Without a doubt, digital marketing has changed the landscape of the business world.
At the onset of internet evolution, this type of online marketing or advertising has since grown exponentially. It has infiltrated almost all forms of media. You see digital marketing campaigns on your TV, on your mobile, computer, and in virtually any form of advertising.
Studies have revealed that global online advertising expenditure has hit $458.16 billion in 2021. This trend does not appear to be slowing down, as people are using the internet more and more for shopping, socialising, and entertainment.
Digital marketing has become crucial for businesses that want to improve their revenue and conversion. Whether you own a large or a small business, you cannot live without digital marketing tools and strategies today.
Especially for small businesses.
If you’re a small business owner, then this is for you. This article will discuss what digital marketing is all about, some of its forms, and how small businesses can benefit from it.
What is Digital Marketing?
Survey showed that 60% of small business owners have capitalised on having a stronger online presence and offering because of the pandemic.
Having a presence in the e-commerce space is essential for business’s survival in today’s world, whether pre-pandemic or post-pandemic. This is where digital marketing comes in to bring that solution.
Digital marketing is any marketing campaign that is carried out through online channels such as websites and social media platforms like Facebook, Instagram, YouTube, TikTok, etc. It involves using electronic, mobile gadgets or any devices connected to the internet to convey the message of the brand and any form of promotion or advertising that is ultimately measured by its impact on the customer’s experience.
With digital marketing, businesses now have a tool for getting one step up in who gets the word out faster, who gets to be the hot topic of the day, and who has the broadest range of followers, audiences, or consumers.
There are several different types of digital marketing. These are, but not limited to:
- Social media marketing
- Content marketing
- Email marketing
- Online advertising
- Search engine optimization (SEO)
And many more.
The content in these types of digital marketing plays a significant role in carrying out business and marketing goals. Content should not only connect with potential customers but should also ensure to retain existing customers’ loyalty. Content should make people think and ACT.
As more and more businesses jump on the bandwagon of digital marketing, the e-commerce space has become a massive jungle of marketing competition.
You might wonder, “How will your small business survive in this competitive world?” “How can digital marketing help your business survive, thrive, and flourish?” More importantly, “What can you benefit from utilising digital marketing?”
Benefits of Digital Marketing for Small Businesses
Let’s say you own a small furniture shop in a rural area. You have a few walk-in customers here and there, and referrals are coming in from friends and family. There are days when sales are coming in, and then there are days when it’s absolutely zero revenue.
You might think that those days when you’re getting sales are okay to get you by, but will it be enough in the long run? Is the profit enough to keep your staff, production, and fund your overall expenditures? Are you making a sustainable enough profit to keep your shop for a long time?
The answer is no. As a business owner, you know that getting by is never enough.
You may have heard quite a lot about digital marketing, yet you’re still torn in figuring out whether you’ll try it for your business. You may think digital marketing is only for companies with a big budget to spend or risk on digital marketing campaigns.
The good news is digital marketing is for ALL types of businesses. Whether a large or a small business or even a solo entrepreneur, anyone and everyone can benefit from an excellent digital marketing strategy.
Most especially small businesses.
A top benefit small businesses could gain from digital marketing is its cost-effectiveness compared to traditional forms of marketing.
A few decades back, advertising was in the form of flyers, rented billboards, banners or a spot on newspaper ads pages, or buying an airtime spot on TV or radio commercials.
Did you know that TV or radio stations charge for every 10-15-30 seconds a brand’s video advertisement would occupy airtime?
Companies back then were scrambling to compete for these seconds-running airtime despite the high cost since they knew that the broadcast media reached a more expansive range of audiences.
Small businesses back then didn’t stand a chance to compete if they didn’t have enough capital funding to pay for these airtime slots.
With digital marketing, doing advertisements is a complete 360 turnaround.
Today, all you need to do to advertise your brand is just a mobile device or a computer, and internet connection. Digital marketing provides small businesses an opportunity to fully maximise their budget, allowing them to advertise for free on online channels or utilise a more targeted campaign such as those offered by Facebook or Instagram ads.
With the internet’s powerful coverage, even small businesses can market beyond their local community and reach out to other locations for a lesser price or no charge at all. That sure beats paying for a 30-seconds airtime commercial!
Increase Brand Awareness
A Nielsen Total Audience Report survey showed that the average adult spends over 11 hours daily consuming or interacting over some online platform.
Aside from socialising and shopping, people log on to the internet for the entertainment value it offers. Newer platforms such as online games and video streaming services offer convenient entertainment on hand and on the go. This experience opens up an avenue for companies to increase their visibility and brand awareness.
Brand awareness is a marketing strategy that makes consumers easily recall or recognize a particular brand, product, or service.
Knowing that your customers are on social media most of the time, you may as well join and put your brand out there to promote your business even faster. Aiming for increased brand awareness will do more than boost brand recognition; it’ll also help increase customer engagement, leading to higher sales and conversion rates.
Track and Measure Results
Businesses know that a good marketing strategy should be measurable, its progress and results easily tracked and monitored to allow them to evaluate their brand’s campaign’s effectiveness regularly.
This is one of the benefits digital marketing offers. Online advertising platforms such as Google Ads, Bing Ads, YouTube Ads, Facebook Ads, etc., have a user-friendly system in place where business owners can easily track, measure and analyse the performance of their products or services, as well as their customer engagement rate.
Improved Customer Relations
Another good thing that small businesses can benefit from having a good digital marketing strategy is that it provides a chance for business owners to interact with their customers efficiently.
Online reputation management (ORM) is a vital part of digital marketing that helps to monitor and manage a brand’s image through a comprehensive analysis of online customer engagement.
This digital marketing method gathers all the reviews, feedback, and real-time analysis from identified platforms (Google Reviews, social media reviews or feedback, email reviews, etc.) to develop a strategy to improve overall customer experience. Not only will this process effectively increase your chances of a higher conversion rate, but it will also help build your brand’s reputation through improved customer relationships.
Reach a Wider Audience
When spreading the news about your products and services to a broader audience, nothing does it better than digital marketing. Digital marketing can help your small business go from being local to going global!
A well-planned strategy that utilises digital marketing tools such as social media ads and having a good SEO practice can help your small business reach more than just your target customers. It will also allow you to manage the type of customers you want to interact with, meaning you get to choose your customer’s demographics, including the location and the extent of the reach you want to be covered.
See Your Small Business Grow with Digital Marketing!
Now that you know what digital marketing can do for your small business, it’s time to go digital!
Start incorporating digital marketing strategies into your business and marketing plans to give your business infinite potential for sales and positive customer relationships.
If you want a professional and solution-based approach to utilising digital marketing, contact New Way Business Development.
Here at New Way Business Development, we create customised digital marketing plans suitable to meet your business needs and goals, which include increasing brand awareness, expanding into new markets, and boosting website traffic.
Book a free 1-hour strategy session with us now, and see how we can help your small business grow!