Digital marketing knowledge is a good thing to acquire if you are looking to make your online business successful. Or if you want to generate meaningful leads from your website / digital front window. Today I attended a webinar on improving one’s digital marketing skills. My view is it was okay, amongst some of the superfluous information was a few nuggets that I thought I would re-share.
Costs of acquiring leads and acquisitions
COST to acquire a Lead. CPL = Cost Per Lead. They aren’t customers, but they are interacting with you. This is related to getting people to view your website (without bouncing), or impressions or interactions with your content on social media. You can generate leads through either paid marketing or manual actions – I’m not going to share which route I think is best. The webinar I attended is strongly focussed on the idea that paid digital marketing get’s results.
For you to generate a customer it will cost an amount. CPA = Cost Per Acquisition. The cost to get new customers – for a new customer to buy something. Again this is related to the cost of adverts that can be tracked.
I do pose the question that if you are doing all this manually then tracking your time spend on digital marketing actions and multiplied by the daily rate you typically charge gives the Costs per Lead and Costs per Acquisition. My goal is to start tracking this in 2018…
Who, How, Cost, Profit
As the title of this section suggests: Who, How, Cost, Profit. Who – customer profile (funnel/demographics). How – channel of ads. Cost = cost of that channel. Profit = how much money you make, profit of the purchase(s) – the cost for acquisition.
Let’s unpack that a bit shall we:
You can see this webinar is very focussed on generating digital marketing ads, but doing this analysis is actually valid. So ‘who’ is the demographics of who will buy your product. This should be constructed by answering the following questions for your customers:
- Age range
- What motivates them
- And, what do they want
- So, what do they think of my product/service
- Business Owner
All this information allows you to create good sales funnels for your adverts e.g. on Facebook.
How is how are you doing to advertise, and this is which platform. E.g. Facebook, Twitter, Linked In, Instagram, Youtube, etc.
Cost is the amount of spend on that digital marketing channel e.g. Facebook.
Profit is the calculated in the following way:
Gross Profit – Cost = Net Profit. Net Profit / Cost = PPM (Percentage Profit Margin) = ROI (return on investment). It’s important to be able to calculate how much profit is being made, and your ROI for investing in digital marketing adverts.
The 4 P’s
The 4 P’s are of paramount importance, apparently! If you’re not being successful yet, then one or more of these attributes is out of balance for you business (apparently).
Product, Price, Place, Promotion.
This is about what product (or service) you are selling. Price is related to the price you charge, your charging model, but also the value associated with your product and brand, and the cache that you can charge, leading to higher profit. Place is where you service or your product can be sold and delivered. Promotion is about what marketing are you doing to promote your business?
Well it’s started to make me really think again about my digital marketing strategy. For me, all my leads and acquisitions are coming primarily through word-of-mouth, customer referrals, and marketing agencies (and designers) who Digital Technology Labs collaborates with.
We have a goal of growing the business significantly, and to attain that we need to be generating many more leads, and converting them into many more acquisitions via our digital marketing and website.
For this I am not spending any money on digital adverts (though I am using the above guide to prepare my sales funnel for the future). No, my approach is one of i) attaining and growing my reputation on social media (primarily Twitter); and ii) through organic search (google).
Growing my reputation on social media
I use Twitter, Instagram, Facebook, Linked In, Youtube and Behance for my website. However all are updated infrequently, accept for Twitter in which I’m posting regularly. I’m currently on a drive to get to 500 followers, a month a go I only had 267 followers, I’m currently at 466, so in a month I’ve increased my number of followers by 87% – which I think isn’t bad.
This is mainly to do with scheduling at least one post a day – to take the pressure off posting. And then I’ve found time to share new blog posts, write original posts, share pictures of what I’m doing (love doing that). In addition I’ve been searching on keywords of interest, and liking and retweeting that content. All this in conjunction is starting to gain traction for acquiring new followers.
Growing traffic through organic search
I have achieved number 1 for ‘web design Langdon Hills’, I’m now going after ‘web design basildon’. Through a series of regular steps, I’ve been able to move into the top 100, and am around the top 30 for my favoured keyword. I want to get to number 1.
To acheive this I’m putting a lot of effort into SEO. I created a Basildon landing page.
I’m trying to build my email mailing list, in which I want to provide regular useful content.
I’m regularly blogging and sharing this content on social media.
I’ve written some blog posts specific to ‘Basildon’ and the other geographical areas that I have in my site.
I ran a small competition amongst my close friends to generate some additional traffic to my site, some extra comments on my blog posts, and to get their feedback about the site.
I’m now formulating what is next. One of my aims is to significantly improve the code quality of the Digital Technology Labs site, which I know will give some improvement to my ranking (fingers crossed).
Overall the first session of the course was good. I will likely attend the next session, so watch this space.