Components of digital marketing
– Year over year, more and more marketing opportunities present themselves online. And this is because people are creating and adopting new technologies and exploring new ideas. The amount of options available to you as a marketer are almost overwhelming.Now, in this course, we’re going to explore the main components of digital marketing,but the concepts will scale to other areas. It’s important to keep in mind that your strategy does not need to include every available marketing channel. You may end up using a handful of the ones we discuss, or you may find success in leveraging other avenues that are not part of these core components.
With such a wide array of choices, it’s important to evaluate which channels make the most sense. If you’re operating with limited resources, you may need to prioritize which channels you want to start with. And on that same vein, if you’re exploring a new channel, it’s a good idea to explore how it’ll impact your day-to-day. To do that, I like to evaluate each based on the effort required to build out the channel and the value in doing so. And from there we can plot them on a matrix. To show you what I mean, let’s look at four areas of our online marketing strategy: SEO, search marketing, social media, and video.
The first thing we need to do is figure out what channel we’re using for these areas. So for SEO we’re going to focus on Google. For search marketing we’ll use Google AdWords. And with social media I’m going to start with Facebook. And then for video we’ll use YouTube. So let’s drop these four into a table. Next, we need to score the effort on a scale of one to six, six being the most amount of effort and one the least. We’ll also score the value.
Which of these are likely to have the biggest return on investment? Now, these scores are specific to your business, so I’m going to just assign some numbers here as an example. Now that we have our scores, let’s visualize how we can spend our time. To do that, we’ll create a six by six grid, one axis for effort and one axis for value. Since we’re using a scale of one to six, we’ll mark each row and column with a corresponding number. Now, if we break these into four separate sections, what we have is a visualization of effort versus value.
The top left is low value, low effort. And the bottom right is high value, high effort. Taking our scores from the previous table, we can plot exactly where these marketing channels land. So since I scored Google a five for value and a four for effort, I’ll place that in the correct section. I’ll repeat this process for AdWords, YouTube, and Facebook. With the complete matrix it’s easier to decide how we will spend our time. Start with things in the high value, low effort section and work your way through the matrix from there.
Keep in mind just because something is high effort and low value doesn’t mean it’s not worth exploring. We’re simply scoring these in relation to one another. Low value could still mean a significant return on investment. It’s just not as significant as something in the high value section.