Each year, you hear marketers talk about how technology has changed the way companies reach and convert their target market. And, every year I agree.
However, in my 25+ years of marketing, I’ve never seen so many changes in the marketing world as I have witnessed last year. If I had only 1 word to describe digital marketing in 2015, it would have to be roller-coaster.
Interestingly, even with the constant change in the digital landscape, especially around mobile, display and the rise of the social web, there are still a few marketing concepts that have withstood the test of time: perpetual and memorable branding, creative and enticing content, and the need to understand your target market and convert them to customers.
Even though these marketing concepts have been around since the beginning, it’s only been in the last 15 years or so, since the era of digital marketing, that a promise to provide reliable data in order to prove ROI has been made. Then, that begs the question, if digital marketing is the solution to proving marketing ROI, why do many business owners report that this is still their number one challenge?
According to Hubspot, proving the ROI on marketing activities is the number one challenge for business owners and marketers in companies of all sizes. The second challenge, according to Hubspot, is securing enough budget to execute marketing activities.
After reviewing the list, challenges three to eight appear to really be about having the right person or people in place. And, it seems that solving these challenges would solve the top challenge of proving the ROI on marketing campaigns. In my opinion, it seems that solving the top challenge would automatically solve the second challenge, of securing a marketing budget. After all, it makes sense to invest money in areas where you can see an ROI.
Many people will argue that technology is the crucial ingredient to marketing success; however, I disagree. Technology is of little benefit if there isn’t someone who can interpret the data provided by the technology.
By following this logic, the key to growth in 2016 is to get the right person or people in place. Although that may seem simple, as most business owners know, it is not that simple. It is near impossible, if not impossible to find a team who possess all of the skills needed in a manner that produces synergistic results. That is why many companies are turning to digital agencies for their marketing needs.
Unfortunately, even though most agencies are skilled at producing front end results, they fail at delivering substantial and continuous revenue. This is due to the inability to analyze big data in a way that enables actionable decisions that directly impact revenue.
The bottom line is that whether you handle all your marketing in-house or use an agency, it is absolutely essential that data is acquired and you have someone at hand who can accurately interpret the data in a way that leads to action that can be taken which will successfully produce an ROI.
If you are not 100% confident that your marketing team has this capability or if you are not receiving a maximum ROI on your marketing investment, contact DirectiveGroup. We are here to help you at any phase from data audits and analysis, to strategy development, and execution.