Don’t let these big trends pass you by
2010 marked a big year in the world of marketing, and the trends show a drastic shift in the allocation of marketing dollars from traditional outlets to the digital marketing world. Among the notable milestones were:
- Spending on social media advertising is up around 30% from last year and is expected to top the $2 billion mark in 2011! Source: Mashable
- Spending for online advertising passed newspaper advertising. Source: WSI
- Online advertising spending rose 13.9% for 2010 and is projected to pass the $25 billion mark in 2011. Source: EMarketer
- Mobile subscribers are estimated to surpass 5 billion in 2010 (that's over 70 percent of the world population) and growing rapidly, led by China and India. Source: MobiThinking
What does this mean for you?
In a nutshell, it means that if you’re concentrating your marketing efforts solely on things that worked in the past it’s probably time to re-consider that practice. And while we would never suggest abandoning “tried and true” marketing practices that provide ROI for your business, I would strongly recommend beginning to allocate some resources toward digital marketing so that you can begin to gain a foothold.
Every business is different, so it’s hard to make blanket statements. However, as we walk the streets and see just about everyone spending time on their web ready mobile devices, it doesn’t take a big thinker to realize that this trend towards the digitization of marketing is not slowing down anytime soon.
5 components of digital marketing strategy
The whole idea of “digital marketing” is evolving, but if you want to get a holistic view of the concept, there are 5 core components:
- Web properties - such as your company website
- Building traffic – helping people find your website
- Social media – joining in the conversation with online users
- Mobile marketing – text and location based marketing
- Measuring / Analyzing – evaluating results to determine ROI
Creating a marketing plan for 2011
So back to our original headline and the desire to find a marketing plan that capitalizes on the opportunities available in 2011. Generally speaking, if you haven’t embraced the digital marketing components mentioned above, than it’s time to do so. How much you do depends on your resources and goals, but continuing to avoid them will eventually put you behind your competitors.
Specific actions you can take include:
- Take a hard look at the ROI from your past marketing efforts. If your marketing practices from the last couple of years aren’t producing satisfactory ROI, it’s time to re-tool. Many people are expressing frustration with increasing costs and decreasing results from traditional marketing activities.
- Look at how you could use digital marketing in your business. Every business is unique, and not all of these digital marketing opportunities make sense to invest in. However, if you look carefully, chances are you could find 2-3 of these opportunities in your business that would bring new opportunities in 2011.
- Be realistic. In this economy, businesses have to be smart with their budgets and showing ROI has never been more important. So if your company has an outdated website and low monthly traffic, than trying to tackle social media may have to wait. Our recommendation is to find the opportunities that would have the highest impact and focus on those in 2011 without trying to do them all just for the sake of doing them.
Don’t be afraid to ask for help
Chances are you’re plate is already full depending on what your role is in your company. Implementing major changes to marketing plans takes time and sometimes a little advice from someone who is not too close to the situation. Don’t be afraid to bring in someone to help you understand the digital marketing opportunities and make sense of them in terms of how they apply to your business.