Well, in my opinion, it is becoming harder and harder to map out.
Certainly, there are stats around cost per click, cost per lead, and cost per sale, and comparing engagement statistics provides us with a gauge for successful content. We also know how the consumer is responding to different content, which gives us an idea of what works, and what needs improving.
But in actual dollars and cents what does this all add up to?
Over recent years the obsession with these stats has changed.
Speaking from my perspective with the multiple businesses and industries we cover, I believe it’s fair to say that we now recognise, as a whole, the complexity of the buyer’s journey.
In most of those industry segments what channels are available to target, the understanding that most users are not always using the same device so the way a target audience consumes content can vary. Then there’s the complexity of remarketing and retargeting using different campaign strategies.
Now, more than ever, businesses are being encouraged (or forced) to change their business model with the worldwide COVID-19 pandemic.
Many of them have never used digital marketing – more specifically social media – to push their brick and mortar business.
Particularly not as a flagship medium.
I believe there will come a point when a business can no longer expect a dollar for dollar return on their marketing on a plug and play strategy. The expectation is “quantified” based on the work and understanding that are invested in the consumer’s journey as they interact with your brand (and primarily) the people behind it.
As Gary Vaynerchuk says; offer value to the point where the consumer is begging you to take their money.
Paid channels like Facebook and YouTube are, in the greater community, viewed as the performance Megas. I believe more time, effort,and focus on finding new people and introducing your brand to them, is more important than ever.
Nurturing your online communities, from the beginning and through the buyer experience, will drive your business further and support longevity. Expecting ROI, from contactless sales funnel’s is no longer realistic, even in the digital space.
Unless you’re a digital heavy hitter like Amazon, and even still, there are more faces driving that brand that most people realise.
In simple terms, this all means that we will focus more on marketing efforts (and measurement) by improving the real-world buyer experience.
The value your customer experiences in these online interactions (and transactions) will develop brand ambassadors, which will work for you, ultimately increasing your digital traffic and driving purchasing.
Blog by Jason Armstrong