16 Nov 2020, 14:30 — 6 min read
To know how digital marketing can help grow your business the first step is to understand what the term means.
Digital marketing is to promote a business on various digital platforms. The primary goal of digital marketing is to reach out to the target audience based on their demographics, behaviours, interests, and to generate brand awareness, traffic, and leads. Digital marketing is a very cost-effective marketing strategy with a high return on investments (ROI) compared with traditional marketing.
With the change and evolution of technology, SMEs are doing everything they can to keep up. Retail businesses are either shifting to an online one or beefing up existing marketing efforts with digital marketing strategies to capture a growing and very lucrative online marketplace.
Digital marketing can grow your business in simple words. Digital marketing is a type of marketing strategy, which is more effective than traditional marketing. Why? Digital marketing will have better revenues than traditional marketing and better branding. Digital marketing can provide a better ROI than traditional media and marketing channels. In digital marketing, the key to success is to generate a flow of targeted traffic that converts into sales and leads.
Also read: Marketing in a Digital World: Are you ready to step up to the challenge?
In digital marketing, you can spend as much as you desire, and you are in full control of your budget. Business spending on digital marketing is much better as it’s based on Cost Per Click (CPC) compared to other marketing channels. For Example, in TV advertising, they are no such specific target audiences and interest-based audiences, but the cost is high.
Digital marketing helps generate higher revenue when compared to traditional marketing. SMEs using digital marketing techniques has 3.3 times better chances of expanding their workforce and business and opening their doors to better, more extensive, and farther-reaching markets both locally and globally in the world of competition.
Digital marketing can target a niche audience, interacting with your target audience that builds a proper engagement that can provide you with insights into what your targeted audiences want. This essential information will help you make a set of next moves, provides customers with even better user experience, and develop great relationships with them, which in turn enables you to gain their trust that you will need when your business begins to grow.
Also read: 3 Digital Mediums You Should Prioritise to Boost Your Sales
Online reputation management is to monitor and manage the reputation of your company online. In this competitive environment, every user is keen to see that particular brand's reputation before doing any business with them as digital technology is an open platform for any individual user to speak about your business. If your customers are happy, they can create a positive reputation for your brand, and if they are dissatisfied, which will lead to a bad reputation.
Digital marketing helps businesses earn customer trust. Using different digital marketing platforms on Social media and a search engine will increase customer trust. Customers follow brands on social media because consumers say the main reasons they follow brands on social media are learning about products/services and being entertained.
Along with planning and executing a campaign, it is equally important to track the campaign to measure its success. There are various tools to track the digital success of your business. The most popular ones are Google Analytics, Alexa ranking systems, etc
Setting clear goals and identifying your digital marketing campaign's significant strengths and weaknesses, understand your target audience’s preferences, build a strong online reputation, and tailor your marketing tactics to the industry trends.
Also read: Evaluating success: KPIs in digital marketing
In digital marketing, you get endless opportunities to market your product and services on different platforms you want to promote.
Also read: Effective digital marketing strategies for beginners
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Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views, official policy or position of GlobalLinker
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