Friday, May 2, 2014

How to ensure transparency in Digital Marketing spends?

How to ensure transparency in Digital Marketing spends?
World-over marketing spends in digital marketing are increasing. It is now no more a new media anymore. It has already got the attention of marketers and CMOs. World over we are experiencing a shift in the media spends. CIOs are intimidated with increasing importance of CMOs. Marketing heads are now building in-house capabilities of “marketing-technologist”. The digital ecosystem 2014 has more than 40 categories and more than 900 vendors listed in it. How do we make sure that which solution is good for my organization's requirements and which solution is in alignment with my organization's broader strategy and would this be a cosmetic tool or would straightaway contribute to the returns on marketing investments?

There has been exponential growth of ad-networks (earlier) and now Mobile ad-networks. Even IAB has raised concerns on the accountability, transparency and click-frauds. How does a CMO deal with all of this and move ahead in such a dynamic industry which is moving very fast.

The biggest question is how to ensure transparency in digital marketing spends and grow the brand?

Based on my prior experience of growing hundreds of brands with ethical digital marketing practices, these are some of the recommendations which one should experiment with….
  • Don’t trust upon your digital agency blindly
  • Have a panel of multiple digital marketing agencies working on your brand
  • Hire the most credible digital marketer from your agency in your brand team
  • Don’t accept XLS files as campaign results and ask for server reports
  • Use third party serving digital marketing tools
  • Check & benchmark upon past campaign results from similar industry
  • Use a tagging tool
  • Don’t use blind ad networks and always ask your ad networks to share their site lists
  • Stop using “Clicks” as the measure of campaign success objective and plan. Try and find out ways to link revenue generated from the campaign
  • Some of the leading e-commerce sites even use the metrics of “revenue per visit” which might not be true to that extent in your industry, but at-least think in that direction
  • Always ask for third-party/portal bills
  • Ask agencies to create dedicated search accounts for your campaigns & brand and ask them to spend via the same and add your digital marketing manager as co-admin
  • Evaluate and optimize digital marketing campaign every week and ask for reports from the agency teams
  • Reward agency professionals with right set of values, honesty and integrity 

These tips and techniques would help bring in more transparency to digital marketing spends and would prove the credibility and effectiveness of the medium. If you need any further information, please feel free to call me at 0091-8130940808 or Skype me “CallonAjay”

Ajay Chhabra
Promoter of Ethical Digital Marketing Practices  
Digital Marketing India Blog