Typing into Google “How much does digital marketing cost?” it’s enough to make any small business owner fear for the future. As the world becomes increasingly digital and globalized, it’s natural to feel overwhelmed by the many new ways to reach customers and feel like you’ll never be able to adapt. Whether you’re launching a new business or looking to modernize an existing business, online marketing is not something you can overlook. In fact, to compete in today’s cut-throat marketplace, it’s now essential.
While the coronavirus pandemic has changed the way we think about commerce, 46% of US businesses still don’t have a website. Aside from the basics like building a website and managing social media, digital marketing should be a priority from the moment you start your business. Below, we’ve rounded up some of the many reasons why you should invest in Digital Marketing.
One of the main reasons small businesses should invest in digital marketing is to convert their website visitors into customers. Chances are, you’re already promoting your products to your followers on Instagram, but how many of them convert into leads or sales? Conversion optimization is becoming more and more important and a great way to monitor the ROI of your digital marketing budget: How much do I get back for every $10 I spend on marketing? Experiment with different strategies like paid advertising and SEO to see what works for you, and don’t overlook strategies like online PR.
Whether you want to reach businesses or consumers, digital marketing is often much more profitable than other methods. Direct marketing, telemarketing and traditional print marketing still have their time and place, but they are expensive. Your customers – both B2B and B2C – now spend more time on their phones than watching TV, so it’s vital that you reach them through their devices. The cost per customer is much cheaper when you can monitor the entire customer journey; campaigns can be optimized and adjusted.
Have you ever felt that it is impossible to compete with big brands like Amazon and Walmart? The truth is that it is difficult, but there are ways to use digital marketing to level the playing field. Invest in an online search engine optimization and public relations campaign, for example, and you can rank for competitive terms in your industry, whether it’s “bar stools” or “business coaching.” The more time and energy you put into your website and online presence, the more likely you are to win over customers from local, regional, and global competition, and build relationships with businesses on the other side of the world, opening up new opportunities for you. possibilities.
The ultimate goal of digital marketing is to present your business in the best possible light and convince customers to put up their money. Digital marketing makes this more possible than traditional marketing as you can build a brand worth buying from. For example, you are more likely to buy products from a website that is on the first page of Google and has been featured in magazines like Forbes and Cosmopolitan than from a random business on page ten of Google. What’s more, nearly all online shoppers trust users and post reviews as much as a friend’s recommendation, proving the value of an effective campaign. With the right “social signals” in social media and PR, you can create a buying target audience.
Some of the world’s biggest brands were created online, from Amazon to Uber. They used digital marketing strategies to grow their businesses from one-man businesses to billion-dollar brands. Once you’ve found a sales funnel that works for your business, you can replicate it across all relevant digital marketing channels to find new customers and grow your brand. Best of all, if you’re overwhelmed with new customers and can’t keep up, you can pause paid ad campaigns or create a waiting list to build customer anticipation.
Think of digital marketing as rocket fuel for small and medium business growth: once you’ve found a niche and a strategy that works, you can rinse and repeat as you grow.
Last year, Facebook generated $17.44 billion in ad revenue. Google reported advertising sales of $134 billion. Small and medium-sized businesses spend an average of $500-$1,000 per month on paid advertising, as it allows them to reach the right target audience in the blink of an eye. If you know who you want to sell to, you’ll be on their timelines in seconds.
Paid advertising isn’t the only way to reach the right audience. Online public relations is another popular model. This is to appear on third-party websites, such as newspapers and magazines, which will link to your site. In addition to tapping into your audience, you’ll increase your search engine rankings and attract more organic traffic. If you rank high for a term like “sushi delivery in New York”, you’re all set: an endless tap of sushi lovers.
Small and medium-sized businesses should invest in online marketing from day one or, to maximize their launch, start building brand awareness before they even start operations.