You have hired an internet marketing agency and now you are looking forward to maximizing your advertising and improving your investment in public relations to finally build your brand equity. Well, the numbers will change but the key is to stay patient. No matter how much you are tempted to hit the ground running, your company requires a solid strategy to ensure a maximized return on investment (ROI).
So, how can you get the most from your preferred internet marketing agency? Here are the datasets and parameters you should share with your preferred agency to ensure maximum ROI:
- Your Current Marketing Mix
What marketing aspects are you already tackling? What outcomes do you expect with your current marketing mix? Many clients claim to do marketing and run SEO campaigns. But they do nothing else as far as marketing is concerned. With a limited focus on different marketing tactics, clients miss out on the opportunities for converting potential customers into sales.
Sharing your current marketing approach with your preferred internet marketing agency will help by identifying any loopholes in your current strategy. It will also give you an opportunity to explore various other key areas. For example, you may be producing written content frequently, but a video can be a much better option for targeting your audience. Sharing your marketing mix will help you analyze if you are moving in the right direction with the right approach and the most appropriate marketing strategy.
- Your Team Structure
Do you have the required bandwidth for effectively executing the marketing plan of your preferred agency? Before you get started with your marketing plan, you should optimize the internal expertise within your team as well as that of your agency. Getting started with trouble-free internal processes from the very beginning will save you from backtracking later to fix stopgaps or other issues resulting from miscommunication.
Often the intermediary project managers do not understand or implement best practices. Your agency may better judge your marketing team from a different and more appropriate perspective. Eventually, your agency may help you figure out the missing requirements for ensuring better work efficiency.
- Your Website Analytics
You should communicate the current conversion rate of your website with your preferred internet marketing agency. Are you getting any leads from social media websites like Facebook? Can you precisely analyze the sources which are getting you maximum business? Analyzing the facts will help you identify whether your web marketing strategy is properly converting leads into sales.
You can easily get those matrices by using a Google Analytics account and adding your website as a property. The tool can help you measure customer acquisition, revenue, engagement trends, and inquiry rate.
- Your Monthly Revenue
Your income may vary throughout the year. You should organize the information on the basis of reliable revenue which is the minimum amount of revenue your company generates every month. It is important to share this information with your preferred internet marketing agency. This will not just help you in understanding the size of your business but will also help in achieving your ultimate business goals.
For example, your company might be earning $10,000 as a monthly revenue. If your company has a potential to earn $1 million every month, sticking to a current marketing plan will not be a good idea. Your marketing agency can suggest better higher-level marketing channels for increased ROI every month.
- Your Customer’s Lifetime Value
You can estimate the lifetime value of your customers by multiplying an average sales value by the number of repeated customer transactions. After that, multiply that total you get in the previous calculation by the average retention time of a customer. This quick calculation will help you understand how much sales your company is generating from each customer. Moreover, it will help you determine the key areas of your business potential. Armed with this knowledge, you can optimize the amount you have been spending on acquiring every customer.
For example, consider you are making $10 for an average lifetime of every customer. In this case, you are generating even less than 20 percent sales from your online traffic. Does the data seem to ring an alert? Sharing the required information about your customer’s lifetime value with your internet marketing agency will help them analyze the ROI you are generating for every customer.
In other words, you might have been paying a similar amount as your competitors for every click but you may not be getting an equal return on it. In such a scenario, your internet marketing company can help analyze the underlying issues and come up with an effective marketing strategy that assures better ROI.
Eventually, discerning your customer’s lifetime value will help you in calibrating your marketing budget according to your actual business requirements. Once you understand the kind of ROI you are expecting, you can get a better sense of your real converting numbers.
No much how much you desire to plunge into the marketing tactics employed by your marketing agency, you should resist the urge in any case. A better idea would be to spend some time with your internet marketing agency partners and introspect over each of these parameters once to identify bottlenecks if any.
So, what are you waiting for? It is time to get your basics right and lead your internet marketing agency in the right direction with the correct statistics. Also, whether you are a leading start-up seeking overnight success or a long-running well-rooted service firm, do not forget to stay digitally connected with your internet marketing agency. This will help you stay informed with your next planned marketing move and share appropriate data instantly.
Generating leads and getting more customers is indeed the ultimate goal of a successful marketing plan. But in the quest of seeking instant results, you should not miss out on important parameters that actually form a foundation for an effective marketing strategy. For sustainable success, you will require a cohesive team, scalable infrastructure, well-equipped business operations, and expanding in-house capabilities which ultimately lead to lasting client relationships.