No matter what type of business you are in, you most likely need marketing optimization. Whether you’re unfamiliar with the phrase or know all about it, this is a guide to marketing optimization that you can use to help with growth within your company. We’ll tell you what it is, why it’s important, and get you started on being in the know.
What is Marketing Optimization?
In the most simple of terms, marketing optimization is making decisions on ads and marketing campaigns by viewing marketing campaign data. This allows you to understand what is working and what to put on pause.
Why is Marketing Optimization Important?
No matter how much you’re spending on your marketing, it needs to be money that is working for you. Depending on the size of the company, that number can be in the thousands – or the millions and spending it efficiently means a higher profit. You want the campaigns that work and are bringing in customers but if the marketing campaign is costing more than it’s worth, you want to reconsider your budget and make adjustments.
How to Begin Optimizing Your Market
The important thing to know is that to successfully optimize your marketing, it has to be done on a regular basis. Whether it’s daily, weekly, or monthly – someone on the marketing team has to be on top of four key metrics:
- Collecting data
- Getting insights with data analysis
- Take appropriate action with your marketing campaigns
- Continue to do all of the above on a regular basis
Critical Marketing Optimization Elements
Now, once you start optimizing your marketing, there are things that are needed in order to fully have access to making that work. These include:
- Data from every marketing channel that is easily accessed
- Each of your ads and marketing campaign’s granular data
- A system in order to see and make an analysis on all of your data – and this should be located in one place to make it easier
Multi-Channel Marketing Optimization
This one is easy to define. It is simply using all of your marketing channels to not only find but retain customers. In the past, there were channels like mailers, print, radio ads, television, and telephone. With today’s technology, there are so many avenues to keep up with. These include six main categories:
- Social media marketing (this includes sites like Facebook, Instagram, Pinterest, and Twitter)
- Display marketing
- Organic search (SEO) and this includes searches with Yahoo, Google, Bing, etc.)
- Paid search (SEM) and this includes Google AdWords, Yahoo Search Ads, and Bing Ads)
How to Effectively Measure the Success of Each Channel
You simply must know the ROI (return on investment) of each channel that you use. This allows you to pause campaigns or ramp up the ones that are performing well. If your budget is smaller, this allows you to get the most return on your investment without spending unnecessary money on campaigns that are stagnant or under-performing.
According to Katie Jansen on Forbes:
No matter what platform you’re marketing on — mobile, Apple TV or anywhere else — the most important metric is ROI. Impressions don’t matter if people aren’t converting, conversions don’t matter if people aren’t engaging, and engagement doesn’t matter if people aren’t spending. Your media buying strategy must lead to measurable profit for your business.
Determining the Right Channel Mix
The best way to ensure you always have the complete picture when it comes to your channels and ROI, you must have full funnel visibility. This means more than just a spreadsheet you look over or something pulled together once a month or more. In order to understand where your money is going, you need to be able to see everything from click to revenue for each marketing tactic you have. Long funnel customers who have leads, contacts, appointments, applications, and acquisitions must be able to optimize each step to reduce marketing cost per acquisition, which subsequently makes you more competitive in click bids and improves ROI.
What Marketing Optimization Challenges Exist?
One of the challenges of marketing optimization is the complications of cross channel marketing and multi-channel marketing. Everything can seem to be a tangled up mess. With analytic tools and platforms you attempt to review on your own, it can get confusing and intimidating.
For example, let’s say you use Google Analytics. This is a good platform for AdWords and search engine optimization (SEO) but there is a lot that is missing. You don’t have insight on things like social media marketing or how both are working together – or against each other. You are able to look at the fact that yes, a customer visited your site and which social media channel they came from. That’s a start. Yet, did that visit amount to a sale? How much time was spent and how much money, if any, was spent due to your efforts?
So unfortunately, you will never see the entire picture when just using a single analytical tool.
Adding Automation to Your Market Optimization
While some companies have learned to automate some of the data or have hired others to do so for them, this takes away from time that should be spent in other areas of the business. Not only is it expensive but even then it may not show everything you need to have a full view of your marketing efforts.
Instead, the best thing that you can do is to use a tool that does two things:
- Integrate the entire bulk of your marketing channel platforms
- Aggregate and visually display your data in an easily accessible way
Automation and Other Optimization Tools
What you need to have in order to catch things that are missed, save time, and give you a complete picture is full funnel visibility and optimization.
With a tool like that, you get“on demand” insights throughout your entire funnel. Full funnel visibility is an absolute must to succeed in marketing and customer acquisition. You need to be able to see everything from click to revenue for each marketing tactic you have. Long funnel customers who have leads, contacts, appointments, applications, and acquisitions must be able to optimize each step to reduce marketing cost per acquisition, which subsequently makes you more competitive in click bids and improves ROI.
How to Win the Marketing Optimization Game
In order to win the marketing optimization game, there are a few things that are crucial to your success. These include:
- Easy data aggregation
- A dashboard that is user-friendly, customizable, and detailed
The data aggregation should be streamlined instead of spread across channel analytic tools.
As far as your dashboard, there are crucial elements to that as well.
Ad channel reporting allows you to visualize all of your various ad campaigns across multi platforms and best of all, you can use just one interface instead of wading through the tangles of multiple interfaces.
You also need detailed statistics that allow you to see trends in your ad campaigns, make informed decisions, and visualize your next steps.
Attribution models are another essential factor in your marketing optimization game. In order to get a true insight into your customers, you must have insight into the buyer’s journey. According to an expert at Forbes:
Your customer’s interaction with your website could reveal useful insights about their journey— from the first time they land on your website, to conversion, to the time between sales when they visit to ask about new products. Tracking the right web experience data can tell you whether your customers are frustrated, indifferent, or impressed.
Last but not least, your dashboard must include performance metrics. This gives you a look into mapped data and saves you the time of finding it yourself through other measures.
Winning the marketing optimization game requires having all of your data where you can see it working for or against you. . IronFocus allows you to leave it to the experts so you have more time to focus on your business. When you work with IronFocus, you’ll benefit from the work of industry professionals who have extensive knowledge and experience in marketing, analytics, and data inside-and-out. Click here to learn more.