Putting Your Marketing Dollars Into Digital
Q: A CEO wants to know: “Should we stick with the traditional advertising methods that have always worked for us in the past or should we put our marketing dollars into digital?”
A: Digital advertising is where it’s at these days and everyone is jumping on the bandwagon. But before completely diving off the digital cliff, there are a few things to consider.
Contrary to popular belief, traditional advertising methods are not “dead” so don’t throw the baby out with the bath water. First,
you should evaluate and rank every traditional advertising method you’re using based on two key criteria: overall cost and overall effectiveness. In instances where you are not sure about what your business gained for what you spent, my advice would be to dump
that traditional advertising tactic immediately. This will free up marketing dollars which you can now invest into digital.
A portion of your company’s overall marketing spend should definitely be devoted to digital. If your business relies heavily on e-commerce or on attracting information-seeking web visitors, job #1 for you is to search engine optimize your website. This absolutely must happen before you spend dime one on paid digital advertising of any kind.
Once your website is optimized and up to code, it’s time to think about the best way to spend your digital marketing dollars. Before rushing into digital tactics, be clear on your overall business objectives and make sure your marketing strategy supports your company’s goals. Also, you should have a solid understanding of which digital tactics are a best fit for your company before signing any contracts. To do that, you should consult with a digital media and advertising subject matter expert who can advise and educate you on the various digital media options available today including social media marketing, search engine marketing, email marketing, affiliate marketing, content marketing, and more. Note that there’s quite a lot to each of the digital media areas I’ve mentioned. You should understand the pros and cons of each option as well as the estimated costs and runway for generating business results over time.
Beware the digital marketing snake oil salesperson who will promise you instant business results, if you’ll only just sign on the dotted line of their contract, that is, the one containing a complex menu of expensive digital marketing services that you’re not sure about and don’t fully understand. Don’t do it, no matter how desperate you may be to generate sales.
If I were you, I’d start out with one digital media tactic type and devote all of my time, money, and attention there. Over time, you will learn the digital tactic’s many ins and outs and, you’ll be better able to evaluate its overall effectiveness (or lack thereof). Once you get the hang of the first tactic and see what it’s doing for your business, you can move on to the next one.
On a final note, there are no “get rich quick” solutions when it comes to digital marketing. It’s a time consuming, detail-intensive, test and learn process. For best results, proceed with caution and be vigilant about measuring “what you spent for what you got” over time.
Lynn Hoban works with leaders of emerging restaurant and retail concepts to scale business operations and ignite marketing programs for growth. Lynn has a proven track record in multi-unit restaurants and retail. Her programs are effective because they are built on a depth of experience in food marketing as well as in operations, R&D, staffing, training, and procurement. Lynn is known for her direct leadership style, which cuts through chaos and gets results. To ask a question or to find out more, visit www.LynnHobanMarketing.com.