The Ins and Outs of Digital Marketing Power
If I had a nickel for every time someone asked me “how impactful is digital marketing really?”, I’d have…well, at least enough for a fancy cup of coffee. But it’s a fair question.
As someone who has been in the digital marketing game for over a decade now, I’ve seen capabilities and trends come and go. And I’ll admit – when social media first took off, even I was skeptical. Were these newfangled platforms just a passing fad for teens, or could businesses really leverage them?
Flash forward to today, and I think we have our definitive answer. Digital marketing has become one of the most powerful ways to cost-effectively reach, engage, and convert target audiences. Take my word for it – I recently spent $100 testing Facebook ads for my consulting biz. That small investment drove over $5,000 in revenue. Cha-ching!
But diving into digital can still feel overwhelming for folks new to the arena. With so many moving parts across social, search, content, email, and more, where should you focus? How can you make sure your efforts actually impact the bottom line? Enter power analysis.
Power Analysis for Marketing Muscle
Think of power analysis as an assessment of your digital marketing strengths and opportunities. The goal is to identify the channels, strategies, and tactics that pack the most punch for your brand and business goals.
For example, say you run a boutique jewelry shop. You may assume Instagram or Pinterest should be your top focus because of the visual nature of your products. But after running some campaign tests, you discover more traction and conversions from Facebook ads targeted to past customers.
Makes sense in hindsight – you already have an audience on Facebook of users who know and love your jewelry. Power analysis helps reveal those less obvious high-potential areas to double down on.
Running Your Own Analysis
If power analysis seems intimidating, don’t fret! It’s actually quite straightforward when you break it down step-by-step:
- Establish your business goals – What key targets are you trying to hit? Common examples are revenue, leads, and customer acquisitions.
- Analyze performance data – Review analytics from your existing campaigns and channels. Look at both quantitative metrics (e.g. cost per conversion) and qualitative impacts (e.g. audience engagement).
- Identify your “power channels” – Determine which marketing platforms and initiatives are already working well or show the most promise. Ask yourself why they are effective to inform future efforts.
- Shift focus and resources – Double down on those high-performing areas with the most potential to impact your goals.
Of course, power levels change over time. Make sure to rerun this analysis every 6-12 months as new channels emerge, audiences evolve, and more.
Adding Fuel to Your Marketing Fire
Here are a few parting tips to help ignite your digital marketing results:
- Don’t get distracted by vanity metrics like follower counts. Focus on data tied to business results.
- Test promising but unproven channels in small increments before making major budget shifts.
- Look beyond acquisition channels and highlight retention and loyalty efforts too. Those existing audiences can pack a punch!
- Don’t do it alone! Many hands make light work. Enlist support from staff, agencies, or a seasoned mentor.
Well, I’m off to buy that fancy cup of coffee now. Here’s to leveraging digital marketing power analysis to drive your next wave of game-changing growth! Questions? Just hit me up. I love geeking out over this stuff with fellow marketers and entrepreneurs.