what your business wants.
As consumers increasingly shift to digital, it is important for organizations to be visible across a number of digital devices and segfault channels. However, organizations should not neglect offline channels in their efforts to achieve digital presence. Known as omnichannel presence, this strategy involves integrating both online and offline elements into one cohesive strategy. Studies show that 45% of consumers would rather purchase products online and pick them up at a physical store. Digital marketing helps businesses make these exchanges more personalized for customers. This personalization also helps companies generate more online revenue.
ROI (Return on Investment) is a key marketing KPI that shows the amount of profit returned relative to the capital invested. This term comes from economics and measures the economic success of an advertising campaign. It can be calculated by dividing the amount of money spent marketbusiness on advertising by the amount of profit generated online.
In order to calculate the ROI of a digital marketing campaign, the goals must be clearly defined. Otherwise, you may end up with wrong metrics. The best way to set goals is to create specific, measurable, relevant, and time-bound objectives. The SMART method helps you formulate goals that are specific, measurable, achievable, and relevant.
Another metric to measure ROI of digital marketing is the average order value (AOV), which measures how much each customer orders on average. Increasing AOV is an effective way to improve customer spending. By increasing the average order value by just a few percent, you can drastically buzfeed increase your total profits. This is a critical metric that every business should track.