The following topics will be covered in this blog:
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What is Digital Marketing?
Digital Marketing refers to the process of promoting products/services and establishing brand awareness by using digital media and creating a customized marketing strategy. Some of the most common channels explored by digital marketers are E-Mail Marketing, Affiliate Marketing, Paid social media platforms, etc.
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What are the key areas of a business?
We could cut to the chase and simply list out the top five ways to include Digital Marketing for business, but it is imperative for you to first understand what your business should essentially center on.
Let’s address the key elements of a business in layman’s terms:
Customer Base:
‘Customers’ is a pretty straightforward concept to understand. It doesn’t matter how amazing your product is, how impressive your infrastructure is, or how dynamic your team of employees is. If you don’t have people to buy your product or service, you don’t have a business. Period!
Supply and Necessity:
All businesses are naturally the ‘suppliers’ in the equation. For your business to thrive, you need to pay attention to the demands of the people or potential buyers. If you have a product or service you are planning to sell, you will need the consumer’s will to pay the price for it. Your business will only work if people are willing to turn into customers.
Read: Fundamentals of Digital Marketing
Competitiveness:
In a free-market economy, there is no monopoly. This means that anybody with the means can open up a similar business like yours and can give you a good run for your money. Simply put, you will be constantly up against competitors. Only a competitive advantage can help you survive this rat race.
Return on Investment (ROI):
Payback plays a pivotal role that could make or break a business. If you are investing in your business, you always have to look for the best ways to optimize the returns.
Learn how Facebook Pixel unlocks the power of website data with Intellipaat’s blog.
Marketing & Advertising:
Let’s say, you have a product or a service ready to be sold. You cannot expect people to come and put their money into it just because it exists. Every business needs a marketing strategy to promote itself to the right demographic. If you are trying to sell a product to a group of people who have no use for it, then your business will invariably suffer a loss. The key is to discern your target market and then promote and sell your product to this particular demographic.
Now that we have covered the key areas of a business, let’s jump right into how they all tie up with Digital Marketing. It is nothing but a set of marketing strategies that involve the Internet and electronic media to promote businesses. You can expand and grow your business with the right set of Digital Marketing skills and strategy if you understand how it works. The impact of Digital Marketing will be hard for you to ignore when you see the results for yourself.
Check out our blog on various Digital Marketing Examples!
Advantages of Digital Marketing
Over the years, Digital Marketing has become a very important tool for communicating with customers. Businesses are already investing more in their digital marketing teams. There are many benefits associated with Digital Marketing. The most important ones are discussed below:
1. Easy to Communicate with Customers to gain Loyalty
It is very important to continuously interact with your customers so that they can gain trust in your organization and your brand. Digital Marketing helps companies to stay in constant touch with their customers, understand the touch points of their customers, and more. It also facilitates promoting transparency which also goes a long way in building a trustworthy relationship with your customers.
2. Engage with Customers at Every Stage
Digital Marketing lets you engage with your customer at every stage of the customer life cycle, whether it is a first-time website visit or the first purchase. It lets your users interact with your brand and engages them in every possible way in the whole digital marketing funnel. For example- Users can share a blog post that may include a photo or a video etc. Looking at the way customers are interacting, digital marketers can create more engaging content.
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3. Easy to Target the Right Audience
This is the most important of all other benefits of Digital Marketing. You can target the right audience easily without spending too much. Not only this but communication and interaction with your target audience will become much easier when you have finally identified the target audience. Digital marketing involves effective targeting techniques such as Search Engine Optimization (SEO), Pay-Per-Click (PPC), etc. that help organizations in creating the right marketing strategy for the right audience.
4. Generate Leads Consistently
It is already known that the leads collected by the digital marketing team are passed on to the sales teams to follow up. Digital marketing helps in collecting quality leads with the help of various analytical tools such as Google Analytics. In fact, the cost of getting leads is cheaper than traditional marketing techniques. Also, there is not just one single phase of lead generation, but constant lead generation along with good quality.
5. Optimized and Better Conversion Rates
Since Digital Marketing follows a focused approach, the results are aligned to the marketing objectives and the conversion rates are higher. Also, the effective analytics tools used by Digital Marketing help in monitoring the real-time performance of the marketing campaigns, which results in optimum conversion rates and a boost in sales numbers.
6. Easy and Accurate to Measure All Results
Digital Marketing not only allows you to reach your target audience and get better quality leads but also lets you know about the performance of your marketing campaigns. Digital Marketing techniques like campaign management etc. help you to monitor the performance of the launched campaigns and analyze the results of the past campaigns. This helps in taking better decisions that lead to optimum utilization of marketing resources such as money and time.
7. Gain Brand Reputation
Digital Marketing, if utilized properly can get your brand global recognition. The advancements in the domain of Digital Marketing already have benefitted multiple start-ups to get a good customer base. Content Marketing, Video Marketing, Social Media Marketing, Paid Advertising, Email Marketing strategy, etc. are all a part of Digital Marketing. All of these if done in the right way can help companies build a strong brand reputation.
8. Less Marketing Expense
As discussed before, Digital Marketing is cost-effective since all the marketing efforts are driven sitting in one place online. Multiple customers can be reached and personalized communications can be sent to them at once. The cost-benefit ratio is higher using Digital Marketing as the approach is optimal and focused.
9. Global Brand Recognition and Target Global Audience
We discussed the use of Digital Marketing in brand building locally as well as globally earlier. Since the internet has penetrated every nook and corner of the world, reaching a customer sitting anywhere in the world is easily possible using Digital Marketing. Marketers can easily design multiple marketing strategies for different target markets across the globe.
10. Generate More Revenue
The end goal of every marketer is getting revenue. Digital marketing helps achieve that easily through multiple techniques such as SEO, Content Marketing, Campaign Management, Social Media Marketing, etc. Also, since the cost is lesser, the overall profit is also enhanced.
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Why Digital Marketing Is Important for Your Business
We have already discussed what a business entails. Now, we will review the same, but this time, we will discuss how you can tackle each aspect of your business in a digitally-driven world. How you can take advantage of Digital Marketing? This will recapitulate the importance of Digital Marketing for business.
Huge customer base digitally
More than half of your potential customers are skimming through websites and accessing content online on their electronic devices. Doesn’t it make it the best place to attract your target audience to your product? Your business website or social media profile should be accessible to potential customers on all these devices. If your website takes time to load or is not compatible with certain devices, you risk losing these potential customers.
The quintessential benefit of including Digital Marketing for business is that your demographic is not limited to the area you are located in. That not only holds true for every brick-and-mortar business but also for businesses without a physical address.
You can market your product to any part of the world within a matter of seconds. All you need is to maintain a point of contact through social media, a website, or through a business listing that includes your phone number, email, or business address.
Promoting using Digital Marketing for small businesses is all the easier without spending thousands of dollars on traditional marketing methods, such as hoardings, billboards, newspapers, TV commercials, etc. Customer service and interaction have also truly become simplified and easy online.
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Supply and Demand
As a business owner, your main goal is to appeal to people. Suppose, your website gets an interested buyer, but for some reason, the buyer decides not to buy from you. This can happen for a number of reasons. Maybe, the buyer was in a hurry, or he/she didn’t think your product was worth the price. Whatever the reason, it is important to understand that not all visitors become your customers.
Your goal should be to make interested visitors buy from your business. The more visitors you are able to convert into buyers, the better your conversion rate. There are a number of ways to achieve this through digital advertising and retargeting the ads. You can even offer products with discounts.
Always remember that your product will be in demand only if you appeal to the buyers. If you have an attractive offer for them, you will stand a better chance of making a sale.
Competition
In the context of demand, you may lose out on a prospective customer if the customer finds another business that is offering the same product or service at a much lower rate. For any business, it is essential to do market research and analysis. This has become so much easier to do with information easily available online. There are various Digital Marketing tools available for you to monitor your competitor’s growth and surface actionable insights.
Return on Investment (ROI)
Investment in a business does not just include the cost of bringing the product or service to the market. It also includes investments in marketing, promotion, and distribution. While traditional media has always been notoriously expensive, you can reach the same number of audiences at a fraction of the price by making a shift to digital media.
On the other hand, traditional media still has a significant impact when it comes to marketing. You can optimize your ROI by distributing the investments smartly between Digital Marketing and Traditional Marketing. Digital Marketing for small businesses (with a limited budget) has exploded in recent years as a go-to marketing tactic.
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Promotion or Marketing
Online marketing for small businesses has never been easier! With Digital Marketing, not only is it possible to promote to millions of people worldwide in an instant but also to use different tools and mediums for promotions without spending a bomb. However, even with the reach of such an extensive audience, market segmentation is crucial.
It is unwise to waste your time and resources trying to push your product or service toward an audience that has no use for it. It is smarter and advisable to focus all marketing resources and efforts on reaching valuable customers.
If you use Digital Marketing for business, it can also help identify your target audience and cater specifically to them. It is just a matter of using the right filters based on age, gender, location, etc. to get your product to the right audience.
If you want to become an expert in Digital Marketing, Intellipaat’s various Digital Marketing Courses are for you!
Signs You Need Help With Digital Marketing
Even though the majority of organizations have adopted digital marketing, there are few of them who have not completely leveraged the advantages of Digital Marketing. However, there are some signs that indicate the adoption of Digital Marketing for business growth. We have explained below some of them:
1. Unable to Maximize Your ROI
Organizations that have already spent a huge amount of money on their marketing efforts and are increasing their spending day by day without being able to maximize their returns need Digital Marketing. A good Return on Investment is very important for a healthy business and Digital Marketing has just the right techniques to get better results with lower investment.
2. Bad Social Media Accounts Performance
These days with customers going tech-savvy and being active on Social Media, it has become very important to have a good performing Social Media platform for your brand. However, having a poorly performing Social Media account can hinder your chances of building a good brand image in the minds of your customers. Social Media Marketing has already paved the way for millions of start-ups globally to maximize their profits. Hence, Digital Marketing is your go-to weapon if you have a bad social media performance.
3. Low Conversion Rates
Low conversion rates are a result of poor-quality leads being passed on to your sales team. In spite of your sales team’s efforts, the conversion rates will be low. Digital Marketing uses analytical tools that help in fetching good leads thus leading to better conversion rates.
4. Traffic is Very Low
Driving the right quality and amount of traffic to your website is very important. Even if your website is attractive and highly engaging, there will be no traffic directed to it if Digital Marketing is not used. Lower traffic means low leads and in turn, low conversions.
5. Paid Ads are not Generating Traffic or Returns
Digital Marketing has the potential to drive traffic and generate traffic even if paid ads are not working. Hence, you definitely need it if you are shelling out money and not getting any traffic or returns.
Also read: SEO vs SEM
6. Absence of Content Strategy
The audience is hungry for content. However, if you do not have a proper content marketing strategy in place and are randomly posting content, there will be less or no audience engagement with the content. Hence Digital Marketing is very important to create related and highly engaging content for the right audience.
Conclusion
The need for Digital Marketing has essentially changed the way people run businesses especially Digital Marketing for small businesses. It is fast, engaging, and readily available at the click of a button. All you need to do is set up a presence online and start engaging with potential customers to generate leads or provide quick customer service to your existing loyal customers. In this blog, you got familiar with various benefits of Digital Marketing.
People love the Internet, and you can optimize their experience by helping them with your online content and services. If you are considering incorporating Digital Marketing for your business, you can find infinite resources online and also check out Intellipaat’s Digital Marketing Certification Course to become a professional consultant.
Visit our Digital Marketing Community to learn more about it!