Turbo Charge Your Digital Marketing Campaign for SMEs
Posted by Wei Fei on
Quick Pointers to Turbo-charge Your Digital Marketing (DM) Campaign for SMEs
Folks working in the SMEs are always in a rush! Besides wearing multiple hats, some have to deal with bureaucracies.
If you handle sales and marketing, you are more likely than not to deal with DM activities. And one of the best ways to crack your head is in searching for the holy grail to your DM ROIs.
The quick and dirty truth is, don’t bother. It is unlikely you would find one. And don’t let DM agencies hypnotise you.
If you are aware that you would not find nirvana in DM, but still believe in its potential for your SME business to stay in the game, keep reading.
There are various methods you can leverage to turbo-charge your DM game.
The two below provide fundamental levels to spearhead and assess the efficiency of your campaigns and may have the flexibility to go granular depending on for who or how deep you need to go.
- Stay away from LinkedIn. If you are in an SME environment, and have been running digital marketing campaigns, you have likely been taking a guerrilla marketing approach. This is a common practice as you would want to have return on investment (ROI) asap. However, calculating ROI for digital marketing can be tricky. (More on this later)
Allocate your marketing funds in other social media platforms, well usually the duopoly, Facebook - Google. Even when you factor in click fraud and calculate backwards, there is a good chance your campaign can gain traction and conversion
- To calculate your ROI for DM, it is recommended to do so calculating ROAs (Return on Advertisement spend), rather than the conventional formula of ROI.
Below is an illustration to conventional ROI formula…
Take revenue divide by expenditure and multiple by 100 to derive a percentage. Below is an illustration of ROAs formula (Please note that there may be more than one variations in ROAs formula.)
Take revenue divide by direct and indirect cost to your DM campaign, such as agency fees, if you outsource, content development cost and direct manpower cost, then multiple by 100 to derive a percentage. (Do note that it may present a distorted view if other indirect or unrelated cost are factored in)
There are many dimensions to DM. The above is just a sliver in this discipline. Have fun!