How much money does your business spend on ads? Are you getting the ROI you’re looking for? According to Econsultancy, for every $92 spent acquiring customers, only $1 is spent converting them.
Before spending more money on digital advertising, check out my list of 8 Fatal Mistakes in your digital marketing.
1. No Strategy
You think that throwing money at more ads will do the trick. If you don’t have a strategic goal for what you want to achieve and a plan for how you’re going to get there, you risk wasting all or most of your money.
You should have SMART objectives and evaluate the analytics before, during and after the campaign to extract actionable insights to inform your iterative strategy.
2. Doing what you’ve always been doing and expecting a different result
Many people credit this quote to Einstein.
Sadly, I still see this disease spread across corporate marketing teams. The marketplace is changing SO fast, User behaviors, technology, and practices are changing rapidly so last year’s way of working is already out of date.
If it’s not working, why continue working in this way?
Change it up, roll with the punches, morph your organizational structure, roles, activities, and strategies to be lean, mean and fluid.
Trust me, your competitors are doing this right now.
3. You don’t have a powerful online value proposition
Is your offer clearly defined? Is it tailored to your customer segment? How are you differentiating yourself from other brands, products, platforms, services or offers?
Developing a content strategy that communicates your competitive edge is key as “Content” is ultimately what you will attract your audiences through different channels like social, email marketing, your blog, and search.
Having a consistent message through these channels will help increase your domain authority. You can’t just randomly post on social media and expect to achieve your marketing goals.
The sales funnel is now non-linear, multi-channel and Users expect quality, consistent content that reflects their stage in the buyer journey. All of these activities are brought together through a strategy (see point 1).
4. You have not made an investment in data, analytics, and intelligence.
You think you know, but in reality, you don’t know what you don’t know.
It’s not about being data-driven, it’s about being data informed. If you don’t know what your Users are doing, and the why, when and where it’s like throwing darts with a blindfold on.
I see it all the time, it’s like big corporations have money to burn, although they are burning it on advertising (disruptive and effective) instead of intelligence.
Leaders – hire the people and technology to “data-inform” your marketing organizations. Support them with process and structure to nurture this practice as it will inform all facets of your marketing activities and long-term viability.
5. You believe in “Best Practice”
This is a good one. There are still loads of people out there who believe in “best practice” for digital marketing 🙂
I’m sorry to disappoint, but “best practice” doesn’t exist. It might have existed in the 3rd industrial revolution where people worked on “single purpose” machines like a typewriter and there was a “best” way of using it.
In digital, every campaign, website, a tactic is unique for every product or brand. Just because it works on Amazon doesn’t mean it will work with you. Just because your competitor is doing it doesn’t mean you should do it.
You are unique, just like your Users and your products. You have to find the best way to communicate with them, develop meaningful efficient relationships in the process. You do that by immersing yourself in the data. (see point 4).
6. Your copywriting is weak and ineffective
You’re spending money on ads, but you don’t hire a copywriter or dedicate adequate focus on copywriting.
Headlines should explain the benefit of your offer. It should be clear, easy to understand and avoid cliches and business jargon.
An image should be emotive and make Users want to clock.
Writing should be clear, concise, specific and use power verbs that appeal to human emotions.
CTAs should push people to find out more and learn about your business. Give Users a reason to choose you.
7. Conversion Rate Optimization as standard practice
Conversion Rate Optimization is a systematic way of finding opportunities for growth and developing data-driven ideas for how to build on those opportunities.
Who is leading this in your organization? If you’re not taking this seriously, you won’t be winning.
The questions asked in CRO are:
What problem so we need to solve?
What do our Users need, what are they looking for?
Why? How do they choose?
How is it what we offer is clearly defined and different?
Where is our website leaking money?
What are they doing or not doing on our website?
8. You’re not agile enough to catch up or stay ahead
Look around you. There are businesses (including your competitors) who are launching effective digital marketing. But what are they really doing and how?
Amazon, Tesco, Airbnb, Zappos, Google – they are dynamic companies who invest in tracking and testing.
The marketing campaign is dead, my friends. It has been replaced with rapid-fire experimentation, with specialist teams, technology and structure in place to support it. The companies who are taking this seriously are winning. How about you?