1. You’re directionless
A goal is very important; even if your company already has a digital marketing strategy, if you don’t have a clear strategic goal in place in terms of what you want to achieve online. You need to set a goal in terms of attracting new customers and also making old customers comeback for more. If you don’t have a clear goal that you are working towards, then you won’t be able to spend enough resources to reach these goals that will help you succeed in the long run.
2. You won’t know your online market share
It is important to research everything you can about online market share, since if not, you may underestimate customer demand for online services which can bite you in the rear in the long run. If you haven’t done your research then you won’t be able to understand your online marketplace. This is different to traditional channels due to the different types of customers and their behavior, and also your competition in the market.
3. Existing and start-up competitors will gain market share
If you don’t have a digital marketing plan ready then you won’t be able to keep up with the competition. You should be devoting a significant amount of resources in digital marketing, and avoid using an ad-hoc approach without a clear set of strategy and goals.
4. You don’t have a powerful online value proposition
By setting up a clear and precise online customer value proposition, you will be able to differentiate your online services from your competitors in order to gain a new set of customers and to retain the old ones and make them stay loyal.
5. You don’t know your online customers well enough
It’s important to understand the people you’re trying to sell to, but in today’s digital age, that is quite a challenge. They say that digital is the “most measurable medium ever” but that’s not entirely the case. Google Analytics and other similar services that measure online traffic are only be able to measure the volume of online visits, but not the feedback of the visitors and what they think. It is a good idea to set up a way for the consumers to reach out to you and give feedback in order for you to find out where you need improvement.
6. You’re not integrated (“disintegrated”)
Digital marketing activities are usually done in silos, either by a digital marketing specialist, sitting in IT or by a separate digital marketing agency. It may seem easier to package digital marketing into many different chunks for convenience, but it also makes it less effective. Digital media should be combined with other traditional media and response channels in order to achieve the best results.
7. Digital doesn’t have enough people/budget given its importance
Digital marketing is crucial, but still it is sometimes not given sufficient resources. If insufficient funds and resources are allotted for both the planning and execution, then it will lead to a lack of specialists with much needed digital marketing skills.
8. You’re wasting money and time through duplication
No matter big or small, companies sometimes waste their much needed resources when the marketing divisions of said company purchases different tools or are hiring a different agency in order to perform a similar online marketing task, which they can do themselves. If they opt to do the task themselves, they may be able to save some resources and then allocate it to somewhere it could be more useful.
9. You’re not agile enough to catch up or stay ahead
The most successful companies in the world are successful because they are dynamic, and aren’t afraid to try out new approaches in order to stay on top. These new approaches are useful in order to gather new online audiences and also to retain the old ones.
10 You’re not optimizing
A company with a website will have its own analytics, but not all senior managers will make sure that their teams review and act on the results. You need to review these results in order for you to set up a good strategy which will help you improve on other key aspects such as search marketing, email and social media marketing, and site user experience.