Why is Digital Marketing Important for Business?
Digital marketing, meaning marketing on the online platforms, is a new phenomenon. Well, not so new actually! It has been prevalent for more than a decade now. However, lately the need to promote businesses using this marketing method has become more of a necessity owing to the growing number of internet users.Importance of Digital Marketing For Business in 2020 Click To Tweet
This is why numerous businesses and professionals around the world have adopted this resourceful medium of marketing. Digital ad spend is predicted to go beyond $350 billion globally by 2021. Yet, many businesses are still holding onto the traditional marketing methods and barring their chances of growth.
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Every businessman as well as professional should realize the importance of digital marketing in the current times. This holds true for those who are already established as well as the ones who are just starting out.
Let us learn in detail as to why every business should use digital marketing strategies:
Create a Brand Name
We all know that creating a brand name is the first step towards establishing goodwill in the market and boosting sales in turn. As customers, we are ready to shell extra bugs for branded products as they seem familiar and thus it is easier to trust them. Isn’t it? That’s the power of brand name. This of course needs to be coupled with offering high quality products and services, quick service, great customer support and certain other things.
Now, establishing a brand name is a project on its own. You need to publicize your brand everywhere to make sure your brand stays on the top of the customers’ mind. Statistics reveal that 5 to 7 impressions are needed for brands to create a mark on a person’s mind. So, you require making constant effort if you really want to stand out from the crowd.
Digital marketing proves to be a great way to create a brand name and publicize it among the masses. This is because people, these days, spend most of their time online. One of the best places to promote your products and services is social media. Social media platforms are frequented by people of all age groups and are thus an effective way to increase brand visibility.
Move beyond the Local Market
Many businessmen work hard and earn fame in the local market. People frequent their shop/showroom to purchase their products and avail their services. However, even after being great at their work they aren’t able to expand their business and raise it to the level they are capable of. This is because most of them find it difficult to move beyond the local market. But not anymore!
Digital marketing has made this task easy. Expanding the business beyond the local market is a breeze with this new way of marketing. You can begin the process by getting an attractive e-commerce portal designed to sell your products in other parts of the country or even outside. It has been observed that e-commerce sellers who make use of product videos boost sales by around 144%. Of course, you will have to use many other digital platforms and techniques to increase your popularity and gain recognition. This can be achieved by seeking services from a good digital marketing agency.
Several businessmen have expanded their business this way. You could be next!
Connect with the Masses
In the present era, what can be a better medium to connect with the masses than the internet? You get a good chance to connect with the general public via digital platforms such as social media, e-mail and online forums to name a few.
Businesses are particularly making optimal use of social media platforms like Facebook, Instagram and LinkedIn to establish a bond with their target audience. Statistics reveal that 90% of businesses employ social media to boost their brand visibility. Social media handles of businesses are updated regularly with interesting posts that have the ability to engage customers and spark two-way communication.
This type of content is termed as interactive content. It includes online polls, quizzes, etc. Video content is also used to attract users and generate their interest in the brand with the ultimate aim of establishing a connection with them. It has been observed that video content has 50 times greater chances of driving organic search results in comparison to plain text. Reportedly, 64% of online shoppers claim that video content on their preferred social media platform helped them make buying decisions.
Hyper Personalization Made Possible
Personalization is an effective way to win over customers. Don’t you like it when someone remembers your name, birthday and other similar particulars about you even after talking to you/ meeting you just once or twice? It makes you feel important, isn’t it? We often develop a special connection with such people. This holds true for brands as well. When brands make use of personalized marketing campaigns they are able to create a much better impression on the customers/ prospects. It makes the customers feel valued and thus they look forward to the products/ services of such brands.
Digital marketing offers immense scope for hyper personalization. You can send hyper personalized messages to your existing as well as prospective customers via email, social media, mobile apps and other digital medium to connect with them and establish trust. Efforts are also being made to offer personalised web experience to readers as they visit a website. This is partly being done with the help of chatbots. Other strategies are also being devised for this purpose. Businesses have observed tremendous rise in their email opening rate after inculcating the hyper personalisation. This is proof enough that consumers look forward to personalised emails and messages.
Cost Effective Means of Marketing
We have all grown up watching traditional marketing campaigns. Until around a decade back, businesses spent lacs of rupees to secure place in the newspaper to advertise their products and services. They invested all the more money to publicize the brand via TV commercials. Billboards and pamphlets were among other traditional marketing methods. Any and every traditional marketing method was expensive and still costs a bomb.
Businesses had to shell out as much money to promote their brands earlier and those that did not or could not afford to do so, lagged behind. Digital marketing is indeed a sigh of relief for the businesses as it enables promotion without much investment. Small businesses can even do digital marketing on their own initially just by creating pages on different social media platforms. As the business grows and one gets busy handling other business activities it is recommended to outsource this work to a reputed digital marketing company in Pune, Mumbai or Delhi. These cities are known to have some of the best digital marketing companies in the country. Outsourcing the task helps in two ways:
- You can concentrate on other productive business activities and work towards expansion of business as you assign this work to an external agency.
- Digital marketing is not just about promoting brands on social media. You are assigning the task to professionals who excel in this field. They have good knowledge and experience about digital marketing and will use the various available online platforms to promote your brand and yield better results.
Targeted Approach Made Easy
Targeting specific audiences has never been this easy. In fact, it just seemed close to impossible before the advent of digital marketing. Today, you can find out as to where your prospects spend most of their time with some effort. This is to say that you can identify as to which digital platform is popular among your target audience. Thereafter, you can promote your brand on that particular platform. Targeted approach yields greater results as it is more focused. However, this does not mean you ought to ignore the other digital platforms completely. It is a good idea to invest some percentage on promoting your products on other platforms as well.
Trusted Means of Marketing
It is hard to believe the claims of a television commercial or newspaper ad as we all know that their main objective is to publicize the products and generate profit. Digital marketing campaigns, on the other hand, have the potential to create trust among the masses. This is mainly because this new platform makes the brands seem more approachable. The consumers know that they can easily contact them in case some issue arises and get it resolved. Besides, they see the social media posts of these brands regularly and also check the customer feedback and learn about the first experience using their products and services. Positive feedback by other customers goes a long way in establishing trust in the brand as it appears authentic. Reportedly, more than 80% of shoppers look for online reviews and feedback before purchasing a product.
Collaborating with micro influencers has further helped brands win the customers’ trust. This is, in fact, the latest digital marketing strategy. Brands are making the most of it to build trust among the masses. Brands must also focus on sharing their values. It has been observed that nearly 90% of shoppers stick to brands that share their values.
Scope for Improvisation
As already mentioned, digital marketing facilitates two-way communication. This is quite unlike the traditional marketing method where you just go on promoting your products by highlighting their key features and benefits and by announcing new schemes and offers.
Digital marketing enables you to reach the customers via social media, e-mails and mobile apps. You share the details about your products and services via these mediums and the customers, in turn, have the option to question you back about their features and other details. They can even provide feedback about your products/services and request changes in the same. So, it is a good means to get an honest opinion from customers. You can improvise and enhance your products/ services based on the feedback received from different sources and make them more viable. It has been observed that brands that take customer feedback seriously and make changes accordingly earn customers’ trust and become more popular.
When you employ traditional means of marketing such as television/radio commercials, pamphlet distribution, billboard, etc, you cannot tell exactly how many people saw it and how many of them liked/despised it. When you cannot measure the performance of your branding and marketing campaigns, how will you know if it needs improvement or is creating the kind of impact you intend to? The only way you can get some idea about how well a campaign performed is by assessing how much business you generated after launching it. Digital marketing, on the other hand, helps measure the performance at every level. You can get to know how many people viewed your campaign, how many were impressed by it, how many viewed it partly, which section was disliked, what time of the day your campaign got the maximum views and so on. So, you get a deep insight into the performance metrics that in turn helps you understand how you can tweak your branding and marketing campaigns for wider coverage and better impact.
Great Return on Investment
As mentioned above digital marketing requires low investment. The return on investment however is amazing when it comes to this medium. This is because of its effectiveness. As it reaches a greater number of audience, manages to establish trust among them, helps in creating better connection with the customers, offers scope for improvisation, digital marketing undoubtedly is bound to offer greater return on investment.
So, you see how important it is for businesses to use digital marketing. There are several digital marketing tools and strategies that come handy while promoting businesses on digital platforms. If you don’t have them in place yet, it is time you should else you wouldn’t be able to survive in this highly competitive world. It is best to seek services from an established digital marketing agency to ensure effective promotion of your brand. Look for an agency that has a team of qualified and experienced digital marketing professionals and employ the latest techniques to further the task.
While several factors influence digital marketing budgets, like the size of your company and the scope of your project, the average digital marketing budget ranges from $30,000 to $145,000 per year for SMBs. Keep in mind that digital marketing is an ongoing strategy, so your budget may change as you grow.
Digital marketing is not less expensive than other marketing channels and requires expertise to get it right. You can rely on your agency if they are going to be partners rather than vendors.
Digital marketing is beneficial for any type of business. You can promote business, services, products through digital marketing. There are many advantages to using digital marketing. You can maximize your reach by finding the new market and audience in small investment.