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Feb 27 2018
When it comes to digital marketing it can be difficult to make priority calls. Where should you spend your time and effort? What should you invest in? What is a time suck that won’t really help you to move your business forward.
We’ve developed a new framework to help businesses make smarter choices in the digital marketing strategy.
When evaluating where to invest in digital, plot your digital investment choices on the chart below based on the investment and the impact. While this may seem obvious, the framework allows you to easily see and compare the expected ROI of each project. Based on the quadrant that each project lands in you can easily make decisions about where to spend your time and effort.
You can use this framework by either formally and consistently calculating the cost/investment or simply using your gut to quickly decide where your projects fall.
Defining the investment is an important first step. While it may seem obvious we often under-estimate the true cost of digital initiatives. Consider all costs when defining your investment including:
One of the common mistakes that we see is thinking something is “easy” and failing to see all of the steps involved and their relative complexity and costs. This is true of both big projects and small from small and big businesses.
The impact can be difficult to define. It is often short-sighted (and extremely difficult) to tie a direct sales impact to any project or effort, it is often easier to think at a high level about the impact that a project will have on your business. The idea isn’t to be 100% accurate on the impact (that would be almost impossible) – the idea is to plot projects correctly relative to one another so that you can make choices.
Consider the size of the impact as well as the importance. For example, a sales video may not reach a lot of people (size) but is very impactful because it reaches people who are ready to buy from me. So it could have a huge impact even though it isn’t reaching many people.
The end result of the Framework should be a clear idea of where you should and should not spend your time. Investment choices can be broken out into 4 quadrants:
There are a few watch-outs to using the framework:
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