Everybody makes a mistake, including me especially in this digital era where we want to catch-up with latest innovation and development in the digital marketing world Many a time in doing this we neglect or disregard some crucial factors that directly affect our finance.
We all know, digital marketing evolves rapidly, because of this, there is a high tendency to always look towards the next best thing than to analyze past mistakes.
Here are some of the mistakes brand marketing routinely make.
1. Forgetting to measure ROI (Return of investment)
To start with, how much money are you spending on your online marketing strategies? What amount are you generating from it? The biggest mistake any digital market would make is spending money on digital marketing strategies without measuring the ROI. Unsuccessful campaigns could eventually drill a hole in your bank account if you keep repeating them. You need to know and stick to campaigns that generate more ROI and modify or stop the ones that don’t work.
Calculating the return on your investment isn’t as difficult as it may seem. Firstly, you need to figure out what it is you’re measuring.
Here are a few different examples:
Once you decide what your campaign goal is, you can calculate your ROI.
Take the financial gain from your investment and subtract the cost of your investment.
Divide that number by the total cost of your investment.
That’s how you calculate ROI.
Make sure you determine the ROI of all of your marketing campaigns moving forward.
It’s the only way to see if your strategy was a success
2. Neglecting your shopping cart
For those of you with e-commerce websites, do you remember to check your shopping cart? If yes, how are you handling items added to your shopping cart without making a purchase? If you are doing nothing, then you’re doing something wrong. These customers are just one or two clicks away from finalizing a sale. Marketers can avoid this by implementing a strong abandoned cart strategy to recover and re-engage those consumers at a later time either through reminders, incentives or other promotions and offers and If your customer has a profile with your company, send them a reminder email about the items in their care.
3. Being product-centric
Most times, digital marketers get caught up in making sales (focus on product). However, the brands that last don’t define themselves by the product(s) they sell. Instead, they define themselves by the market they serve. More also you should remember that people don’t care about your products. Rather, they care about how your product can meet their need. Stop talking about your product’s features and start talking about how people can benefit from your brand and business.
4. Overspending on paid ads
Digital marketers tend to spend the entirety of their marketing budget on paid advertisements, leaving behind little to no budget for others. Though this is an effective digital marketing strategy. But as a savvy digital marketer, you should only spend on paid advertisements if you are interested in generating more visibility for your brand. If your brand already has an organic following that is gradually increasing with time, you might be better off investing in other digital marketing tools, such as the development of high-quality content or improving the design of your landing pages rather than spending on paid ads.
5.Not paying attention to your analytics
When it comes to digital marketing, Campaigns require constant oversight and checking regularly to measure performance. That’s doesn’t mean you have to waste your time analyzing your website visitor metrics, but you should be paying attention to macro trends. It’s essential to focus on the whole picture when it comes to campaign and channel performance. For instance, analyzing your campaign let you know the channel that generates the highest volume of traffic and the channels converting for you.
These are some of the mistakes your brand should avoid if you want your brand to last in this digital world .Don’t forget to drop your comment(s) and follow us on our social media@ digprom