Is It Worth It For SMEs To Invest In Digital Marketing?
There’s been a significant shift in how small businesses use marketing, and traditional marketing efforts, such as print and billboards, are taking a step back.
More and more businesses are realising the benefits of digital marketing and are investing more resources in digital marketing services, such as SEO, PPC, Content Marketing and Social Media.
Business owners now have a wide range of digital marketing methods at their fingertips that can be adapted to suit their objectives, budget or industry.
So, what does digital marketing have to offer you as a small or medium-sized business owner?
1. Digital Marketing will get Your Business Found Online
Investing in digital marketing services
is crucial for your business; if existing or potential customers can’t
find you easily online, they will likely go with another business. This
is the nature of business today. If someone wants to learn more about
your brand, they will probably research you online; perhaps they’re
looking for reviews to see whether or not your company is a good fit for
2. Performance of Marketing Campaigns is Easier to Measure
Unlike traditional marketing, digital marketing gives you the ability
to monitor the performance of your campaigns in real-time. You don’t
have to wait until your campaign ends to gather the data and analyse the
results. By accessing timely data through tools like Google Analytics,
you can review the effectiveness of your strategy and make changes
3. Digital Marketing can get you More Enquiries Online
Gaining additional customers is essential for growing your business
in terms of revenue and profitability. There are several ways of
reaching customers through digital marketing, from websites to video
marketing and social media.
4. Digital Marketing Can Help You Rebrand
Rebranding a small business that you’ve been growing can be a
daunting decision and task. You may hesitate at the idea; however, even
though rebranding can be overwhelming, it can also offer many benefits,
from breathing new life into your business to changing the way your
target audience perceives you.
5. Your Website is a 24/7 Sales Machine
For a small or medium enterprise, keeping within budget is essential.
Investing in staff to promote your services and products can be
costlier in the long run; while you may have to spend some money on
sales efforts to grow your business, having a strong online presence can
help you boost sales and reach your audience more efficiently.
6. It’s Cost-Effective
Many small businesses don’t have the budget available to utilise
costly traditional marketing services such as TV and billboard adverts,
putting them at a distinct disadvantage to competitors with larger
marketing budgets. Only well-known brands can adopt this approach
regularly, which meant that they could dominate the market with ease.
Luckily, digital marketing is an affordable and cost-effective option
for all businesses. A well-executed and effectively targeted digital
marketing strategy can reach potential customers at a much lower cost
than traditional marketing. By only targeting users actively looking for
your services or products, you save money and time.
7. You can Easily Manage Your ROI
The reason why companies invest in marketing is simple: they want to
maximise profit. Return on investment is the ultimate goal, whether it
be through traditional or digital strategies.
We’ve already mentioned that digital marketing is cost-effective.
Still, for business owners who want to achieve a high ROI, digital
marketing has also proven to be successful without a shadow of a doubt.
8. Digital Marketing Builds Brand Awareness
Digital marketing has completely revitalised the way businesses
engage with both current and potential customers. It has made them at
once accessible to new customers and familiar and recognisable to
existing customers. So How Does Being Accessible Help with Brand
Firstly, digital marketing has become an incredibly effective tool
for building trust and fostering long-term relationships. It’s important
to take advantage of social media
platforms when it comes to connecting with your audience. By posting
regularly, answering questions and queries quickly, and responding to
reviews and comments – positive and negative – you are fundamentally
improving brand loyalty and therefore increasing brand awareness.
9. Specific Audience Targeting
Traditional forms of marketing once meant sponsoring an ad during the
break of a prime-time TV show and hoping that it reached the right
audience. Fortunately, digital marketing allows for much more specific
audience targeting. It’s no longer “one-size-fits-all” when it comes to
marketing campaigns; it is now possible to become a lot more
personalised. You can tailor campaigns to specific demographics, such as
age, location, interests and gender, making them more effective.
10. Increase Conversion Rates
One of the best things about implementing digital marketing is that
people no longer need to come to your physical store for you to make a
sale. It now takes a matter of clicks to convert customers online. Your
website is your store; it should offer potential customers everything
they need to know about your product and services so that they can make
informed decisions on whether to purchase and enquire.
To make digital marketing really work for your business, you need a
strategy that uses the resources available to you. Many businesses
experiment with digital marketing services,
e.g. using social media and posting a few Facebook posts here and there
or spending a bit of money on SEO.
To really benefit from the power of
digital marketing, you need to adopt a more holistic approach. An
efficient digital marketing strategy means tying in all digital channels
and creating a collective and collaborative campaign.