Well, yes and no.
The phrase ‘it takes money to make money’ implies some blind spending. Blind spending that business people agree to after shiny marketing pitches. Remember Darren Stevens from Bewitched? Darren was an Ad guy and (as ad guys had to do back then) worked by this premise. Darren didn’t have digital billboards or the internet, he had poster board and markers. Darren didn’t have data points about every sale, he relied on the sold inventory net above the status quo and took credit.
Today we have the ability to collect data and monitor all aspects of online marketing. Today blind spending is unnecessary.
Using cohesive Online Marketing practice that includes monitored paid spends and vigilant Organic optimization to mitigate the spend should be a far cry from writing a blank check to your marketing department/agency.
Unlike times past when companies could not track how much business came from sources like billboards mailing campaigns or television advertising today we can throw a bank of 800 numbers at those sources and then glue them together to get some very good data.
Considering that online marketing is essentially the electronic versions of the above marketing, how could anyone expect to get less data when everyone involved is using computers?
It even sounds silly when typing it.
How can the efficiencies of computing add value to the marketing process?
- conversion analytics – Yes we sold a widget but to whom… and where did they come from? How can we improve?
- traffic analytics – how many people are looking but not buying? How did they find us? How can we improve qualified traffic?
- faster response – computers are not smart; they are fast. Use the speed to collect data points and make decisions quickly. Consider how to improve turn-around.
- a/b testing – identify superior design and messaging that resonates with your audience (not just with you!) and let the data drive the decisions to improve.
Do you see a commonality? Improvement!
The effectiveness of Online Marketing is being poised to review nearly instant data points and implement changes swiftly to improve.
If you asked Daren Stevens to think like he was George Jetson and describe how he would have handled a campaign in the future he would have described what we have today; a living campaign that can be modified during it’s promotion cycle to improve results.