Reviewing your use of digital media is a crucial starting point for creating or optimizing your digital marketing strategy. But how do you tune in and prioritize what's working, and what isn't, without getting lost in vanity metrics?
At Smart Insights we recommend using VQVC to consolidate and streamline how you measure your digital media. This mnemonic shows how volume, quality, value, and cost help you pull out different elements of your marketing activities. Read on to find out more about VQVC and other important digital media planning techniques
Moreover, do you really understand how and when each of your key marketing communications is being received by your target audience? Our RACE Framework helps hundreds of thousands of marketers around the globe track and optimize their key digital media, to get the best results possible, without breaking the bank. That's why we recommend structuring your plan around RACE - try our free digital marketing plan template to get started.
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In this practical and actionable article, we'll explore some quick and simple ways of reviewing your digital media channels and strategy.
It all starts with reviewing each of your channels! In this article, we will talk through the aspects of reviewing your digital marketing effectiveness and we recommend doing this for each of the following digital channels:
Use our RACE Framework to plot your use of digital media across your customers' lifecycles through reach, act, convert and engage.
The best way to get started is to include VQVC measures for each channel, VQVC is:
It takes time to accurately pull together these figures, but if you don't know the figures how can you improve? VQVC can be very helpful for comparing digital media activities, or for channel benchmarking against competitors, for example, those with similar media budget spend.
If you don't invest in digital marketing, you may find yourself losing customers to competitors who do.
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This section, for each of your channels, is all about understanding exactly what your success factors are for each of your channels. What are your opportunities? What strategies will achieve your goals? What action is needed? It's best to include:
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This section is all about reviewing how successful each channel is compared to eachother, but specifically about how big of a priority this channel is for meeting your business objectives.
For example, you may feel in the year ahead you really want to expand retargeting and display advertising but cut back on Facebook Ads as ROI has been low. The value aspect allows you to explore how much value you feeling you're getting from this channel. Ask yourself:
Thousands of Smart Insights members around the globe are using their membership to upskill and improve their digital media strategies and tactics. Our RACE Framework empowers marketing leaders to use an easy-to-follow, data-driven approach to quickly improve their marketing strategy.
Read our RACE explainer blog to learn more.
By Gabrielle Wright
Gabrielle Wright is the Smart Insights blog editor, managing the company's SEO and social media strategies. With specialisms in marketing for the pharmaceutical/healthcare industry, financial services, manufacturing, IT/high tech, brands and e-commerce, Gabrielle can generally be found in her home office in Sandiacre, with a cup of tea, reading and writing about marketing theory and its practical application in the global economy! You can connect with Gabrielle on LinkedIn.
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