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The Cost of "Free" in a Digital Age: A Guide for SMEs
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The Cost of “Free” in a Digital Age A Guide for SMEs Stephanie Webb Managing Director
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Transcript of The Cost of "Free" in a Digital Age: A Guide for SMEs
The Cost of “Free” in a Digital Age
A Guide for SMEs
Stephanie Webb
Managing Director
Overview
Creating a digital strategy
Determining digital channels
Monetising resource costs
Allocating responsibility
Measuring for ROI
What is digital marketing?
Digital Marketing is …
“The marketing of
products or services
using digital channels to
reach consumers.”
– Financial Times Lexicon
Examples
Mobile Apps
SMS
Digital Billboards
Anything else with a
digital foundation
Creating a digital strategy
Should be included as part of your overall marketing
strategy & planning.
Before you begin …
What are you wanting to achieve?
Who are you trying to reach?
What are you providing?
Creating a digital strategy
What should be included in your strategy?
SMART objectives & goals
Audience profile & target segments
Value proposition & messages
Distribution channels & planning calendar(s)
Measurement of KPIs
… continued
Determining digital channels
Digital channels are not mutually exclusive.
Social Media + SEO + ________ = Inbound strategy
Points to consider …
Remember the purpose of your strategy
Know where your audience is present & engaging
Employee or outsourced costs – content, design,
management, etc.
Make sure you know how to measure it
against the KPIs
Determining digital channels
Most recommended
Direct access to
audience(s)
Personification
Search Engine
Optimisation
Organic – relevant
website content to
searches
Paid – keyword buying
Social Media
Brand awareness
Direct customer
engagement
Display Advertising
Similar to traditional
advertising methods
… continued
Monetising resource costs
How much does digital marketing cost? – It depends!
Each channel potentially requires different designs,
content, amount of time spent engaging or setup, etc.
Things to consider for each channel …
Staff / Agency management time & fees
Graphic design or content creation fees
Channel costs (e.g. promoted posts)
Monetising resource costs
Example Costs 1
Social Media – Facebook (single campaign; promoted)
… continued
Strategy / Planning
Branded page setup
(if required)
Graphic design
Content creation
Video / Photo creation
Feedback engagement
Editing / Approval loops
Platform monitoring &
measuring
Cost of advert placement
Setup of advert
Graphic design for advert
Measurement of advert
Other
Monetising resource costs
Example Costs 2
Email – single campaign; first time sending
… continued
Strategy / Planning
List building
List purchasing (if required)
Template sourcing / setup
Social media integration
Image(s) sourcing
Image(s) purchase /
creation
Content research
Content creation
Editing / Approval loops
SEO checking / analysis
Metrics review
Other
Allocating responsibility
Advantages Disadvantages
IndividualsMultitasking
Decision making
Try to be everything
Singularly focused
TeamsDivide & conquer
Brainstorm ideas
Too many cooks
Opposing ideas
Measuring for ROI
Use KPIs that will demonstrate whether you have
achieved your SMART objectives or not.
New leads
Membership sign-ups
Sales uplift – overall or within specific products / services
Increased social interactions
Only account for the data you need to know.
Each channel will output different data.
Measuring for ROI
Common Metrics
Traffic
Overall site traffic
Traffic sources
Click-through rates
Cost-per-click
Revenue Metrics
Return on investment
Cost-to-acquire customer
Conversion
Conversion rate
Cost-per-lead
Page views per visit
Time on site
Rate of return visitors
Bounce rate
… continued
Key takeaways
Knowing your audience is crucial.
Planning ahead can save you resources.
Repurpose content where and when appropriate.
More isn’t always better.
Don’t be afraid to experiment – no one gets it right 100%
of the time.
Don’t be put off by the costs.
PMM Strategies Ltd
Helping SMEs plan, manage & measure their marketing
initiatives.
Office
Web
0118 321 3626
www.pmmstrategies.com
@PMMStrategies
