Benefits of Digital Marketing Every Business Owner Should Know
As technology continues to evolve, the global marketplace has become more digital.
More and more people are buying products online.
In fact, the global online shopping market size almost hit four trillion in 2020. By 2023, the US is expected to have 300 million online shoppers. That’s 91% of the population we have today!
These stats are one of the many reasons why hundreds of thousands of companies around the world are now using digital marketing.
If your business has always been reliant on traditional marketing campaigns, it’s time to switch gears and go full digital. Trust us, it’s a move that will change your life forever – and we mean it in a professional sense.
But First, What is Digital Marketing?
Also called online marketing or internet marketing, digital marketing refers to any advertising delivered through an electronic device or the internet.
Digital marketing comes in many forms, from pay-per-click (PPC) ads, content marketing, and social media posts, to video ads and SEO. Regardless of which type you use, they all share a common purpose: Help your business increase traffic, leads, and sales.
Image Source: Froggy ads
Essentially speaking, any marketing campaign that involves digital communication is digital marketing.
6 Ways Digital Marketing Helps Your Business
So, what makes digital marketing an effective tool in helping companies of all sizes grow? How does it play a pivotal role in driving success for your business? Find out below!
A Super Cost-Effective Way to Market Your Business
Most if not all marketers would agree that digital marketing is the most cost-effective way to promote your business.
When it comes to traditional marketing, it’s almost impossible for SMBs to compete with larger businesses. Why? The latter has the funds to allocate for radio spots, ad space, and more.
However, with digital marketing, all businesses, regardless of size, are playing on the same field. If you run a small business, you can effectively promote your products without spending a huge chunk of money.
Take this, for example: For less than $3, a small company can expose its products to more than 2,000 consumers already. If they use direct mail on that same exposure, it would cost them around $57!
The only cost you need to worry about in digital marketing is time. Content marketing, social media engagement, and SEO take a lot of time to yield results. Then again, those results are always worth every second.
Allows You to Target the Right Audience
Using traditional marketing tactics to target your ideal audience can be really difficult.
While there are still some ways to boost your chances of success with traditional advertising, such as billboards or print ads, they just don’t offer the same targeting capabilities as digital marketing.
For instance, when you place your ad in a certain magazine, you don’t have the reassurance that the message will reach your intended audience. Their readers might not even bother to look through it.
Digital marketing, however, can give you a peace of mind that the right folks are viewing your content.
With SEO, or search engine optimization, you can reach your target consumers who are looking online for topics or content that are relevant to your business.
PPC or social media ads allow you to set your target audience. You can narrow them by attributes such as gender, age, occupation, hobbies, and more. Especially with platforms like Facebook, you get to be extremely specific with the people you want to turn into customers.
Improves Conversion Rates
Another notable benefit of digital marketing is its ability to increase your conversion rates.
One of the best ways to make it possible is by investing in online marketing strategies such as conversion rate optimization (CRO).
With CRO, you have the opportunity to target more specific leads. You’re only focused on people who are possibly interested in your business, which means that your chances of earning a conversion are really high.
The more conversions you earn, the closer you get to success.
Helps You Reach More Qualified Online Consumers
Thanks to SEO and local SEO miami, both of which are common digital marketing tactics, you can reach more buyers online.
SEO requires you to use keywords that are relevant to the product or service you’re offering, which in turn, helps you bring more traffic to your website. Then, more conversions will follow.
Companies that operate in specific geographic locations, such as restaurants and brick-and-mortar stores, can take advantage of local SEO.
Most consumers who are searching for local businesses online usually end up making a purchase. As a matter of fact, Google found that 28% of searches for something nearby leads to a bought product or service.
Makes Your Brand More Credible
What’s a quick and sustainable way to grow your brand’s reputation? Be active online!
According to content marketing studies, companies that are digitally active are often the ones that have the most credibility. That’s because such companies address the concerns of their customers, share their expertise, and keep their audience engaged through their quality content.
Any content that offers valuable information helps a business gain the trust of its consumers and welcome new ones.
Another digital marketing tactic that can help make your brand more reliable is by posting reviews from satisfied customers on your website or social media platforms.
These days, people tend to trust a business more after reading positive online reviews. Here are several stats to prove that:
- 89% of consumers worldwide read reviews first before buying a product.
- Three out of four shoppers say they trust online reviews as much as personal recommendations.
- About 82% of consumers consult online reviews to learn more about local stores.
- Product pages with reviews experience 3.5 times more conversions than those without.
- 62% of consumers agree that they won’t buy from brands that censor online reviews.
Provides Real-Time Results
Here’s another reason why digital marketing is the best option for your business: It allows you to view the real-time results of your campaigns.
Using website analytics, you’ll be able to identify the following:
- The number of visitors to your website
- The pages they visited
- The length of time they spent on each page
- The increase in the number of subscribers
- Conversion rates
- Increase or decline in traffic
- Bounce rate
- Peak trading times
All of these data provide important insights that can help improve your marketing campaigns over time.
For example, you’ve created a series of blog posts for your website. You’re trying to decide whether you should continue writing them or focus on other strategies.
How do you reach a decision?
Simply look at the blog analytics to find out how many people are reading your blog content. See how many of them are actually converting or taking the desired action. By tracking your results in real-time, you’ll be able to determine the best use of your resources.