26 March, 2018
Your Marketing Strategy is integral to the success of your business and a huge part of getting it right is focussing your efforts and funds into areas that will truly make a difference verses spreading it too thin and not seeing any results. A common theme we hear from new clients is that they have no idea where their money is going or whether it’s impacting their bottom line.
If this is you, read on! We’ve provided 3 easy ways to help you gain back control of your marketing spend.
1. Understand where your money is going
You can’t manage what you can’t measure!
Google provides some valuable, free tools to help business owners get a clear understanding of the online activity for their business.
The Google Analytics platform allows you to understand how your visitors are finding your business and interacting with your website. There are many features that can be enabled within a Google Analytics account, providing invaluable data to help you better understand what activities are driving enquiries and sales.
Google Analytics provides many standard reports allowing you to understand how your website visitors behave and engage with your website and brand. Custom conversion tracking, reports, metrics and dashboards can also be setup over and above Google’s standard Analytics installation to specifically suit your business – easily allowing you to share your most important data amongst teams and your key stakeholders.
Click here to learn how to install Google Analytics.
You can only control what you are measuring. Google Analytics takes the emotion out of important digital marketing decisions and allows you to make decisions based on facts vs. gut feel and guesswork.
Below is an example Google Analytics dashboard:
Conversion tracking on Google Ads
Once your potential customer has clicked on one of your Google ads it’s incredibly important to understand if they actually purchased a product, signed up for an event, registered for your newsletter, downloaded material or contacted you.
The Google Adwords platform allows you to easily install conversion tracking for better visibility – the first step is to create a conversion action in your AdWords account for each activity you’d like to track. Once this is set up correctly, you will be able to view conversion data against each of your campaigns, ad groups, ads and keywords.
Once you understand how users are navigating and converting on your website, you can start to optimise both your marketing campaigns, budgets and your website itself to better target your most qualified customers.
Click here to learn how to install conversion tracking on your website.
Ecommerce enhanced tracking
While conversion tracking is critical for any business with an online presence, for ecommerce websites it is at the heart of your decision making and business success.
Google Analytics allows you to not only measure the revenue your website is generating but also the user behaviour leading up to a transaction. This allows you to identify where users are dropping off instead of purchasing on your website, empowering you to focus on optimising underperforming pages and content.
Click here to learn how to install enhanced ecommerce tracking on your website.
Utilising the information provided by the above tools will allow you to focus on your website ROI and help you put your effort into those areas that will directly impact the success of your online marketing. Once you know which channels and campaigns are performing you can put your budget where it’s working and minimise wastage – when you’re spending where your ROI is greatest, watch your sales soar!
2. Stay in Control
A common theme we hear from potential new clients is that they don’t feel like they understand how their digital marketing strategy is operating and whether their money is being spent in the right place.
It’s important for all businesses to understand how their marketing activities are performing, including where their budget is being spent and the ROI each of their campaigns are achieving.
- Familiarise yourself with Google Analytics and conversion tracking.
- Don’t just rely on 3rd party reports – stay engaged with how your digital marketing strategy is running and make sure there is transparency from your agency if you use one.
- Ask your agency to show you how to log onto your site and reporting tools – make sure you understand at least the basics of your different accounts.
- Have a clear understanding of your marketing strategy and schedule a regular review period, we suggest an in depth review at least quarterly – revisit your strategy, assess your agency, marketing activities and spend.
Ask yourself – are you on top of the digital metrics that define success for your business? We see this time and again – business owners that empower themselves with the right data and measurements and then put aside regular time to review and question increase their sales continuously.
3. Stay Proactive
Once you are measuring your spend effectively you will have a much clearer idea of what is and isn’t working. This allows you to maximise the use of your marketing budgets, ensuring that the majority of what you spend is put towards what’s working best, with a smaller budget set aside for testing and innovation.
Stay involved in the ideas process – put aside an hour a month dedicated to brainstorming new ideas. Don’t just rely on your agency for innovation.
The best results are always achieved when business owners and marketing managers work in tandem with their marketing agency, not in silo’s. You know your products and offerings best so make sure you are sharing that knowledge with the marketing agency running your campaigns.
Get out your calendar and book that dedicated headspace as a recurring event! It won’t take much to see a return on this time – what’s stopping you?
Will implementing these suggestions really help your business? Here’s a recent example of how one of our clients achieved a 5x increase in revenue by remaining in control of their marketing spend.
We installed Google Analytics eCommerce tracking and Google Adwords conversion tracking for one of our latest clients who had no idea who was buying his products or what they did during the sales process. After a full review by our specialists, we were able to tailor a marketing strategy that delivered 5x the revenue of the previous year.
The secret? By regularly measuring and analysing his website and sales data we were able to suggest changes and updates fast based on results – empowering our client to make quick decisions around budgets and marketing activities confidently and without fear – taking advantage of his prime selling season.
Most Digital Marketing Agencies will usually track website data and spend. The real value is taking your data, making it actionable and using it to optimise, grow, and proactively bring your business ongoing success, greater ROI, and clarity. This is what we do best and why Nelson O’Neill’s client base is predominantly referrals. If you’d like to discuss your requirements, don’t hesitate to contact our team, we’d love to help your business succeed.