The first banner ad was made by AT&T in 1994 and 44% of people who saw the advertisement, clicked on it. Today, an ad that has a 44% Click Through Rate (CTR) is unheard of! Usually, a 1-5% CTR can be a benchmark. Much has changed in the world of digital marketing since that clickable ad 26 years ago. Digital Marketing is everywhere, yet many people would be hard-pressed to tell you exactly what digital marketing encompasses beyond a Facebook post. But let me tell you, it goes well beyond that. Why do large brands pour millions of dollars every month into digital marketing campaigns? Because it works.
Defining Digital Marketing
The component of marketing that utilizes internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services.
Any means used to advertise your business on devices is a form of advertising. Your website, social management, social media ads, emails, online surveys, search engine optimization, search engine management, pay-per click, customer retention method, blogs, Google My Business, video, photos, podcasts, graphics, and the list goes on. I think you get the point. There is a lot! All of these are examples of digital marketing.
Each one of these mediums act as trail paving the path that is digital marketing. Each one has its own set of tools, analytics, pros, cons and proper times to use. If you implement one at the wrong time, it can fail. Or if you use it improperly, at the right time, it may still fail. It becomes easy to see why so many businesses either avoid digital marketing, or try it once, fail, and decide it doesn’t work.
But, trust me it does work! Entire elections are won using digital marketing. Social values are changed by digital marketing. Your business can succeed with the proper understanding of digital marketing.
Understanding the Tools of Digital Marketing
When using the mediums of digital marketing we mentioned above, you need to know:
1) When is the right time to use it?
2) Why is this the right time to use it?
3) What is the goal?
4) How can I measure results?
5) What comes next?
For example, when you craft a Facebook post, you should answer all of these questions first. You need a strategy for your digital marketing. That strategy should lead from one stage to the next. Which brings us to a strategic tool of digital marketing.
Sales funnels are a method of taking potential customers, who have never heard of your brand before, from strangers to advocates. You can have offline funnels, online or a mix- but you should always have a funnel.
There are three stages to every funnel: Top of Funnel, Middle of Funnel and Bottom of Funnel (ToF, MoF, BoF). Each of these stages allow you to think about where your potential client is at in the buying phase. In our next blog post we will take an in-depth look at Sales Funnels and where each medium of digital marketing sits within that funnel. So, be sure to come back next week to learn how to utilize sales funnels!