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LET’S GO TO SCHOOL Purchase FunnelAwareness – the customer is aware of the existence of a
product or serviceInterest – actively expressing an interest in a product groupDesire – aspiring to a particular brand or productAction – taking the next step towards purchasing the chosen
product
SO WHAT TO DO NOW? Integrate digital marketing into marketing for better ROI Allocate separate Digital Marketing budget annually Setup sales & marketing goals (for digital marketing) Compare digital ROI with overall ROI Analyze and repeat the cycle, and
Enjoy better market share
DEFINING DIGITAL MARKETING BUDGET
Some stats to help you – In 2016, the average firm was expected to allocate 30% of their marketing budget to
online, SEM will capture the largest share, this rate is expected to grow to 35% by 2019
In 2014, 29% of a marketing budget was allocated to online/digital channels
In 2014, SEO & SEM captured the largest share of online spend at 47% or about 14% of the firm’s total marketing budget
For US retail marketers the ROI was 76% from Digital while offline channels resulted in only 24% ROI
SO WHAT TO DO?
Based on the industry you are in allocate budget
Don’t forget your marketing goal and match channel effectiveness
Use budget calculator http://www.webstrategiesinc.com/calculator
SETTING UP GOALS & TIMELINES
Look at your last year stats (cost of marketing & results)
Set goals in proportion to previous year’s stats
Minimum 20% of overall sales* should come from digital to keep ROI positive, if you are allocating 20% of your overall marketing budget to digital
Digital targets should be realigned every quarter because of dynamic nature of the industry
All results should not be compared to overall sales, as results from Digital Marketing is based on the strategy followed to achieve a specific goal
DIGITAL MARKETING INTO SALES & MARKETING
Digital marketing can be used to drive sales
Few digital marketing tools can be used as an extension to CRM
Digital marketing can help in boosting overall marketing results
Digital marketing is the most effective for branding
INDIAN BRANDS LEVERAGING DIGITAL MARKETING
Dell – Started using social media for Customer Service
ICICI – Started using Twitter to solve Customer Complaints
Kotak Mahindra Bank – Using digital marketing for Branding
This was just a glimpse of early acceptors of digital marketing, today no brand is away from using digital marketing. If you are one of them who is still not implementing, you need to do it right away.
THANK YOU FOR PATIENCE, COME FORWARD WITH QUERIES.
References: http://www.webstrategiesinc.com/blog/how-much-budget-for-online-marketing-in-2014 https://www.forrester.com/report/US+Digital+Marketing+Forecast+2014+To+2019/-/E-RES1
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