Have you ever wondered why everyone is insisting on digital marketing for helping their business grow? Wondered what it is all about and why waste a lot of money on it rather than spending it towards product development? Well, in today’s digitalized world, if you want to keep up with the current trends and competition, you need a digital presence that is loud and attractive.
Digital marketing ahs gained a lot of importance due to the potential it holds for the growth of the business. No matter how well your product is doing in the market or how unique the product is, if it does not have a fitting representation online, one day it will lose to the competition. Simply because the competitor used digital advertisements and strategies to capture the attention of the target audience better.
Why Invest In Digital Marketing
If you are one of those who are yet to be convinced investing in digital marketing is a wise choice, here are a few reasons as to why you should:
Target Traffic - When your business is small or medium sized, it cannot really compete with the biggies through offers and discounts. Due to the established name, the big companies will retain the cream of the target audience’s attention. When you have an effective digital marketing strategy, you can attract more of the target audience. This is no longer reserved only for the big companies.
Cost Effective – Publishing an advertisement online is much cheaper and faster than putting up a big hoarding on the highway or publishing a full page advertisement in the newspaper. This cost effective channel of advertising helps you spend lesser and reach more through your advertisements. This helps you budget better and use this money towards product development, employment satisfaction, etc.
Conversion Rate – Since these advertisements are targeted for a specific group of people, the reach is better. These advertisements can be published on online portals and platforms, to specific groups, thus increasing the conversion rate.
Better Revenue – When you spend lesser on marketing and have a higher conversion rate, the revenues are going to be higher. The revenue growth will also be higher as the techniques used will reap higher benefits. When it is a small or medium sized business, this change in revenue growth can make a very big difference.
Interactive – Digital marketing strategies and campaigns can be very interactive as everyone is connected by the internet today. When there is interaction between the company and the customers, you get better feedback that can help you improve your business. You get a better insight into your target audience and can change your product or service accordingly. You will also get a better idea about the competition and where you lack, thus enabling you to plan accordingly.
Mobile Customer – Not everyone has the time to read the papers or watch TV these days. People are moving towards a mobile life where they are always on the move and the only thing permanent is their smart phone and their social media connections. When digital media is used, these customers are targeted and the advertisements hit the right group of people as it is published for a selected crowd.
Gadget Users – As mentioned above people are more dependant on their gadgets today. They rely on their smart phones and laptops to give them all the information they need, about anything and everything. This is because the internet is such a wonderful place where you have answers for everything. In such a situation, when you advertise on this platform, there will be more potential consumers who will see the advertisements. You can reach the target audience easier and faster. Also, the marketing strategy is far more effective.
Brand Building – No matter how reputed a product is, brand building is very important. We have seen too many products being forgotten and left behind, simply because the company didn’t think it was important to continue building and promoting the brand once they had a substantial market share.
When advertising online, you get to hear feedback from customers instantly. Hence you are always forced to maintain your reputation and deliver the promise. This in turn ensures the brand or the product is not forgotten. Customers remember those products that deliver what the label promises. Through brand building, you can increase your market share.