An efficient web marketing plan ensures that all the resources invested are channelled properly and that no effort is spared to achieve your digital marketing goals. Measuring efficiency is an effort to justify the time and resources of your marketing budget. An effective marketing plan, on the other hand, examines how successful has it has been in achieving its goals. Your web marketing strategy should be reviewed to ensure that it is both efficient and effective.
- Measure ROI On Digital Market Investment
Calculating digital marketing ROI is more difficult than calculating the financial ROI, because of the various qualitative and social interventions in the process. The amount spent on your web marketing strategy must be accurate. This cost amounts to the total digital marketing spend and the ROI is obtained by subtracting the total revenue from this cost. However, it is important to measure the ROI beyond revenue using marketing metrics like Google rankings, rankings on third party review sites and social media presence.
- Ensure That The Strategy Stands By Your Goals
Goal setting can be challenging and marketing managers must not give in to subjectivity that will make the goals powerless and immeasurable. Some examples of SMART (Specific, Measurable, Attainable, Relevant, and Time-bound) goals include:
1) Securing at least 5 positive reviews over Yelp or Tripadvisor for the month
2) A 15% growth in Facebook Fan base this quarter
3) A 10% increase in social shares received by your blogs over the next two months
Unless you assign those numbers to goals, assessing the effectiveness of your marketing plans is tedious.
- Alteration For The Target Market
One more important reason to look back and review your current web marketing strategy are big the changes in terms of the products and services you deal with. It can be a new product launch, building new attributes in an existing product, an acquisition or a merger and so on. It is also common for your business to market the same products in different target markets. When the market size or type changes, so must your web marketing plan.
- Review On A Quarterly Basis
It is a common practice for businesses to hold a quarterly review session of their web marketing strategy. Though daily and weekly reviews can be carried on internally by the sales team, it is essential that the key stakeholders in an organization sit down for quarterly sessions. The sessions need not necessarily be post-mortem discussions of what went wrong and what could have been done better, but an effective brainstorming for the future in light of current performances. Bridging gaps and ironing out discrepancies can show the way ahead for the next quarter. Setting milestones and key performance indicators are an essential part of these reviews.
- Review On A Yearly Basis
The annual review is a major step in assessing the overall performance of the marketing plans. Major areas under focus include, sales, profits, market share, ROI, customer base, customer churn, search engine rankings and social media effectiveness. Key decisions on assigning funds, channels used for online promotion and the contracts with web marketing agencies are reviewed. The lessons learnt feed into the input loop for the next year.
- Review When Your Instinct Tells You To
Sometimes educated guesses are not wild and are trustable. When your gut instinct tells you that something has gone wrong with your marketing plan, it might be the reality. This intuition develops over years of being a market player, so that you can sniff a dip in market effectiveness or brand appeal.
Considerations For A Successful Review:
- Incorporate Customer Expectations In The Strategy
Negative and critical reviews from customers are not be ignored or feared. They are like alarm bells, prompting you to review. Brand inconsistency can lead to soaring rates of customer churn and a fall in conversion rates. During the review process, it is important to revisit and prioritize quantifiable marketing goals so that nothing is left to chance. Reaching out to customers to shadow their purchasing intent and to improve their buying power are important considerations in your review.
- Review Target Market Demographics
Scrutinize your target market for changes in their geographic, social and emotional composition. Competitor entry, an alteration in the legal ecosystem or a socio-economic phenomena- anything that can cause a prominent change in the needs and the expectations of customers, can play a major role in structuring the review process.
- Deploy Analytical Tools
To ensure that your ad spend is justified, you can use tools like Google Analytics, Facebook Insights, Twitter Analytics, Moz Pro, Heap analytics, KissMetrics and SEMrush. These tools can sieve data and help you retain the essence, in order to make informed decisions to optimize your budget. In fact optimizing ad spend is the most effective way to review your web marketing strategy.
- Scan Customer Reviews On Social Media
You can review your marketing plan by finding out what customers find lacking in your product. As end users, their feedback will indicate broad directions to review and realign marketing priorities so that customer pain points are effectively addressed. Setting control mechanisms to your social media marketing plans will result in faster reviews.
It is a well-known fact that the customer is King. It is worthwhile to get customer feedback on how effective your web marketing strategy is. Faults and flaws that may be invisible during an in-house evaluation of a web marketing strategy will come to light under the objective review of customers who are at the receiving end. Even the best laid plans can fail if not reviewed periodically.