What Should a Digital Marketing Firm Do for Your Small Business?
Since 2004, we’ve helped hundreds of small businesses grow through low-cost, highly effective marketing strategies and tactics. Overwhelmingly, we’ve found small businesses have six basic needs in common – whether they know it or not. Each of these are mission critical. Your marketing efforts will fall short if each isn’t fully understood and acted upon by your digital marketing firm.
A digital marketing firm that’s worth partnering with will help you:
Set attainable growth goals
Create a content, advertising, and technology strategy to achieve those goals
Execute that strategy efficiently – from a cost and time perspective
Understand the effect of your marketing efforts through transparent, actionable analytics
In this 6 part series, we’ll explore each of these fundamental aspects of marketing in easily understandable terms – no complicated marketing or analytics lingo. Also, we’ll be brief. We know your time is valuable, you’ve got a business to run!
Setting Attainable Growth Goals
A core component, and often the first step a competent digital marketing firm would take in defining an effective marketing strategy, is to understand your businesses growth goals for the coming year, quarter, or even for a short term campaign. After all, if they don’t know where the goal line is, they won’t know which direction to run, for how long, or how fast!
You’re not reading this article because you just want to maintain. As we like to say – “Growth. That’s what you’re here for, right?”
A good first step to creating attainable goals is to look back at your most recent year’s data. For example, if your marketing efforts are focused on generating leads, you should understand:
- How many leads were generated?
- How much it cost to generate those leads (including staff, agency, advertising spending, etc.)?
- How many of those leads converted into customers?
- Did the revenue and profitability driven from those efforts meet your expectations?
(If you can’t measure things like cost per lead, we can help – we’re different from other digital marketing companies.)
Quick Example for Setting Marketing Goals
For this example, let’s say that you’re happy with your previous year’s performance: leads increased by 20%, sales were up 12%, and you limited increases in costs to 10%. Great job!
Now, ask yourself this question: Will we be able to grow revenue and profitability in the coming year with the same level of marketing investment (time, effort, and money)?
Most of the time, doing things in a similar manner will result in a similar outcome. In this case, it would likely mean sustained, but not increased revenue for the coming year (inflation alone will be about 2%, so flat revenue actually results in profitability decline). You’re not reading this article because you just want to maintain. As we like to say – “Growth. That’s what you’re here for, right?”
In order to set growth goals for the coming period, your digital marketing firm should help you analyze the following:
- What revenue and profitability growth would make you happy? Are they challenging, but still achievable goals?
- What can be done to get more from your existing marketing?
- Will it be sufficient to reach your new revenue and profitability goals?
- Do you anticipate any increases in expenses that might reduce profitability?
- Where can you eliminate wasteful spending? Can you reallocate resources?
This leads us to our most important question – the primary variable in setting attainable growth goals – and the next topic in our next series: How much will your business need to allocate to achieve the revenue and profitability growth you’d like to see?
Or more simply put – Determining a Marketing Budget.
Part 1: What Should a Digital Marketing Firm Do for Your Small Business? by John-Scott Dixon and Josh Prior is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.
If you need help implementing the concepts discussed within this blog post – as always you can reach out to us at firstname.lastname@example.org. The SEO keyword for this post is: digital marketing firm.