Do You Know The Industry Standard of Digital Marketing?

Source : unsplash.com

As technology evolve and become more prominent to everyday people, more businesses are opting for digital marketing as part of their marketing strategies. However, being the new-comer in the marketing realm, a lot of entrepreneurs and even marketers might still be confused on what is expected from digital marketing.

If you are one of those who are starting a career in digital marketing or a business looking to dive into the digital marketing realm, here are a few industry standards that you might want to know before engaging in a project.

  • Pricing

 

Consultants rate usually increase with experience. Therefore if you are a fresh graduate, expect to charge slightly less. In the US, those with three years’ experience charge as high as $275 an hour where as those with less than one year experience would start at a $50 hourly rate.

Earlier in February, Rina Caballar of Search Engine Journal reported that US agencies charge more than agencies from UK. So if you are running an international business, it might be worth going for UK agencies. However if you run your business locally, you would still want to hire consultants that have an in-depth knowledge of your local culture. For example, it is highly unlikely that a consultant company in the US would understand the Vietnamese consumer more than a consultant company based in South East Asia.

  • The social media marketing chart

 

Source: https://trackmaven.com/blog/digital-marketing-analytics-benchmarks-report/

According to the graph provided by TrackMaven, Real Estate and Software Applications have the highest social media audience size.

Why is this important? If you are a business, than you can track the success based on these expectations. For example, if you are in healthcare than it is probably normal to have less engagement in comparison to consumer goods businesses. Knowing this facts will give you a clearer understanding on the numbers to be expected when your consultant pull out the results from your digital marketing campaign.

On the other hand, if you are a software company and your marketing campaign receives little engagement online, than you would want to consider coming up with a new campaign or experimenting on your content and keyword Ad.

As for digital marketers, it is important that you know the expectations of different industries so you could come up with a digital marketing plan that works, and give your clients realistic expectations.

  • Business management

 

If you are running a digital marketing company, what should you look to have in your business? On the other hand, if you are seeking for a digital marketing consultant, what should you be seeking for?

Source: https://digitalmarketinginstitute.com/blog/digital-marketing-compare

The visual provided by Digital Marketing Institute outlines the different capability levels that should be possessed by Digital Marketing agencies. Ideally, a company would aim to be at level 5 and avoid being at level 1.

According to Sophie Elizabeth Smith, author for Digital Marketing Institute, the benchmarking system displayed uses a simple 5-point scale from the US Carnegie Mellon Institute. The system originally developed for reviewing the maturity of software development processes was tweaked to highlight the role of technology in marketing and labels that is more native to the digital marketing realm.

This is a good tool for digital marketing company to use to assess themselves. As technology is always changing and digital demand changes with it, it is important for digital marketers to update their knowledge as soon as the digital changes take place.

If you are a business seeking to engage a digital marketing consultant, do a little bit of research on the current social media updates and asks questions to ensure their knowledge is up to date. You don’t want to spend money producing a video that uses out-dated format only to find out that you might have to spend more to reshoot it in the correct format.

  • Standard Advertising Guidelines

 

Depending on where your marketing company runs from and who their target audience is, remember to always check your country’s advertising guidelines, especially the ones that focuses on digital marketing and advertising.

In Singapore for example, The Advertising Standards Authority of Singapore (ASAS) has published its Digital and Social Media Advertising Guidelines.

The guideline specifies the way marketers engage with influencers for their brands. For example, marketers are required to make sponsored messages distinct from personal opinions and editorial content in their posts and disclose any commercial relationships. Ads should not appear as impartial or casual Tweets on a user’s Twitter account if they are endorsing a specific sponsor, product, service or product name.

The guideline only took effect on August 2016 and marketers were given a month to adhere to the guidelines. So if you are not yet aware of these guidelines, make sure to check them out. The guide is made available here.

If you are running your business from a different country, then be sure to ask for advice. There are a couple of international industry leaders group than can provide you with a clearer insight of the industry like The Interactive Advertising Bureau (IAB) or The Digital Advertising Alliance (DAA).

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ThunderQuote is the most comprehensive business services portal in Singapore, Australia and ASEAN , where hundreds of thousands of dollars of procurement contracts are sourced every month by major companies like Singapore Press Holdings, National Trade Union Congress and more.

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