A recent news article claimed that 30% of digital marketing budgets are wasted due to poor strategic planning, incorrect channel focus and fraud.
In the UK in 2017, £750 million was wasted on mobile marketing ads that weren’t actually seen by customers.
Value and accuracy
More and more businesses are not just looking to avoid wasting their budgets, they are wanting to show the value in what they are spending. Accurate measurement of expenditure, campaigns and results is vital to avoid throwing money down the drain.
If 10 people saw an ad we want to know:
- Where did they see it?
- Did they click on it?
- Are they the target market?
- Did they convert to a customer?
- Have they returned?
We have spoken in about the need for market research, buyer persona and targeted marketing. After that comes review and analysis, but to do this you must be able to measure your actions.
Industry giants make a stand
Procter & Gamble announced that they were cutting ad spend by $100 million in 2017, they said they would not be spending money on ads that were seen by bots rather than people, and on ads that were being shown in the wrong places. Chief Brand Officer Marc Pritchard stated that “P&G will no longer waste money on digital media channels that can’t prove that customers are seeing it’s ads.” (Source: marketingtechnews.net)
Measure and Manage
If you can’t measure something you can’t assess if it is working, you can’t review it and you can’t improve it. It could be as simple as seeing how many people visit your website, or it could be looking at conversions from a PPC campaign. At eppiq we are experts in digital marketing analysis, we have a variety of solutions and services for all your digital marketing needs.
Get in touch today for more information.