In the last decade, the world has witnessed a paradigm shift from the more traditional marketing channels to digital marketing channels.
That is evident from the fact that traditional marketing channels have lost their share to the newer digital media in more recent times. And this trend does not look to reverse anytime soon or at all.
Moreover, as more and more people are shifting to digital platforms, brands are left with no option but to follow their customers or risk losing business.
This makes digital marketing for business all the more critical.
As such, brands have to focus on taking their business online.
It makes no sense to promote your business only on traditional marketing platforms like radio or newspaper if most of your audience listens to podcasts. So, you have to go wherever your customer hangs out at.
According to a July 2020 research by Statista, almost 4.66 billion people were active internet users. This figure comprises 59 percent of the global population, with mobile internet users accounting for 91 percent of total internet users.
With numbers that high, targeting digital marketing make a lot more sense for business. And that’s exactly what brands are doing at the moment.
In a 2019 survey, the senior marketing leaders of top brands predicted the budget trends for the various marketing channels, if they would increase, stay the same, or decrease in the next year for the following channels: online video; social networks; podcast; advanced TV; online display; point of sale (POS); outdoor; radio; traditional TV; cinema; newspapers; and magazines.
It can be clearly seen that budgets in the digital channels were predicted to increase. On the other hand, the budget in the Traditional Marketing channels was expected to decrease.
This implied that the companies would prefer shifting their marketing focus more on the digital platforms in the future. And that’s precisely what’s happening as more and more businesses have started focusing their efforts on digital marketing channels.
But why is that? Let’s look at why digital marketing is important for your business.
Importance of digital marketing for business
To answer the question, How does Digital Marketing help a business, let’s look at some of the benefits of digital marketing which makes it invaluable for business.
- Digital Marketing Levels the Online Playing Field
Digital marketing provides equal opportunities to every business. It is not something restricted to big corporations or multinational companies. Even small companies can leverage their positions and stand in perfect competition with the established companies with digital marketing.
- Digital Marketing Is More Cost-Effective than Traditional Marketing
Traditional marketing channels would require substantial initial investments, mainly in the form of infrastructure. But that is not the case with digital marketing as it does not require considerable investments for the business. Even small companies can find digital channels that work and do not require much cost to be spent.
- Digital Marketing Delivers Conversion
Digital Marketing provides a great ROI for your marketing investments. The conversion with digital marketing for business is higher when compared to other forms of marketing. These conversions can be tracked by understanding the traffic that turns into subscribers, leads, and customers.
As revenue is directly related to conversions, a successful digital marketing strategy generates more revenue. Therefore, businesses should make efforts to draw a robust digital system that aim for higher conversions.
- Digital Marketing Facilitates Interaction with Targeted Audiences
One of the reasons digital marketing is winning over traditional marketing is that it helps target a specific segment. The interactions done with the target audience are result-oriented. They help to achieve predetermined goals.
- Digital Marketing provides personalized communication
Businesses can use email marketing to directly target a particular person. Therefore, digital marketing is considered the highest personalized form of marketing.
- Digital Marketing Caters to the Mobile Consumer
Digital marketing also includes mobile marketing. There is no doubt attached to the fact that people are increasingly using mobile phones these days. Companies, therefore, are making their websites responsive on mobile.
Social media tools like YouTube, Twitter, and Instagram hold the power to influence the general public. The inclusion of social media tools has given birth to influencers. This particular breed of influencers has the incredible ability to control the decision of the general public. Hence, companies no longer have to endorse celebrities to boost sales of the product or service.
- Digital Marketing efforts are measurable
With the specific tools’ help, you can easily measure each digital marketing platform’s results. This will help you to evaluate performance and assist you in making decisions.
These are just some of the reasons which explain why digital marketing is essential for your business
Digital marketing for small business
Traditionally, brick-and-mortar business establishments encounter visitors entering their store, skimming and inspecting the products, then leaving without buying anything.
With the evolution of modern technologies, businesses have to take various steps to keep up with landscape changes.
Nowadays, the customers visit the brick and mortar setup and visit online stores or engage with businesses on various platforms.
Every brand is fighting for the market share and the mind share of its targetted audience.
It has become necessary for even the smallest of businesses to adapt to the technology if they wish to survive the competition.
The process of drawing online consumers will define whether a business is thriving and successful or has failed.
It’s all about being available on the platforms where your customers are.
That way, you can target your audience and engage with them. Targeting the right kind of people who deliver the correct type of results ensures your business’s survival.
The smaller size of operations makes it easier to manage and target the efforts as well.
Any growing and upcoming business can benefit from a robust online presence. It offers businesses a better opportunity to sustain, compete, and grow.
With digital marketing, small businesses can attract a large audience. Digital marketing is a cost-effective way to transform your business. Hence, it is wise for the small business to utilize the potential of digital marketing and get ahead in their business.
How to use digital marketing for your business
There are lots of components involved in using digital marketing for your business.
Since digital marketing is fundamentally marketing, the first thing to do is design your customer avatar.
A customer avatar represents your ideal customer, the person you want to purchase your products or services.
This includes analyzing their demographics and psychographic details. It also helps in identifying their goals and values, challenges & pain points, etc.
After identifying your customer avatar, you’ll understand the best way to reach them, what marketing techniques work best, and how you should construct your content for them.
Once you’ve designed your customer avatar, you need to jot down some realistic goals for your digital marketing campaign.
By achieving your digital marketing goals, you’ll also reach your overall business objectives, whether that involves boosting your overall sales or improving brand awareness.
The next step is to choose the right components of digital marketing for achieving your goals.
The main components of digital marketing include Paid ads, Organic SEO, Email Marketing, Social Media Marketing, Content Marketing, Website, etc.
These components of digital marketing are potent themselves, just like the Infinity stones from the MCU. But the real magic happens when all these components are Integrated. An integrated digital marketing campaign has the potential to drive impressive results.
It’s like a well-oiled machine, where every part compliments the other.
Does digital marketing work for all businesses?
If you’re wondering what businesses need digital marketing and if it is even the right idea for your business, then the answer to that question is 100% yes.
Digital marketing can work for any business in any industry. Regardless of what your company sells, or even how big a brand you are, digital marketing is the need of the hour.
As discussed earlier, people are shifting to digital platforms. No matter what industry you’re in, you need to follow your customers.
If you don’t, then your competitor will. There’s no doubt about that.
At this stage, digital marketing is vital for your business and brand awareness. It seems like every other brand has a website for its business. And if they don’t, they at least have a social media presence or digital ad strategy.
Consumers now expect and rely on digital platforms to learn about brands.
Long story short, to be competitive as a business owner, you’ll need to embrace some aspects of digital marketing.
Because digital marketing has so many options and strategies associated with it, you can get creative and experiment with various marketing tactics on a budget. With digital marketing, you can also use analytics dashboards to monitor your campaigns’ success and ROI more than you could with traditional promotional content — such as a billboard or print ad.
How much does it cost to do digital marketing?
Are you wondering how much you have to invest in digital marketing to get results? Is it even worth it?
These are essential questions for any business that is considering implementing a digital marketing campaign.
There are different types of digital marketing components involved, and each has a diverse price range. Some digital marketing techniques that will be included in this article are listed here:
- Pay Per Click Management
- Social Media Advertising
- Organic SEO
- Content Creation
- Link Building
- Email Marketing
- Website Design
- Video Marketing
The top 3 are considered the most important, and that’s where most of the funds are invested.
But it totally depends on the nature of your business and the goals you wish to accomplish. For an aggressive strategy, you’ll have to invest more in your digital marketing efforts. Suppose you have a small-to-mid-sized business. In that case, you should plan to spend roughly 10-20% of your revenue on digital marketing.
In short, digital marketing is an all-mighty gateway between electronic technology and marketing psychology.
Suppose you want to master and manage the information going out and into this gateway. In that case, you have to make sure that your business’s digital marketing strategy is integrated into your marketing plans.
The time for contemplating whether to jump in the ring or not has gone. Digital marketing for business is a matter of survival now.
Hopefully, this guide explains to you that why Is digital marketing profitable for your business.
So, If you wish to grow or even survive, you have to follow the trend. The history is filled with statistics of all brands who never adapted to the change and perished.
Don’t be a statistic. Proof your business with digital marketing.