5 Lessons for Successful Internet Marketing

Recently, I was reading an article in Advertising Age that highlighted the lessons from their CMO Strategy Summit.  I would have to agree with the eight things that the article mentions, but I’ve created a modified list of 5 lessons that applied to internet marketing or digital advertising.  Below are my 5 lessons that should be applied to internet marketing: 

1. Challenging Internal Think 
We need to challenge the “internal think” within our organization and marketing departments.  In the world of internet marketing, the old ways of thinking need to be modified and must include collaboration.  In order to be successful, many departments can no longer work in solos; otherwise campaigns are destined to fail.  We must work together to identify the best solutions that help to achieve strategic goals & objectives. This shouldn’t just apply to agency clients but advertising agencies as well. Be sure to limit risk and identify opportunities to control them with challenging internal think. 

2. Building Relations with PR, Finance and IT (be inclusive)
Don’t just get to know your CIO but also the heads of Public Relations, Communications, and Finance.  Understand what they think about your approach challenge, and obtain feedback from them.  Include your department heads into strategic discussions because everyone has a role to play with the marketing campaign.  Be prepared to justify cost, forecast, and predict outcomes with Finance, and reinforce the role of IT within the scope of every campaign.

3. Experiment with Failure (Wisely) – A/B & MV Testing
Experiment with failures through A/B & Multivariate testing of all things digital.  Create controlled experiments, develop hypotheses, identify sample sizes for statistical significance, run the test, and don’t stop testing.  It’s not as expensive as it was in the past with the functionality of Content Management Systems (CMS), Google AdWords, Google Analytics, KISSmetrics, and other usability testing sites.  Start gathering information and spend less time talking about it in meetings that don’t generate outcomes to reduce cost and improve marketing.

4. Local, Regional, and then National
It seem like every business thinks they’re a national brand, but they have challenges spending the national budgets. Grow locally, regionally, and then nationally to save money, measure your effectiveness, and apply your finds to new markets. If done effectively, you just might identify competitive advantages and target national markets that grow your business.

5. Measure & Value
Measure the effectiveness of your marketing tactics and provide a value for leads or sales.  This should lead to better marketing, reductions in cost, and the ability to forecast and predict.  Now, you’re speaking the language of the finance department and gaining credibility.  It should also help to reinforce the value of the IT department. 

These lessons should help to position your organization and team for successful internet marketing campaigns.  I would highly recommend that marketing professionals take a look the CMO Strategic Summit’s 8 lessons.  Let us know if you have any lessons that you’d like to share.  Good Luck! 

Want to Improve Your Advertising? Align Your Measurement Strategy With the Right KPIs

The ability to measure nearly every facet of marketing campaigns and websites is nothing new. Solutions have existed for several years now and are continuously receiving updates, improvements, and new features that allow for even more in-depth analysis of customer and visitor trends. Tools like Google Analytics even allow for tracking of everything from your business's website, to social media interactions, to your television ads (just to scratch the surface). With such a powerful (and free) tool available, there is really no excuse NOT to have insight into your initiatives!

With such a robust arsenal available to today's marketers, however, it can become quite tempting to report on every available piece of data. While much of this data is indeed important, only a small selection of them does a good job of gauging the impact of marketing and advertising effectiveness.

So your organization chose an analytical tool to measure its campaigns and website: What should your measurement be focused on? Key Performance Indicators (KPIs)!

KPIs and You

KPIs are metrics and insights that are used to measure the success of a website or campaign. These KPIs typically demonstrate the success of your website at accomplishing the tasks it was designed for. Check out the visual below for a nice little example:

In order to identify KPIs for measurement, you must first determine the purpose of your organization's website or campaign. In the case of the above visual, the website exists to generate brand awareness, increase leads, and increase sales. Once you've identified these high-level goals, you must then look at what your analytical tool can measure and align the right metrics to the appropriate goals. For example, the amount of new visitors and direct traffic to the website are great indicators into its ability to generate brand awareness. Keep in mind that these KPIs shouldn't always be limited to a single tool! In some cases, they may even require insights into foot traffic (i.e. increases in foot traffic to a branch or ATM).

Want to impress the decision-makers even more? Use those KPIs to demonstrate Return on Investment! The people with the power to allocate budgets and make decisions often glaze over when presented with standard metrics. While they will definitely be impressed with the KPIs you've come up with, showing them ROI on the marketing budget will knock the ball out of the park. This requires that you have visibility into profit margins for a given initiative. If that isn't readily available to you, you might want to find out how to get it!

Conclusion

It is imperative that KPIs are identified with any measurement strategy, as they greatly benefit all facets of your business. They can help individuals in your team identify opportunities for increased efficiencies. Campaign performance can be easily determined by the marketing department, which would then allow for improvements. Your entire business benefits from a solidified base in measurement and improvements, and KPIs can be great building blocks for that foundation.