Ongoing business growth is reliant upon building upon past successes and correcting where your plan didn’t succeed. Reviewing your effectiveness yearly paints the clearest picture of the course for next year’s marketing plan, helping you determine where and how to spend your yearly budget. It’s crucial to note the changes you must make, as well as continuously analyze your market and competition to determine if any changes there put additional pressure on your business. Consider these factors when creating your 2022 marketing plan.
Optimize Your Budget Using Digital Data
Your marketing plan is an ongoing project, which you must build and grow every year based on your budget. Analytics provides insight into how your advertising performs and your ROAS (Return on ad spend), letting you see how customers interact with your online materials and website for how much costs. You can optimize your budget using digital data, as it provides tangible information as a baseline to compare other components of your marketing research and to analyze your competition.
As more businesses invest in digital marketing, your budget will need to increase to maintain competitiveness with all the other marketers. However, you want to ensure your additional spend is going towards worthwhile investments. You may need to increase your impressions with display or video to reach the correct frequency as more people spend time online. Certain elements of your marketing spend will provide insight, as well. For instance, your cost-per-click (CPC) for PPC ads increasing indicates a higher level of competition. Higher costs for keywords tells you that you must pay more to earn a high spot in your search results.
Using Data to Test Continued Effectiveness
With the data you have collected on your digital or video campaigns, along with the SEM data, you can begin to break it down for further insight. Check your average reach and frequency of each campaign, and maybe clicks and website views for general campaign performance. To test market share, look at your yearly search volume and impression share, then compare that with your number of competitors.
All that we do online creates data. While it may seem overwhelming, knowing how to track and analyze relevant data provides businesses with a key advantage over the competition, helping them navigate market trends and build strong business structures. Using it to optimize your budget helps you spend efficiently, letting you know that as many of your dollars as possible goes towards growing your business.