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Are you satisfied with the return on your investment for each of your chosen marketing channels – or do you have a sinking feeling it could be better? If you work in marketing, you know that the pressure is always on to stretch those marketing budget dollars beyond belief – and it seems like it’s never quite enough. From a macro perspective, we know that channel mix optimization considers both cost and return on investment per channel, which ultimately helps to guide a “balanced” (read: profitable) allocation of marketing budget across the individual channels.
Therefore, we need to take a step back and evaluate each channel we are utilizing. Smart optimization focuses on one channel at a time!
Note: In order to understand the true ROI per channel, it’s important to have a grasp on how the company views sales attribution (ex. single-touch/multi-touch) in order to get a true read on which individual channels are delivering and prioritize those investments.
Sharpening those “social” skills
Before sharing a few easy steps to optimize your social media presence, it should be mentioned that marketers should not feel compelled to be present in every social media channel, thinking that their brand should be covered everywhere. While you might believe that Twitter, Facebook, Pinterest, Instagram, LinkedIn, Google, and YouTube are all delivering results, a deeper look into sales attribution, cost invested per channel, and customer conversions might tell a different tale. It’s perfectly reasonable to focus only on the channels that are truly working for you – irrespective of what your competitors are doing.