Profit Steered Marketing: A Wakeup Call For Digital Marketers!
Debunk “Profit Driven Marketing” and growth hacking – a paramount of marketing for intrusive revenue growth.
Yes, the sphere has changed; right from the way people communicate to the way they commute – every factor related to human existence has undergone a radical evolution with the growth of online revolution.
This has opened countless channels for small businesses and entrepreneurs to make it BIG while presenting sustainable mediums for established businesses to build-up their footholds.
All looks good or simply your illusion? Are you sure you aren’t settling for lemons when you could be riding with the kings? It’s time to decide!
A classic day in the world of Digital Marketing
You lease an agency that promotes your business or probably hire your in-house team of digital marketers, you select the most relevant channels, some essential work, and the wheel is set!
The returns are super good, or so the way you believe! After all, why should you not – the campaign reports deliver a complimentary statement speaking that your website is receiving “significant traffic,” has a “lower bounce rate,” and even paid media jargons such as “CPA” and “CPC” are also faring well. Everything looks in place but is NOT in reality. What could be going wrong?
The marketers’ delusion: Are you being taken for a ride?
If Google’s verdict is everything to go by, then approximately 95 percent businesses investing in digital media, wastes more than half of their MARCOM spends!
Therefore, if you wish to invest in online marketing services, odds say you are not doing it the right way, and neither is almost every organization that blooms on digital enablement. While the initial results of digital marketing are almost always generous and under the hood, there are always a number of possibilities for optimization.
Reinterpreting the ROI myth
When it comes to determining the returns by online marketing initiatives, ROI or ’Return On Investment’ is often misconstrued as a Holy Grail! In reality, it is merely a ratio, signifying the “efficiency” of your investment. Your aim must lie in the absolute value of the profit that has to be generated, to be precise!
ROI = (Returns from Spend – Value of Spend)/Value of Spend
Terminal ROI is the difference between the maximum and sustainable ROI that can be achieved in a campaign deployment. Once it is achieved, the volume of business will keep growing to enhance the absolute value of profit.
ROI, therefore, does not provide a clear depiction of the real success of internet marketing initiatives. In fact, it ceases the growth after a certain point. This point is an important step in “Profit Driven Marketing” as well.
Growth hacking: The next BIG thing
They say I can be anybody; so for today, I am just a Hulk Strange? We do not agree! Though every business realizes that the web is a phenomenal platform to publicize their solutions, many are not able to glare through the smokescreen made by pseudo marketers and realize the true potential and influence of the web as a business growth tool. These are the organizations that are not aware about the growth hacking.
Growth hacking is a fundamental, yet unique to find, profit-driven access to marketing. In simple terms, a growth hacker hacks into the customer acquisition strategy for their client’s business and implement changes in the overall marketing, averaging a strategic blend of testing and experiments, extensive analysis, and regular improvements to optimize campaign returns.
The profit driven/ Growth hacking trident
Although analytics is a nerve cell of growth hacking, coding and content are equally important elements of this approach. The tactics involve a stream of changes to an organization’s advertising tactics, starting from the orientation of its offerings to the development of the sales funnel. Also, a deep emphasis lies on enhancing customer experiences, whether that means landing page redesigns or resilient content updates.
Good is no more good enough!
In addition to a list of fundamental changes, growth hacking includes continuous trend analysis that helps growth hackers to take well-defined decisions on execution fronts.
Continuous improvements along with thoughtful improvisation are vital to facilitate the upward growth curve. Another important part of growth hacking is data visualization through charts, graphs, and tables. It is integral for growth hackers as it provides them with actionable information to optimize the proceedings.
The vital takeaways
“Profit Driven Marketing” are three words that entail the potential to change the luck of any business - a fact often misunderstood by organizations.
While most of the marketers keep holding the wrong end of the book, a major share of the marketing money go down the drain. In contrast, growth hacking with the help of profit-driven marketing tactics is the ultimate option for those looking to place their businesses at the command of the online revolution, and are not afraid to dream big.
After all, at the end of the day, it depends on the competence of the hands that plot your marketing campaign!
Author: Vishal Kangane
Vishal Kangane is a Digital Marketing professional with more than 7 years of experience in Internet Marketing (SEO, Content Marketing, SMM etc.) He packs a punch to make the client’s marketing plans work like a charm. He also loves to blog & cook in his free time!