Are you concerned that your digital campaign isn't fully optimized, and you're wasting your marketing dollars? You're not the only one! Most marketers wonder whether they're spending their money on the right marketing tactics. The truth is, waste in advertising has become a major obstacle for brands to get through to reach the right consumers.
In fact, research suggests that a substantial amount of digital advertising budgets are wasted. Nearly 40% of all media spend is wasted, with some marketers estimating that at least 26% of their budgets are wasted. Around $123.3 million (37%) in digital media advertising expenditure was wasted in the second quarter of 2021 alone, and nearly $3 billion in digital ad spend is wasted annually.
Fortunately, you can follow these simple steps to identify when, where, and how to optimize your digital campaign when marketing on the Gulf Coast.
Setting Your Campaign up for Success
Goals are essential to any successful marketing tactic. Marketers who set goals are 376% more likely to report success than those who don't. And 70% of those successful, goal-setting marketers achieve them.
Setting campaign goals at the onset of your campaign can help you track and measure when and where you need to adjust your campaign after it has launched. This insight is essential to understanding where and when you must make adjustments to optimize your digital marketing campaign.
Suppose you have a goal of increasing traffic to your blog. In that case, you may want to track and measure the success — say, search engines— has on reaching that goal. This will allow you to identify problem areas you can tweak, followed by more tracking and measuring, to improve visibility and encourage more users to take action.
How to Optimize Your Digital Campaign
Global digital ad spending has seen tremendous growth recently, with the next few years expected to only get better. 2020's global digital marketing spend reached $332.84 billion, 2021's is expected to reach $389.29 billion, and 2022 is predicted to experience 13.3% growth (rising to $441.12 billion). Moreover, that figure is estimated to reach $524.17 billion by 2024.
So, how can you take advantage?
Make sure your digital campaign is optimized to its full potential and reaching the right people with these tips:
Leverage the power of automation
With many tedious and time-consuming tasks in marketing, automation tools can make a significant difference in your campaign's performance and team's overall productivity. Marketers find that marketing automation was beneficial for goals such as:
- Increasing lead generation (61%)
- Lead nurturing (57%)
- Sales revenue (47%)
- Improving customer engagement (36%)
- Marketing productivity (29%)
- Improving campaign measurability (28%)
Take advantage of data and analytics
Everything you need to know about your brand's online presence is given to you through data and analytics. When you have a good understanding of the data you collect, you have more insight into where you need to improve and where you are exceeding expectations. This will allow you to make more informed decisions moving forward and optimize your marketing efforts, which in turn optimizes your ROI, on your campaign.
Research your target audience
Knowing who your target audience is — from demographics and psychographics to geographics — will allow you to craft your messages to speak directly to the right people and deliver your messages on the platforms they are most active on. This, in turn, reduces the amount of money and time spent on reaching uninterested consumers and strengthens your relationship with interested consumers.
63% of digital marketing leaders continue to struggle with delivering personalized experiences to their customers. This is likely because enough research isn't being conducted to ensure that they have the best knowledge and understanding of their target audience.
Identify your buyer's journey
In addition to researching all the latest news and updates on your target audience, you also need to be well aware of your consumer's entire buyer’s journey and where they land within the three stages:
- Awareness: the first stage where consumers are just getting started with research on their problem and what solutions can solve their problem. This stage is a good time to target audiences with helpful tips and tricks via email, blogging, social media, etc. You want to increase brand awareness and visibility to increase awareness of your brand and solutions.
- Consideration: in this stage, consumers have moved away from just learning about their problem and potential solutions, and starting to consider all their options. Now would be a great time to target your audience with more detailed and informative content about who you are, what you do, and why you're better than the competition. You can do this by establishing authority and providing more specifications on how your product/service solves their problem in particular. You may also want to provide case studies to show how you've solved this problem for others.
- Decision: your leads have officially converted to sales, making the decision to purchase your product and service. This is great news but your job is far from over. From here, you will need to continue nurturing your existing customers and ensuring that they not only keep purchasing your product/service but are so satisfied that they promote it to anyone who will listen.
Your goals and the interpretation of the data that is available to you (as well as your automation tools!) are critical to understanding when and how often you should adjust your digital campaign. Knowing your customer's path to purchase and where they are in the buyer's journey is key to getting the results you desire. Working with a media partner ensures that you have the best knowledge and understanding of your target audience, and access to the best practices for reaching them.