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How to analyzed business opportunities with data

What’s the point of putting money and resources into something if you don’t even know if it’s going to pay off in the end? Unless you’re an early-adopter, you’re not going to do this, not unless you are confident in the ROI potential of digital marketing.

General Statistics

Predicting ROI is an art more than a science. There’s a lot of stuff we know. For example, we know that:

  • The smartphone penetration rate in the United States, Canada, and the UK rests just below 70%.
  • 70% of people in the United States are using at least one social media channel.
  • Over 28% of Americans are using Instagram, the fastest growing social media channel.
  • Younger generations are watching 2.5 times more videos on the internet than on TV
  • Even among other generations, online viewing is increasing.
  • 75% of users never scroll past the first page of search results.
  • 23% of all time spent online are on social media and reading blogs.

All of this data points towards a significant need for marketing in the digital space. And it has to be good quality. Your digital ads need to use the big data available. Your content marketing needs to be written really well and truly helpful. Your SEO needs to be first page.

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Roi Potential Of Digital Marketing

ROI Potential of Social Media Advertising

  • Running ads on social media averages $2.50 per thousand reached compared to $57 for direct mail, $28 for TV ads, and $16 for magazine and newspaper advertising.

ROI Potential of Content Marketing

  • Companies who posted 16 or more blog posts per month achieved 3.5 times more traffic than companies who only posted four or less blog posts per month.

ROI Potential Of Search Engine Optimization

  • Potential customers coming to your website from a link (that they most likely found on the first page of search engine results) have a 14.6% close rate compared to 1.7% for leads from outbound marketing (print ads or direct mail).

Evidence points towards digital marketing as the best bang for your buck. It’s logical since so much of our world is focused on digital. Don’t fall behind.

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Takeaway Tips

  1. Advertising on social media is cheaper than traditional media and reaches more users, especially in the younger generations.
  2. Content marketing is the best way to bring people to your website where you can sell to them.
  3. People overwhelmingly pay attention to only the first page of search engine results and those leads lead to higher close rates.

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