Are You Marketing Your Business Efficiently, Effectively Or Both?
What's The Difference In The Two?
We often forget, as business owners, that doing something extremely well does not make it important. It’s not until your efficiency becomes optimal that it truly becomes effective. Efficiency is the art of doing something well and, in business, being able to do it consistently, while effectiveness is the art of creating something useful and of value. After all, value is what your customer seeks on the daily.
To start and finish any marketing campaign effectively we must be efficient in understanding the behaviors of our audience. From there, we can focus on the effectiveness of how our product or service can serve their emotions and give them immediate value. After all, without adding value we LOSE in business. But when we add immediate value, our products or services become “must haves,” and that is where we become effectively efficient.
Traditional Marketing Or Digital Marketing?
Which one is the optimal choice for an effective and efficient way to market your business? Do you want to hike a mountain blindfolded without a map or with 20/20 vision and a well routed map? If you are feeling the blindfold approach, then traditional is the way to go. If your goal is to reach that mountain peak effectively and efficiently, then you choose the other. Don’t get me wrong, there are some products and services out there that have an audience who responds to traditional marketing, but I am willing to bet they are also online and gaining their attention will be much cheaper and more effective ongoing when you market online. After all, marketing at its core is the art of day-trading attention at the lowest cost to yield the highest return.
Think in terms of success in marketing and how that is achieved. Look into the areas that best allow you to understand the human interaction between your product and the person on the other side of the advertising. This is where you will begin to understand the power behind digital marketing and, most of all, the success it can add to your journey of growing your business.
If You Can’t Measure It, You Can’t Improve It
It was best said by John Wanamaker, “Half the money I spend on marketing is wasted; the trouble is I don't know which half.” What a relevant quote in the 1800s and even into the 1900s, but today this quote is merely a statue of history and a landmark to show how far we have come.
We are building and marketing businesses in a time where, if your product is for men between the ages of 21 and 35, then those are the only people you put your product in front of. The days of guessing are behind us. Digital marketing allows us to optimize the two areas that matter most in business: our efficiency and our effectiveness.
Our philosophy at IMEG is the modern twist to David Ogilvy's “Never stop testing, and your advertising will never stop improving.” We say, “Never stop defining your audience, and your return on investment will never stop GROWING.”