Before you jump into the digital marketing field, it's important to memorize a few key terms you're going to be seeing a lot. The first term is CPM, which is cost per thousand impressions. For example, if you spend $500 on 30,000 impressions, your CPM = $16.66. Most CPMs range from ~$2 to ~$10. Another term is CPC, which is cost per thousand impressions. This basically means "how much money does each click cost you?" This could range from 10 cents to $20 depending on what you're promoting. There is also CPL, which cost per lead. A "lead" happens when you collect information (name, email, phone) and can follow up with a potential customer. Your cost per lead is very important. CPA is cost per acquisition. This really means "how much does it cost to close a customer?" Your CPA should be lower than your revenue gained. Another term is eCPM, which is cost per thousand ad impressions on a website (i.e. display ads). The last term is CTR, which is click-through rate. This means "how many people saw/how many people clicked."
Email marketing is another powerful took of digital marketing but there are some things you should know about the tactic before getting into it. Traffic from email marketing campaigns has an average conversion rate of 4.29 percent. This is higher than Search, which has 3 percent, Direct, which has 2.9 percent and Social, which has 1.8%. Building a quality email list is key. You can use lead forms, pop-ups, promotions/giveaways, partnerships, and freemiums. Services like MailChimp and Pardot allow you to automate your email sales funnel. You can also utilize a drip campaign, which is a method used in direct marketing to acquire customers through lead nurture programs. It involves sending marketing information to prospects repeatedly over longer periods of time in order to nurture prospects or leads through the marketing funnel.
When it comes to building your own company, it's also important to maintain relationships with other brands. So, find brands or companies that are like-minded and aligned with your product. Find ways to create mutually beneficial partnerships such as propose a social swap, participate in a giveaway, trade email newsletters to tap into your partner's audience. Ultimately, think about "what do they want? What can you give? What do you want in return?" When making a proposal, remember, it has to be mutually beneficial. Don't simply take, take, take. You want to create long-term partnerships.