What Every CEO Needs to Know about Digital Marketing
We seem eager to jump into solutions, new approaches, strategies, and channels, but we don’t seem to have the overarching strategic thinking required to optimize success. The good news is today, we have a choice, and we can choose differently.
It’s time to rethink your marketing approach during a phase of expansion.
According to The Fournaise Group’s poll, 80 percent of CEOs say they don’t trust marketers and are dissatisfied with most of what they do.
Why? Primarily due to a lack of concentration. More than three-quarters of CEOs polled (78%) believe marketers sometimes lose sight of their core goal: to increase customer demand for products and services in a quantifiable way.
As a result of their dissatisfaction, many CEOs are suspicious of marketing initiatives and frequently disconnect.
This detached attitude could have been acceptable in the past. Today, however, influential CEOs must be concerned about marketing, mainly digital marketing.
Why? There are below significant factors for this:
Digital has a more significant influence than you would imagine
CEOs frequently miss the fact that digital strategies exist for each stage of the sales funnel. Everything from educational e-books to engaging, interactive tools is now part of the digital marketing toolbox.
Your business is digital, regardless of what industry you’re in or what product or service you offer.
You could believe you’re doing everything correctly. Digital isn’t merely an aesthetic addition to your company, such as a subsection of marketing or a virtual marketplace. It’s crucial to the success of your company.
It can impact your products and services, as well as the distribution methods and technology you utilize. It has the potential to transform your whole business strategies and perhaps your industry.
Any company that disregards the significance of e-commerce is doomed. It’s a way of accessing the economic realities of the not-too-distant future, not simply as a source of money.
The Term “Digital” Does not Refer to a Specific Division Inside a Company
Digital is more than simply a marketing or technological tool. It doesn’t merely sit in the middle of the two, either. Today, it cuts across all areas of a company.
Creating a digital department may sound like a good idea, but it’s incorrect to approach digital.
Some companies have created a digital post on the board of directors, such as a Chief Digital Officer. It is preferable since that individual is more likely to have a more significant digital effect across the organization. To serve a similar role, others have created a digital board with numerous stakeholders.
Learn more about digital marketing and how it may benefit your company. The sooner you recognize the value and potential of digital marketing for your business, the sooner you will experience results.
The Digital World is Rapidly Evolving
Marketing is undoubtedly a significant percentage of your company’s budget, but did you know that, according to the Search Engine Journal, digital marketing is both less expensive and more successful than traditional marketing in terms of raising brand awareness?
Digital marketing is the best way to contact your target audience through various platforms that helps to create leads. Consequently, a search engine is the source of 93% of internet experiences.
Marketers must understand what customers like and dislike during the buying process. Optimization in this crucial area might be one of your marketing team’s essential contributions to its success.
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Make a Digital Marketing Strategy Plan
You are not a digital leader if you dabble in blockchain, virtual reality, or artificial intelligence. Technology can help you implement your plan, but it shouldn’t be the driving force behind it.
Simply doing the previous work is looking backward. You must also anticipate. And if you take too long to implement a plan, it may be too late by the time you go live.
The path ahead appears to be well-defined. When it comes to evaluating strategies to harness market growth, digital leadership is a strategic need for business executives. Marketers today need to be at the forefront of digital innovation.
Using an agile or lean methodology allows you to improve frequently rather than waiting weeks, months, or years.
Understand How Digital Impacts Your KPIs.
It’s crucial to keep in mind that digital marketing measurement doesn’t have to be superficial. Yes, traffic metrics such as website visits and social media interaction are readily available, but the genuinely helpful insights are a little deeper.
The appropriate analytics tools paired with a defined strategy (one with specified objectives, KPIs, and so on) can provide you with critical, actionable information like conversion rates, revenue per visit, average order value, and so forth.
Plans based solely on KPIs will only ever support modest improvements in that channel or from a fixed perspective; if you want to combine your marketing and produce compounding benefits, they must focus on bigger goals.
Digital Business Marketing
Without question, the most challenging obstacle to overcome is the distance from senior management. By developing a marketing plan, marketing can speak a business language, be understood and appreciated, and rally a team.
It’s not enough to have a digital transformation program if it’s not giving fruitful results. According to the Economist, Forbes, and Harvard Business Review research, between 66 and 84 percent of such programs failed to provide the anticipated effects. Resource transformation should be well-supported from the top down and consider a continuous business change process.
Facilitate the creation of a closed feedback loop in which sales may inform marketing on the quality of leads received, including whether a prospect closed and why.
Understand Digital Algorithm
If the click-through rate (CTR) on retargeting advertising is “only” 1.5 percent, or if a landing page converts at “only” 3 percent, don’t get all worked up with your marketing staff. Remember that while we may target precise demographic, regional, and other types of profiles with digital advertising, it is a scale game.
Retargeting is projected to have a CTR of less than 1%. On a landing page, a conversion rate of approximately 2% is considered acceptable. Understand the industry and basic standards and the fact that different ad kinds have distinct criteria.
Know the Value of a Conversion
We can quantify almost everything in today’s digital world, but it comes at a price. However, the value of a conversion is an essential financial statistic for CEOs to understand when it comes to digital marketing.
Digital marketing is the most excellent way to keep everything focused on the consumer’s expectations, likes, and dislikes is to establish excellent relationships with providers.
Your internet business area, on the other hand, is made up of content. That information should create insightful analysis that enhances and supports the new type of economic transaction, which involves people who are less passive and more involved in their business relationships.
You don’t have time as CEO to rework the language on the CTA button. You must keep an eye on the larger picture. As a CEO, you must stay connected to digital, frequently monitor what your business and competitors are doing, and know-how you’re changing to become more digital, regardless of where you are on your digital maturity path.
Learn about digital marketing and how it affects your business. The sooner you realize the importance and possibilities of digital marketing for your company, the sooner you’ll see benefits.
The DealsInsight digital marketing team is always ready to help you increase your digital marketing KPIs. Contact us right away for your business performance management.