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7th Critical Component of a Digital Age Marketing Plan, “Measure, Analyze and Adjust”
7th Critical Component of a Digital Age Marketing Plan, “Measure, Analyze and Adjust”

7th Critical Component of a Digital Age Marketing Plan, “Measure, Analyze and Adjust”

September 01, 2017 01:13pm | Updated: December 16, 2017 01:43pm

alf the money I’m spending on advertising is wasted; the trouble is, I don’t know which half is one of my favorite quotes from John Wanamaker, a 19th century dry good merchant. Measuring advertising and marketing results was still difficult to impossible through the industrial age of the 20th century. This has all changed for the better in the digital age of the 21st century. This article will demonstrate how Critical Component-7; “Measure, Analyze and Adjust” can help you to “Stop Spending on What Isn’t Working”.

Every Business is Different with Unique Data Analytic Needs
Every business, professional firm and nonprofit organization is unique and requires special considerations especially when it comes to marketing and data analytics in the digital age. All businesses, professional firms and nonprofits do have the exact same 7 critical components in common if they want to grow their organizations.

The Digital Difference
Measuring advertising and marketing results didn’t change much from the Wanamaker years until the advent of the digital age. Indeed, one of the biggest benefits of the digital age is the ability to track results, in real-time if required so you can measure and most importantly adjust for the best results.

Stop Spending on What Doesn’t Work
The other side of best results is to be able to stop spending on what doesn’t work. The digital age has many tools that allow you to cost effectively market test an idea, A/B testing to fine tune for the best results and even stealth testing so you don’t tip off the competition.

What Metrics Should I Follow
Begin with your top objective in each of the 5 marketing goals every organization has in common. New Customers, Customer Retention, Add-on Sales and/or Increased Order Frequency, Redirect Unprofitable Customers and Create and Promote Evangelists.

Add Top of the Funnel Metrics
The goal of content marketing is to attract an audience of prospective clients and influencers. You can add top of the funnel metrics to track your results such as Blog Site subscribers, social media connections and email opens to determine engagement. Only measure metrics that you will analyze and that you can adjust.

How Often Should I Review My Metrics
We get this question all the time that can best be answered with a short story. We had a client tell us he wanted to have his metrics sent to his phone so he would know 24/7 how he was doing. After several weeks, he because so frustrated keeping up with all the numbers trying to analyze on the fly he threw his phone across the truck (and broke it). Review your metrics only as often as you need to, like when you have an opportunity to adjust. Weekly or monthly works fine for most.

Ready, Fire, Aim and Publish On
In his pivotal book “In Search of Excellence” Circa 1982, Tom Peters taught us Ready, Fire, Aim. Digital marketing solutions allow you to start fast with small targeted micro testing to determine if there is a market and A/B testing to refine and adjust your message. Once you have the solution that works best for you on a small scale you can roll it out on a larger scale with the confidence.

Keep those calls and emails coming, I welcome your thoughts on the 7-Critical Components of a Successful Digital Age Marketing Plan. Thank You!

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