Marketing is a tricky subject for most business owners. It is an investment of time and money, but you won’t know whether that investment will pay off until well after the money has been spent. Luckily, there are some ways to track whether your advertising is wasted or if the amount you spend on advertising is wise.
Solving Wanamaker's Dilemma
John Wanamaker is known as a pioneer in the field of marketing. Wanamaker's Dilemma is a famous marketing question. He said, "Half the money I spend on advertising is wasted; the trouble is, I don't know which half." Business owners worldwide have asked this very question for more than a century. However, some think they have finally found the solution with digital advertising.
Managing Marketing Data
Digital advertising is far less expensive than traditional print ads, and tracking conversions is easy if you use the resulting analytics data. With the right data, you can track which ads have the highest conversions and don’t do so well. Tracking online advertising and then reviewing the data can help you make better marketing decisions, leading to a higher ROI.
Unfortunately, data discrepancies are rampant in the digital advertising world. Likewise, ad fraud and domain spoofing continue to grow at an alarming rate. Even with all of the modern technology tools at your disposal, only an expert can weed through the data and find what is and is not legitimate.
Predictive Analysis and Reactive Advertising
Historical data can help see what has previously worked, but today's marketing experts warn that reactive advertising doesn't appeal to forward-looking audiences. Instead, they argue, your marketing dollars are better spent on predictive analysis.
What is predictive analysis? It's the collection of data from a variety of sources to determine a future outcome. You can use predictive analysis to find where your advertising dollars are best spent and what type of marketing the future wants and needs. That doesn't mean you should forget about the past entirely. Instead, use the historical information along with other forms of data to get a complete picture.
Marketing Attribution - What is It and Why Do I Need It?
One of the most potent arguments for solving Wanamaker's Dilemma is the use of marketing attribution. This is a form of science that determines precisely which marketing techniques don't just draw customers in but also lead to sales.
You could use likes, retweets, shares, and click-throughs to inform your marketing decisions, but if they don't lead to sales, are they worth it? Those who believe in marketing attribution don't think so.
Is the Money I Spend on Marketing Worth It?
The answer to this question depends entirely on the marketing you pursue. If you are an expert in marketing, you probably know where and how to spend your money. Unfortunately, most business owners do not have the expertise or the time to focus purely on marketing. This is why outsourcing some tasks are necessary.
Hiring a marketing firm ensures that you will not have wasted the trouble of coming up with a marketing scheme only to see it fail. Marketing firms are experts in the field. They have the tools to know how to help you succeed regardless of your line of business.
Whether you need help with managing reputation, building on a marketing plan, or creating a new program from scratch, call E-Marketing Associates. We have the skills and expertise you need to ensure none of your marketing dollars are wasted.