I remember watching old Karate flicks, where a young boy wants revenge because the evil emperor took control of his village and now his people are suffering. The boy now trains with karate master and he gets taught everything he knows about this fighting technique. He now becomes a skilled warrior through an adrenaline pumping montage, and he defeats the villain. In the world of digital marketing this, concept of being a Digital Marketing Master is only a dream. There are so many concepts, strategies, and factors at play that affect digital marketing on a daily basis. There is no way that you can learn everything about digital marketing. For instance, Instagram has over 1 billion active users that post 95 million pictures and videos daily. To truly understand the concept of what’s trending and what is perceived as marketable you would need to analyze all of this data constantly. Marketing campaigns are usually a gamble as well. We’re taking the information we know about a target audience and creating an advertisement that will resonate with them. Will the consumers like it? What emotional ties will consumers have with that brand after the ad is released? Will it have a negative impact on the brand itself? The world of digital marketing is very unpredictable, all we can do as marketers is analyze the data were given and provide a few strategic approaches to solve a consumer problem.
In the business world, we want to make money. Money, Profit, Revenue, Dollar, Dollars, Bills Yall. Any entrepreneur or CEO of a major corporation has the goal of growing their business, gaining a larger Market Share, and improving customer life time value. With the money, time and effort that they have invested with in a company, they want to see results. These results are the Return on Investment (ROI). This value is calculated by the following equation. The ROI is usually expressed as a percentage.
The above photo was taken from (https://theonlineadvertisingguide.com/glossary/roi/)
For example, as a CEO I spent $500 to build my clothing business within two weeks I gained a total of $2000 from sales of basketball shorts. What is my ROI?
(2000-500/500) x100= 300%
In the above example I received a 300% ROI in my business. Which is great! These results are what CEO’s want to see. They want to see a higher revenue then what they invested.
Have you ever wondered how marketers can gain marketing experience without taking one step in the work force? Easy, the use of Marketing Business Simulators. These simulators allow marketers to test certain a marketing campaigns and gain real time experiences and results. I actually used a simulator recently and I enjoyed every minute of it. I was allowed to manage a marketing budget, choose what type of advertising I wanted to fund, and even review data collected from previous years to make more efficient decisions. There are plenty of business simulators to choose from and they can be pretty pricey. The fact that your gaining experience without risking millions of dollars on advertising is priceless. So, do yourself a favor and try a simulator prior to making an important business decision, this system can help you save money, and even your job.