Business assessments are the key to successful digital marketing
Why business audits are important?
Business audit before rolling out a digital marketing campaign is incredibly important as a good auditor can identify and resolves issues within a company to improve the functionality, bottom line and ensure the long term success of an organisation.
Audits are necessary for both business and legal reasons; however, conducting regular business audits to assess your company’s financial health, will generate confidence from the people you work with, as well as with management bodies. There is also a psychological aspect that is very important when dealing with banks, clients and shareholders. Revenue stream doesn’t remain the same therefore when it goes up and down it will impact everyone psychologically in a different scale.
Even small to medium companies with one shareholder and a few employees, benefit from regularly reviewing the numbers that impact the business and drive future goals and plans. Taking a long, hard look at the numbers, analysing them and forecasting has many benefits.
Why most of the digital marketing agencies fail?
Most companies fail because turnover seems to be significant; however, the numbers don’t add up. An overall low net position usually is because products and services have been priced incorrectly. Regular business audits and marketing analysis will avoid this.
When digital agencies take on marketing plans for businesses without doing an initial business audit, they are unable to quantifying ad spend, and content marketing spend, this is when problems arise.
A business will benefit greatly from an in-depth audit initially and ongoing analysis of their business financials and marketing figures. The numbers show if their money is working for them or not.
If a digital agency can’t give reliable answers to questions like:
What’s my ROI? What are my crucial traffic sources? How many leads and conversions do we have? What’s the bounce rate? How can we improve it? What is my brand engagement? It’s time to find a new agency!
Digital marketing is like a battlefield today
Scaling your business is necessary to increase your bottom line, and a thorough business audit and financial analysis is an excellent investment. When you can find hidden costs, unnecessary expenses and unique opportunities to harness – measurable and meaningful data is gold.
Marketing expenditure, especially digital marketing is mandatory in business today. Invest wisely and insist on a transparent and legitimate digital agency who you can trust for the long run. You will create a win-win strategy for both parties.
The digital marketing industry is like a battlefield today. The question to ask ourselves is “in this battlefield, do we want to take a machine gun approach or the snipper approach?” Obviously, the sniper approach! A snipper always gets his sight set on his target before pulling the trigger, using one bullet instead of firing off thousands.
How to conduct a successful digital marketing campaign
If the product or services is excellent and the pricing is right, it’s easy to sell. Capturing the right audience is the hardest part, therefore doing a meticulous cluster analysis is essential, specific industries do well with digital marketing, and certain sectors have slow digital marketing growth.
A skilled digital strategist audits a business and researches whether a company is viable for digital marketing or whether it’s a start-up, assess when it’ll mature to get significant conversions. Hence, always be mindful about your ad spend and the marketing budget and tailor it to the nature of your business and target market. It’s all about doing the right thing and not making a quick buck.
Fake KPIs; exaggerated achievements, one size fits all approach is where the digital marketing companies fail today. Always set up KPIs with the use of SMART objectives.
Specific
Measurable
Attainable
Realistic
Time Bound
The aforementioned key points will create realistic goals and achievements, building trust for both a company and their digital marketing agency, with results and profits following for sure.
And finally, one to the biggest mistakes most companies make when looking into their digital marketing is asking for a price instead of clearly outlining their business needs and requirements. A fixed digital marketing package or plan will only give low results. Every company has different products, services and unique target markets. A mandatory business audit is a strategic move before undertaking any digital marketing campaign, thus ensuring a tailored and personalised strategy to suit the specific business goals and marketing needs.
If you need your business audited for a custom digital marketing strategy, based on facts and figures, I’d love to chat.
Published On: June 23, 2020
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