Audit your digital media effectiveness to build more vigorous campaigns and a more efficient marketing funnel in 2023.
Your digital media use is an important starting point in optimizing or creating your digital marketing strategy. How can you identify and prioritize which digital media are working and which aren’t without losing sight of vanity metrics?
Smart Insights recommends using VQVC for consolidating and streamlining the way you measure digital media. This acronym shows how volume quality, value, cost, and cost can be used to draw out different elements of your marketing activities. Continue reading to learn more about VQVC and other important digital media planning strategies.
Do you know how and when your target audience is receiving your key marketing communications. The RACE Framework is used by thousands of marketers worldwide to track and optimize critical digital media. This allows them to achieve the best possible results without spending a lot. We recommend that you build your Plan around RACE Growth System.
RACE Growth System – Create your 90-day Plan
Get your RACE Growth System Guide today and get access to our three-step Plan for Opportunity, Strategy, and Action to help you grow your business.
DOWNLOAD GUIDEThis helpful and useful article will show you how to quickly and easily review your digital media strategy and channels.
Examining the digital media channels that are used throughout your customer’s lifecycles
Reviewing each channel is the first step. This article will discuss the various aspects of digital marketing effectiveness. We recommend that you do this for all of the digital channels.
- Search Marketing/Organic Search
- Online PR
- Social Media Marketing including optimizing your presence
- Online partnerships, including affiliate marketing and sponsorships
- Online display advertising includes ads that you might have on AdWords, as well as retargeting or social media ads.
- Opt-in email marketing
The RACE Framework allows you to map your digital media use across customers’ lifecycles. This includes reach, act and convert, engage, and convert. The RACE Practical Digital Strategy Learning Program’s’structure a strategy using the RACE planning Framework module will help you navigate the steps of implementing RACE Framework.
Check out VQVC measures across all channels
It is best to start by including VQVC measures on each channel. VQVC is:
- Volume – Number or % of site visits
- Quality – Dwell time, conversion rate to lead/sale
- Value: Ecommerce revenue per visit or goal value per visit (if set up for non-Ecommerce sites).
- Cost: Cost per visit/lead/sale
Although it takes some time to compile these figures accurately, how can you improve your results? VQVC is a great tool for comparing digital media activities and for benchmarking channels against other channels, such as those with similar media budgets.
You could lose customers to your competitors if you don’t invest enough in digital marketing.
RACE Growth System – Create your 90-day Plan
Get your RACE Growth System Guide today and get access to our three-step Plan for Opportunity, Strategy, and Action to help you grow your business.
DOWNLOAD GUIDEOpportunity Strategy Action
This section is about understanding your success factors for each channel. What are your chances? What strategies can you use to achieve your goals? What actions are necessary? It is best to include:
- What would you like for the world to change? What needs to change and how can it be done? This is a high-level overview, and specific details or campaign aspects are not necessary at this stage.
- What is success? This information is very helpful to determine if your strategy was successful at the end.
- Value and overall priority compared to other channels
This section examines how successful each channel is in comparison to the other. It also focuses on how important this channel is in achieving your business goals.
You may decide that you want to increase retargeting, display advertising and reduce Facebook Ads because the ROI has been low. This value aspect lets you assess how much value this channel is providing. Ask yourself:
- Are you satisfied with your SEO?
- Perhaps your keywords are too specific or competitive, and paid media is more effective.
- What channels should you prioritise for growth?
The digital media landscape in 2023
Smart Insights members all over the world are using their memberships to improve and upskill their digital media strategies. Marketing leaders can use the RACE growth system to improve their marketing strategies quickly using an easy-to-follow and data-driven approach.