Social media. Email. Search Engine Optimization. Display advertising. The variety of digital marketing options can seem endless. Your budget, however, is anything but infinite. So, where should you spend your limited marketing dollars to get the best bang for your buck? Start by matching your goals to the most effective digital marketing channels.
Here's a quick primer on each channel and what they can help you achieve.
Affiliate Marketing
In a nutshell, affiliate marketing involves working with outside individuals or companies under an agreement that they promote your product in exchange for a commission from each sale that can be attributed to their efforts. Let鈥檚 say you鈥檝e invented a new kitchen gadget. You could partner with a recipe blog to offer readers a 30 percent discount on your new gadget, and in return, the blogger gets a small percentage of each purchase that is made using your discount code.
Ideal for:
- Building brand awareness with customers already interested in your product category.
- Increasing direct sales of specific products or services.
Content Marketing
Content marketing, as defined by the , encompasses creating and distributing valuable, relevant, and consistent content to attract and acquire a clearly defined audience 鈥� with the objective of driving profitable customer action. Company-generated content such as blogs, whitepapers, infographics, e-books, and videos establish expertise, promote brand awareness, and keep your business top of mind when it鈥檚 time for readers to buy what you sell.
For example, if you run a kayak outfitting company, you might develop an infographic comparing sit-on versus sit-in kayaks, create a video showing how to re-enter your kayak if you capsize, or write a blog article explaining helpful features to look for when buying a new kayak. The guidance provided will likely result in customers making a purchase from you.
Ideal for:
- Driving organic traffic to your website.
- Positioning your company as an authority in your field.
- Increasing brand awareness for your company/products.
- Developing a subscriber base or social media following for future marketing efforts.
- Supporting other digital marketing efforts such as SEO or email marketing.
Display Advertising
Display ads allow you to use images, audio, and video to promote your products and services. They are typically served up on websites, email platforms, social media, and many other digital channels that offer ad placements, usually in the form of a banner.
One of the key advantages to display ads is their ability to track users for retargeting. For example, if a user views a product on your website and doesn鈥檛 make a purchase, you can track them with a cookie and show them another relevant display ad later.
Ideal for:
- Driving sales or encouraging customers to take a specific action, like downloading your app.
- Building brand awareness among a far-ranging group of potential customers.
- Tracking potential customers across digital channels to present additional ads.
Email Marketing
It鈥檚 not the newest technology available, but email is still the reigning king of digital marketing. . That鈥檚 an astounding 4,200 percent ROI, making it one of the most effective options available. Email also allows you to apply the latest trends in digital marketing, such as personalization and automation, without hurting your marketing budget.
Ideal for:
- Driving sales conversions and brand awareness.
- Nurturing leads, establishing relationships, and building trust so potential customers will eventually make a purchase.
- Following up with customers who have interacted with your company in some way.
- Segmenting customers so you can deliver targeted messages addressing specific needs.
- Maintaining established relationships with customers to drive continued sales.
Influencer Marketing
Although it鈥檚 a favorite target of late-night talk show hosts and millennial-bashing comedians, influencer marketing does yield results. In fact, say influencer marketing was the same or better than other channels they use, and have made a purchase based on an influencer鈥檚 recommendation.
How does it work? Essentially, companies partner with celebrities, websites, bloggers, or others who are considered experts in their fields and who share similar values. These influencers provide endorsements and product mentions that can lead to sales among their followers. Examples include luxury hotels that provide free stays to travel bloggers and jewelry designers who provide free products to celebrities in exchange for a favorable mention on a blog or social media.
Ideal for:
- Reaching a new customer base among a third-party鈥檚 established following.
- Pairing with a perceived expert to increase product or service consideration.
- Driving sales of specific products or services.
Mobile Marketing
By 2024, the number of , making this an increasingly important channel for marketers. Your company can leverage the move to mobile by optimizing social media, websites, and emails, plus implementing text messages, push notifications, and mobile applications.
For example, banking apps offer a mobile-optimized way for users to easily complete routine tasks. They鈥檙e also a unique platform for banks to 鈥渕eet customers where they