The marketing industry has changed dramatically over the last few decades, from SEO to Facebook ads. Digital marketing has become an indispensable part of the marketing industry. As a result, every marketing department’s goal should be to maximize digital marketing strategy to drive revenue results.
According to a 2021 McKinsey survey, “Five areas of growth for digital marketing in ASEAN” 71% of users, both new and returning, intend to use digital channels to the same level or more after the pandemic. A quarter of those surveyed stated they plan to increase their use of digital media in the long run.
With the digital marketing trend showing no signs of slowing down, businesses should continue to improve their digital marketing approach. According to industry experts, here are four ways for brands to do so.
Increase investment in performance marketing
Customer experience is driven by performance marketing, especially at lower-funnel interventions like digitizing interactions and having a customer service response team that answers within an hour. In performance marketing, it’s also critical for brands to concentrate on the most significant customer indicators.
Marketing and technology teams should use an agile operating model
For the digital marketing plan to succeed, the marketing and technology teams should collaborate and optimize the customer journey. To gain executive buy-in and drive momentum, marketing leaders need to push digital marketing onto the CEO’s agenda. Moreover, they should make existing marketing activity ROI transparent and put a stop to initiatives that fall below a specific ROI level.
One of the most effective methods to do so is to use existing high-performing individuals to build two to three agile marketing and technology teams to focus on critical performance levers. Individuals in this position should work together to define, prioritize, and implement backlogs in research, product, marketing, data, and technology.
Allocation of spending among channels should be balanced
It’s common for businesses to still struggle with how to allocate their online and offline spending. To address this, enterprises should allocate spending at the individual micro-market level, guided by the micro market’s features. Companies should also think about how much money they want to spend on each sub channel.
In assessing digital ROI, organizations frequently have a “last click wins” bias, which can lead to “excessive focus” on certain channels. Multi-Touch attribution is an underutilized technique that can be beneficial to brands, since it considers the entire customer experience in order to determine the impact and ROI of each channel.
Ensure that first-party data is managed responsibly
Companies should be responsible holders of first-party data due to the anticipated deprecation of third-party cookies and new privacy regulations. Privacy concerns are at the heart of the customer-brand relationship. As a result, businesses need to examine how to scale first-party data while maintaining customer trust and protecting privacy. Companies should be proactive and clear that they take data privacy seriously as regulations evolve. It is vital to be upfront about how data will be used and to educate employees as well as implement data theft prevention measures.