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If you’re a Finance Director, you probably don’t think you have much to do with the online marketing of your company. However, online marketing is the answer to many Finance Director’s prayers during this time of economic trouble. Online marketing is a straightforward and effective way to immediately begin reducing costs and dramatically increasing profits.
How much does it cost to put a 30 second advert on commercial television? In the UK, the average cost is £140,000. That’s for one advert that airs once. For that cost, you get blanket coverage of a particular broadcast region. But how many of those people seeing the ad would actually want to buy your product? And what if the people who would respond positively to that ad were at work or making a cup of tea during your commercial? With Online marketing, you can target your market directly.
Pay per Click
Using Pay Per Click (PPC) advertising, you pay only for those potential customers that actually click on your adverts. It’s competitive, so you bid to compete with other companies for the keywords in your ad. But with £140,000 and a professionally managed PPC campaign you could receive many more leads or sales due to the highly effective targeting of PPC. What’s more, the ads appear any time of the day or night and for whatever period you set. And there’s a certain commitment involved in clicking an ad that isn’t achieved through simply viewing a television commercial.
In the next two years, Internet advertising will take over from all other forms of traditional marketing. Why pay more and receive less?
Search Engine Optimisation (SEO) is another way to ensure that people looking for your product find it and spend their money with you and not the competition. The Internet is a competitive marketplace and with billions of pounds of consumer’s money at stake each year, getting a high placement on Google really matters. SEO is a specialist craft and requires an expert but again the cost is very little compared to other forms of traditional marketing.
People go to the Internet to find the things they want to buy. When your website comes up top on Google, you get most of the attention and most of the business. This is a very cheap alternative to traditional advertising and could save you tens, if not hundreds, of thousands of pounds.
Your website is the new place to do business. The website is now your marketing pitch, your point of sale and your customer service centre. It’s your public face and it comes at the fraction of the cost of maintaining buildings, paying the wages and travel costs of a sales force, investing in tradeshows, printing expensive glossy brochures, engaging in costly direct marketing or cold calling campaigns. Your website is the greatest tool in reducing your costs and increasing your business.
Britain’s recession is causing many Finance Directors to force more and more cut backs. Businesses need to tighten their belts, even those that are currently in a growth period. As the Head of Finance, you have two choices, continue with these devastating cut backs, redundancies and wage freezes or make real savings by transforming your costly offline marketing into a cheaper, streamlined and dynamic revenue source.
In today’s multichannel world, there are mountains of data which provide insights into how users have interacted with your business and their path to conversion (or non-conversion). It is important to understand performance with multichannel marketing, which can be achieved through attribution modelling. Attribution refers to assigning credit to something (a channel, touchpoint, etc.) for the role it played in the final conversion. An attribution model is a rule, or set of rules, that assigns this credit correctly to the right channel or touchpoint.
For a long time, Bing, the UK’s second-largest search engine, has been underappreciated and, in some instances, even ignored. Often regarded as the inferior search engine to market leader Google, Bing has historically struggled to appeal to many in the digital world. Most PPC analysts would give justified reasons for neglecting Bing for so long; these include the volume of traffic and the user experience just not matching up to Google. However, the validity of these assessments is now diminishing. Bing has grown and improved rapidly in the last couple of years; if you are not integrating it into your comprehensive digital marketing plan, you run the risk of missing out on a large portion of your chosen market and significant revenue.