How do you prioritize what to do next?
In one form or another the solution relies on you doing an ROI return on investment analysis for each option, recognizing that you may run out of resources to invest if specialist skills are required.
Digital marketers typically want to do far more than budgets will allow. In addition to building your brand through email, content, and social media marketing, they also use SEO to give your website quality traffic and better search engine rankings.
Worse, they may have the advertising budget, but there are certain “constrained resources” that even money cannot resolve.
Many companies nowadays will refuse to add specialist head count, however much it is needed, and the contracted out version may not be of an appropriate quality. So we have to prioritise our constrained resources too.
So the question is:
“How do I prioritise which of my advertising campaigns are going to give me the best return on investment, balancing the short and medium term?”
There are some highly sophisticated marketing strategies such as PPC advertising that will provide you with optimised proposals, but they are also complex to use.
To make things easier for you, work with an expert who can develop a clear marketing and advertising plan that will allow you to weigh up:
- short term revenue
- medium term revenue
- constrained resources
in a way that you can easily understand making you 100% involved in the decision-making process.
In more detail ….
A good digital marketing and advertising plan should help you prioritise your campaigns and programs, and especially to trade off:
- total revenues vs. ROI return on investment
- short-term 1 year revenues vs. medium-term 3 year revenues
- size of Year 1 or Year 3 returns vs. availability of constrained resources (usually people)
It should help you:
- identify your revenue targets
- decide which of your resources are constrained, and categorise them
- determine how many of each type of your constrained resources will be available in Year 1
- for each program, enter its Revenue (sales or profits) in Year 1, and the investment you will have to make in order to gain that revenue. The rest will be calculated
- repeat for Year 3
- for each type of constrained resource, enter how much each program will consume
- sort the programs according to their ability to meet Revenue targets for Year 1 or Year 3
- use the “Rank Override” column to fine-tune your sort, to allow you to prioritise or de-prioritise programs because of ROI impacts, Year 3 impacts, or their consumption of constrained resources