How Will Online Marketing Change in 2016?
Marketing online has undergone a lot of changes since the dawn of the 21st century. It used to be easy; a small Adwords budget and later a little SEO could get a business to the top of the Google search results. Then it was all about using social media and building fans on Facebook. However, the Web is becoming an increasingly crowded place to do business and being visible is a greater challenge now than it ever was before. So, what can we expect to change in online marketing in 2016 and how will it impact your business?
1. Increasing Advertising Costs and Making a Profit
Because of the increased competition, the price of advertising a business online will increase. Many companies are fighting for new customers, and it will become difficult to get a customer at a break even price point. Making a profit from a single sale will not cover the increased advertising costs that are inevitable in a crowded marketplace. Only those companies that can maximise the life of their customers will benefit in the long run. This is a long term strategy that may not yield immediate profits, but it could generate significant profits in the medium to long term.
2. Rethinking Online Strategies
The single channel strategy of online marketing is all but dead at this point. The consolidation of traffic to Google and Facebook means that the options for leveraging the Web for profit are decreasing daily. In 2016, it will be necessary to use a strategy that uses all channels to build online sales. A business operating in this marketplace will need to establish a strong brand to succeed. It will be important to include medium to long term goals when designing an online marketing strategy.
3. Redefining Success
In order to measure how successful their marketing efforts are, many business owners just look at their advertising spend. This is then compared to the profit to show the return on every dollar spent. However, when you take a long term view of online marketing there are other important metrics that should be measured. The important indicators measured each month should include: the size of the email list, the cost per email subscriber, email open rates, email click through rates, SEO rankings, organic traffic, incoming links, the cost per acquisition (CPA) for each lead or subscriber, the volume of conversions, the conversion rate, the bounce rate, the time on site, the number of pages visited, the number of followers on social media and how much it costs to acquire them and engage with them regularly.
4. The Multi Channel Approach
It must be understood that your potential customer is a moving target, they are on Facebook, checking their phones, browsing pictures on Instagram and checking Google or Youtube for information. There are many avenues open for the smart marketer, but it is important to use the right strategy for each different platform and demographic. A multi channel approach is essential for success in 2016 and beyond.
If you would like to stay ahead of the pack with your online marketing strategies, contact us. Dilate has the skill and expertise to take your online business to the next level and beyond. Get in touch with us today and we will be happy to answer any questions that you may have.