The digital advertising space isn’t just for early adopters anymore. Online marketing is no longer something that’s nice to have – it’s a priority for retailers of all sizes and stripes. According to Gartner’s CMO Spend Survey, nearly two-thirds of marketing leaders plan to invest more in analytics, online ads, social media and eCommerce this year. Now is the time to get your digital plan in place, because the market is about to get even more crowded.
Beyond Facebook And Google
Facebook ads and Google AdWords still dominate the digital marketing arena, but in order to compete and to ensure connections with relevant consumers, companies must diversify their digital efforts. Audiences are segmented; the people who spend the most time on Facebook aren’t necessarily the same people who spend their free time browsing SnapChat stories. Proper resource allocation is critical for connecting with and crafting messaging for the appropriate audience.
Digital analytics are the cornerstone for proper resource allocation. As marketers begin to embrace more digital advertising and marketing platforms, they need to be able to collect, organize, make sense of and leverage data to make sound budgeting choices.
More Digital, More Data
Making data-driven budgeting and resource allocation choices requires good data. It also requires technology and people to pull out insights that allow for strong decision-making. The more channels a retailer leverages, the more data they have to contend with. With so much segmentation, it’s easy to fall into data overwhelm, which can paralyze marketing teams and prevent them from focusing on strategy. For retailers, there are four key ways to ensure success:
- Collect the right data.
- Be sure to measure your efforts to determine ROI.
- Leverage testing strategies to learn more, faster.
- Leverage experts to help drive your initiatives and give you an edge over competition.
Outsourcing allows in-house teams to focus on what they do best – developing and executing strategies. Those teams can be much more productive when they rely on a partner to deliver the information needed to develop effective marketing plans for connecting with their audience and growing their customer base.
The Roadmap To Digital Success
We know that data is the key to leveraging digital platforms successfully, but data is also the key to choosing the right channels for marketing success. The best way to determine how to allocate resources successfully is to determine where you can afford to spend less, and where to place that “found” money for new, digital initiatives.
Resource allocation shouldn’t be a gamble. Every marketing dollar is precious, and retailers cannot afford to roll the dice on hot new trends if that trend isn’t right for their audience. Lift361 can help you see exactly how shifts in marketing spend can influence customer spend. Contact us today to learn how we can ensure you’re getting the most for your marketing dollars.