You’re well into your digital adoption journey, way to go! Perhaps we can interest you in some additional digital adoption methods to help grow your business online.
Data analytics give insight into campaign performance, as well as its strengths and weaknesses. The goal is to use this information and brainstorm new marketing strategies and solutions. Two types of analytics to consider are your social media and website.
Social Media Analytics
Social media analytics is the process of gathering and analyzing social media performance. These analytics help you better understand your audience’s needs and know what type of content is more engaging to them.
Key performance indicators (KPIs) are data points that show how well your social media strategy is performing. Important KPIs to be aware of are:
<ul><li><b>Awareness metrics</b> - Building awareness of your brand on social media. Metrics include reach, impressions and follow growth.</li><li><b>Engagement metrics</b> - How your audience interacts with your social media content. Metrics include comments and shares. </li><li><b>Return on investment (ROI)</b> - The amount of value generated by your investments. Metrics include click-through rate and conversions.</li></ul>
For a more in-depth explanation of these metrics, click here.
Most social media platforms offer in-app monitoring; however, you can integrate your own analytic software to monitor your social media accounts. This is particularly useful when you have multiple accounts.
Ensure that you have analytic software that monitors your website. The most common software is Google Analytics, a free web service that offers basic analytical tools and statistics used for search engine optimization (SEO) and marketing. Google Analytics allows you to add a tracking code to identify and collect user traffic and behaviour data. This powerful reporting service is great for creating strategies that can help retain users.
Check out this HubSpot article on the Ultimate Guide to Google Analytics in 2023.
Email automation is the process of automating your emails. Automated emails are automatic personalized messages that are sent in direct response to a specific action made on your website or app. For example, if somebody signs up for the email list on your website, they will automatically be sent a welcome email.
Why choose email automation? Email automation allows your business to reach the right customer, with the right message, at the right moment; without doing the work every time. Each message should provide personalized content, as its relevancy will satisfy the customer. The best thing about email automation, is that it saves time and is more likely to gain conversions for your business.
How to plan out email automation
<ol><li><b>Who is your target audience</b> - Determine your target audience. Use customer data to segment your email list.</li><li><b>Determine your goal and message </b> - What do you want your contacts to do with the email? Some common goals include making a purchase, downloading a PDF, or completing a survey.</li><li><b>List workflows and start planning</b> - Create a rough draft on paper to construct how your target audience will get to their destination. Then, decide on the content of the email message. Having a visual representation of your workflow as a quick reference makes it easy to understand where, and why, each path branches, as well as the number of emails needed for <a href="https://www.finalsite.com/blog/p/~board/b/post/email-automation-best-practices#:~:text=Having%20a%20visual%20representation%20of%20your%20workflow%20as%20a%20quick%20reference%20made%20it%20easy%20to%20understand%20where%20and%20why%20each%20path%20branches%2C%20and%20the%20amount%20of%20emails%20needed%20for%20workflows" target="_blank">workflows</a>.</li></ol>
Common email automation campaigns
<ul><li><b>Welcome emails</b> - Enter the customers inbox as soon as they sign up for the email list from your website.</li><li><b>Abandoned cart automated</b> - Use the customer’s behaviour data to send them a targeted email for specific scenarios. For example, a customer abandons their shopping cart; use this opportunity to send a reminder email.</li><li><b>Call-to-action automated emails</b> - Create emails that inspire the customer to take clear action. For example, send out a mass-segmented email to customers to complete a survey.</li></ul>
<ul><li><a href="https://sendgrid.com/resource/what-is-email-automation-and-how-to-use-it-in-your-campaign/" target="_blank">What is Email Automation and Why You Should Use it in Your Campaigns</a></li><li><a href="https://mailchimp.com/marketing-glossary/email-automation/" target="_blank">Mailchimp – Email Automation</a></li></ul>
Social media advertising is using paid media to promote your brand or business on a social platform. Paid media is best for increasing awareness, targeting a specific audience, and driving conversions. You can narrow–down your ideal target audience by placing ads in noticeable places. It is vital that you choose a social platform that your audience interacts with, as each social media platform has its own differences and purpose. It's best to create content and choose a format that your audience will find engaging.
Paid social media ads are sold in an auction format, so decide on a bidding strategy that works for you. Bid strategies dictate how much you are willing to pay for the outcomes you want from your ads.
Common bidding strategies are as follows:
<ul><li><b>Cost per click (CPC)</b> - You’re charged when someone clicks on your ad.</li><li><b>Cost per action (CPA)</b> - You’re charged when someone performs an action because of the ad. Ex. Sign-up to become a member.</li><li><b>Cost per mille (CPM; aka cost per 1000 impressions)</b> - Create emails that inspire the customer to take clear action. For example, send out a mass-segmented email to customers to complete a survey.</li><li><b>Cost per view (CPV)</b> - Cost is charged when the viewer watches a video ad for a minimum amount of time or interacts with the video by clicking on a link embedded in the video.</li></ul>
For more information on bidding strategies, check out this article.
Choose a bidding strategy that is based on your marketing goals; strategy is important for success.
Search engine marketing is using paid advertisements that appear on search engine results pages. This marketing strategy is also known as pay-per-click marketing where you must pay each time someone clicks on the ad. The format of these ads can be text-based ads, product listing ads, or product-based advertisements.
How it works
Businesses (advertisers) bid on keywords that their customers are likely to search for when looking for certain products or services. Businesses then state how much they are willing to spend (per click) to have their ads appear alongside search results relating to those keywords. Google determines that the keywords you have bid on are contained within a customer's search query, then your ads are entered into the ad auction. This gives the business (advertiser) the opportunity for their ads to appear alongside results for those search queries.
To discover these keywords, use a keyword research tool such as Google keyword planner or WordStream free keyword tool.
Search engine marketing can increase reach and drive conversions, which can be costly. It’s vital to set a budget and ensure your strategy aligns with your marketing goals.
For more additional resources:
<ul><li><a href="https://www.semrush.com/blog/search-engine-marketing/?kw=&cmp=CA_SRCH_DSA_Blog_EN&label=dsa_pagefeed&Network=g&Device=c&utm_content=622461214551&kwid=dsa-1754979173725&cmpid=18361978716&agpid=138308716941&BU=Core&extid=60109363129&adpos=&gad=1&gclid=Cj0KCQjw1_SkBhDwARIsANbGpFs4xBVz562uwVUU8S8YsgAGqCrwCu3uuU841e1Ytix1QrdlkZMIVRoaAkfWEALw_wcB" target="_blank">Semrush - What Is Search Engine Marketing?</a></li><li><a href="https://www.wordstream.com/search-engine-marketing" target="_blank">WordStream search engine marketing</a></li></ul>
Back-office software refers to the platforms and applications that do not interface with customers, but help your employees manage core functions. The primary goal of your back-office software is to optimize and automate the processes across each of these functions to boost operational efficiency and company profitability. Common back-office software is order management, inventory management and eCommerce financial accounting.
Order Management Software
The process of ordering, capturing, tracking, and fulfilling customer orders. This software automates the process of orders. It allows you to manage your inventory, sales, and customer information from one place. It’s simple, and vital, for business owners to access this data (order management).
Inventory Management Systems
Inventory management systems allow businesses to track, organize, and oversee all inventory, as well as inventory-related processes. This system can streamline the tasks required to track inventory effectively, manage reordering, and update accounting data. This beneficial system will help eliminate human error.
eCommerce Financial Accounting
An important back-office operation is processing financial data and accounting records that enter and organize an eCommerce store. There are three major areas of financial accounting to understand:
<ul><li><b>Bookkeeping</b> - Involves tracking and categorizing business transactions such as store sales, purchases, customer returns, receipts, invoices, and payments. <a href="https://www.shopify.com/ca/blog/ecommerce-accounting#:~:text=a%20particular%20state.-,Bookkeeping%C2%A0,-Accurate%20bookkeeping%20is" target="_blank">Learn more for more depth information.</a></li><li><b>Tax management</b> - The process of tracking and remitting all local taxes, calculating and filing quarterly estimated taxes, and year-end filing. <a href="https://www.shopify.com/ca/blog/ecommerce-accounting#:~:text=areas%20of%20emphasis.-,Tax%20management,-Tax%20management%20can" target="_blank">Learn more for more depth research.</a></li><li><b>Planning for growth</b> - The process of gathering the information needed to reach your business goals. This information is beneficial to help make better financial decisions, as well as opportunities to increase profits. <a href="https://www.shopify.com/ca/blog/ecommerce-accounting#:~:text=your%20financial%20reports.-,Planning%20for%20growth,-There%20are%20few" target="_blank">Learn more</a></li></ul>
Setting up your business finances should be a top priority. Do extended research ensuring your finance records are correct and error free. Our best advice is to consult an advisor when needed. Here is a helpful guide of the fundamentals of Ecommerce Accounting.