Updated: Jan 11, 2019
With marketing, you don’t have the finished picture on the box to show you where and how the different puzzle pieces will eventually fit together! That certainly makes marketing a lot harder, doesn’t it?
That’s why I’m going to give you that finished picture over the next few posts. I’ll walk through the proven digital marketing framework so you can see how all of the marketing options available fit together to create a successful marketing plan.
First, The Foundation
Before we dive into the framework, I need to highlight how digital marketing actually works. If you break it all down to the individual pieces, then digital marketing follows a very basic formula: (Revenue) = (Website Traffic) x (Conversion Rate) x (Customer Value)
In other words, revenue from digital marketing is directly proportional to how many people visit your website, how many of those people convert into customers, and how much those customers are worth to your business.
Or to put it another way, there are 3 ways to increase your revenue from digital marketing: increase your traffic, increase your conversion rate, and/or increase your customer value. Also, before we move on it’s important to remember that your revenue will be zero if any one of those 3 variables is zero. That’s just basic math. It doesn’t matter if you drive millions of visitors to your website if your conversion rate is zero. You’ll still end up with zero revenue!