The Cost of "Free
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This document provides guidance for small and medium enterprises (SMEs) on developing a digital marketing strategy. It outlines key steps such as creating a strategy, determining appropriate digital channels, allocating resources and costs, and measuring return on investment. The strategy should align with overall marketing goals and consider the target audience. Recommended digital channels include search engine optimization, social media, email and display advertising. The document stresses measuring key performance indicators to evaluate if objectives are achieved.
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The Cost of "Free
- 1. The Cost of “Free” in a Digital Age A Guide for SMEs Stephanie Webb Managing Director
- 2. Overview Creating a digital strategy Determining digital channels Monetising resource costs Allocating responsibility Measuring for ROI
- 3. What is digital marketing? Digital Marketing is … “The marketing of products or services using digital channels to reach consumers.” – Financial Times Lexicon Examples Mobile Apps SMS Digital Billboards Anything else with a digital foundation
- 4. Creating a digital strategy Should be included as part of your overall marketing strategy & planning. Before you begin … What are you wanting to achieve? Who are you trying to reach? What are you providing?
- 5. Creating a digital strategy What should be included in your strategy? SMART objectives & goals Audience profile & target segments Value proposition & messages Distribution channels & planning calendar(s) Measurement of KPIs … continued
- 6. Determining digital channels Digital channels are not mutually exclusive. Social Media + SEO + ________ = Inbound strategy Points to consider … Remember the purpose of your strategy Know where your audience is present & engaging Employee or outsourced costs – content, design, management, etc. Make sure you know how to measure it against the KPIs
- 7. Determining digital channels Most recommended Email Direct access to audience(s) Personification Search Engine Optimisation Organic – relevant website content to searches Paid – keyword buying Social Media Brand awareness Direct customer engagement Display Advertising Similar to traditional advertising methods … continued
- 8. Monetising resource costs How much does digital marketing cost? – It depends! Each channel potentially requires different designs, content, amount of time spent engaging or setup, etc. Things to consider for each channel … Staff / Agency management time & fees Graphic design or content creation fees Channel costs (e.g. promoted posts)
- 9. Monetising resource costs Example Costs 1 Social Media – Facebook (single campaign; promoted) … continued Strategy / Planning Branded page setup (if required) Graphic design Content creation Video / Photo creation Feedback engagement Editing / Approval loops Platform monitoring & measuring Cost of advert placement Setup of advert Graphic design for advert Measurement of advert Other
- 10. Monetising resource costs Example Costs 2 Email – single campaign; first time sending … continued Strategy / Planning List building List purchasing (if required) Template sourcing / setup Social media integration Image(s) sourcing Image(s) purchase / creation Content research Content creation Editing / Approval loops SEO checking / analysis Metrics review Other
- 11. Allocating responsibility Advantages Disadvantages Individuals Multitasking Decision making Try to be everything Singularly focused Teams Divide & conquer Brainstorm ideas Too many cooks Opposing ideas
- 12. Measuring for ROI Use KPIs that will demonstrate whether you have achieved your SMART objectives or not. New leads Membership sign-ups Sales uplift – overall or within specific products / services Increased social interactions Only account for the data you need to know. Each channel will output different data.
- 13. Measuring for ROI Common Metrics Traffic Overall site traffic Traffic sources Click-through rates Cost-per-click Revenue Metrics Return on investment Cost-to-acquire customer Conversion Conversion rate Cost-per-lead Page views per visit Time on site Rate of return visitors Bounce rate … continued
- 14. Key takeaways Knowing your audience is crucial. Planning ahead can save you resources. Repurpose content where and when appropriate. More isn’t always better. Don’t be afraid to experiment – no one gets it right 100% of the time. Don’t be put off by the costs.
- 15. PMM Strategies Ltd Helping SMEs plan, manage & measure their marketing initiatives. Office Email Web Twitter 0118 321 3626 info@pmmstrategies.com www.pmmstrategies.com @PMMStrategies
Hinweis der Redaktion
- Presenter Background Stephanie Webb Managing Director PMM Strategies Ltd Marketing strategy expert, specifically within branding and communication management. Qualifications & Memberships: MSc International Marketing Strategy MA International Marketing Communication Member, Institute of Direct & Digital Marketing Associate Member, Chartered Institute of Marketing
- Creating a digital strategy - Outline for successful strategy Determining digital channels - Understanding how to choose specific channels Monetising resource costs - Overview of common costs associated with digital marketing | employee time, content curation, image sourcing, graphic design, etc. Allocating responsibility - One person v. team of people Measuring for ROI - CTR, open rates, sign-ups, conversions, etc. all dependent on strategy objectives
- Digital marketing is NOT simply internet marketing - digital marketing extends beyond all of those things and is the comprehensive implementation of using digital media as a marketing tool. Digital Marketing Examples: Mobile Apps SMS (Text Messages) Digital Billboards Anything else that has a digital foundation
- What are you wanting to achieve? Company objectives | new sales, new leads, upselling, cross-selling, etc. Who are you trying to reach? Audience profiling & segmenting What are you providing? Tailored information about your company, product, service, etc.
- Inbound Marketing – Creating content that attracts customers instead of shouts at them.
- Search Engine Optimisation Organic - The more often you produce quality content, the higher your natural (organic) rankings will appear Paid - Focused on keyword buying (pay-per-click)
- There is no one-size-fits-all answer.
- KPI – key performance indicators SMART - Specific, Measurable, Achievable, Realistic and Timely Only account for the data you need to know. i.e. Don’t measure everything possible, as this will just muddle the details you are trying to understand.