You might have conceptualized and developed high-quality products which are ready to penetrate the markets of the world, yet, you are faced with difficulties in getting those in the hands of customers? Most obviously you have also selected a distribution channel and developed a promotional strategy. Absolutely, you shall develop a digital marketing strategy. But, why?
Marketing is definitely a natural management process with the main aim of connecting with your audience and promoting your products to the customers. Marketing is multidimensional, yet there is one form of marketing that is fundamental to your company’s success, and that is digital marketing.
The internet has clearly become entwined with everything people do, therefore, developing a digital marketing strategy to penetrate your products to the masses, is very often equivalent to the success of your business.
Digital platforms are becoming increasingly smarter by collecting and incorporating data on individuals from all around the world. In this sense, knowing how to target audiences through an effective digital marketing strategy is highly important.
What is the Digital Marketing?
Digital marketing represents the utilization of the Internet, mobile devices, social media platforms, search engines, and other channels in order to reach customers.
International data illustrates that on average, one (1) individual has at least seven (7) social media accounts while the vast majority of them are using the social media platforms on a daily basis. Furthermore, 22% of the world population utilizes the social media platform of Facebook, amongst other platforms. On the other hand, the average person is estimated to spend over 2 hours on social media whereas amongst teenagers the number of hours spent on social media reaches 9 (nine) hours.
Well, you might think that people use social media in order to get in touch with their friends, communicate with their relatives abroad or play different games. Let me tell you those reasons represent only a small percentage of why people use social media. Specifically, one of the top ten reasons individuals use social media platforms is because they want to buy certain products that are advertised to them in daily-basis. Advertisements comprise 40% of the time they use in a particular social media platform while 48% of people claim that they have purchased their last products directly from an online advertisement in one of the social media platforms.
The growing number of internet users definitely represents a marketing vacuum you want to fill with your products, however, increasing internet penetration rates are not the only reason why digital marketing is important for your business and why you shall develop a digital marketing strategy. Let’s look at some of the main benefits of digital marketing.
The Power of Analytics and Data
You might have advertised to different TV channels, put brochures on different places or tried different offline marketing manner, however, you could never know if they reached the consumers and whether as a result, they have bought your products.
Digital marketing provides you with the ability to obtain detailed data on whether the potential consumers saw the advertisement, liked it, lingered on it, shared with a friend and if they bought your product, amongst others.
Most importantly, being able to know the number of people who have clicked on your advertisement, their geographical location, gender and age, the time spent checking your website and what are their interests allows you to strategize with data. In other words, you could use those data to prioritize marketing channels and develop new digital marketing strategies which would increase your revenues.
The real-time data which can be derived using analytical tools such as Google Analytics amongst others gives you the opportunity to reduce the costs by investing only in marketing campaigns which are profitable to your company. Therefore, the power of analytics and data represents one of answers to why you shall develop a digital marketing strategy.
Targeted Marketing: Target Potential Customers
You have just been informed on the power of analytics and data, but what if I tell you there is a lot more you can benefit from digital marketing? Digital marketing has indeed revolutionized marketing by allowing for super-focused targeted marketing. You may ask what does that mean?
Digital marketing allows you to dissect huge demographics so you can find the specific individuals who are willing to buy your product. There are different manners to target your potential consumers such as by search advertising or social media advertising, both equally significant and profitable.
Search advertising means you are utilizing the search engines to position your business near the top of the searches. Adwords is a platform that allows you to target people doing searches on Google. It is highly important to mention that on average 64% of the website traffic comes from search results. Specifically, search advertising allows you to target consumers with a specific challenge, goal, education level, profession or buying behavior amongst others.
Social media advertising, on the other hand, means utilizing social media platforms in order to target your audiences. The increasing number of individuals using social media on daily basis provides you with a great opportunity to sell your products. In this regard, social media advertising allows you to target only potential consumers who have a specific buying behavior, a specific interest or need.
It is worth mentioning that you will not be spending thousands on one ad. Search advertising and social media advertising are relatively cheap and most importantly allow you to have full control over your ads. In this regard, both techniques shall be part of your digital marketing strategy.
Cost-Effective and Increases Brand Awareness
Similar to big fishes eating the small fishes, big corporations often tend to lead to bankruptcy proceedings the small and medium enterprises. Therefore, one of the main reasons to focus on digital marketing is to avoid being taken out of the markets.
Digital marketing provides small and medium enterprises with the possibility to level the playing field. In this regard, a successful digital marketing strategy will put your business on top of the ranking lists, therefore providing you with a competitive edge.
Most importantly, digital marketing allows you to compete with a small budget. Specifically, the data derived from digital marketing campaigns and the ability to target your potential customers would support you in smarter decision-making. Moreover, social media campaigns allow you to choose a daily budget for your advertisements. In this respect, as you continue to increase the flow of traffic to your website you can also increase the daily budget for the advertisement. Furthermore, the increased flow of traffic means higher revenue rates for you and your business. In case if you are running out of products or services to offer, you can always scale back.
The fundamental importance of digital marketing for your business lies in the fact that it is highly cost-effective and you get the results instantly. On the other hand, it plays a fundamental role in increasing brand awareness. Conclusively, all of these elements give you a competitive edge over your rivals.
Appeals to Mobile Technology
Mobile transactions are increasing at a lightning speed and you most definitely want to use this opportunity to sell your products or services. Moreover, IBM research shows that mobile transactions are increasing by 35% each year. However, people are using their phones also to give reviews and recommendations. A picture taken at your store can serve as a promotional campaign for you. Therefore, the importance of having good reviews is a determinant of your future performance.
In this regard, a successful digital marketing strategy takes always into consideration the mobile technology. Therefore, you must give importance to a digital marketing campaign based on geo-location. What does it mean?
Digital marketing campaigns based on geo-location inform potential customers through search advertisements or social media advertisements that a store located nearby is selling certain products.
Integration of mobile technology with physical experience using digital marketing will definitely help in increasing brand awareness.
Email Marketing can be Hyper-Personalized
Most of the people when they talk about digital marketing do not take into consideration the importance of email marketing. Digital marketing opens a great window to do business by digging down to an individual level.
Personalization is the key component to appealing and ensuring customer satisfaction. Furthermore, data shows that 72% of individuals prefer that businesses use email in order to inform them. By making it possible for them to subscribe to your emails, you are making yourself a favor. In this regard, you are able to send them highly relevant content and they will continue to buy your products or services.
However, in order to maximize the revenues, you cannot send them general emails. It is the moment to become very personal. How you can do that?
There are numerous software programs and online platforms that provide you with the possibility to enter one persons’ name or other information automatically. But this is the last part.
First, you should be thinking of three components which will ensure your success:
- Automation, and,
In order for email marketing to be highly effective, you should always take into consideration the data regarding each of the subscribers to your email. In this regard, you are able to segment amongst individuals and put them in different groups based upon certain groups or behaviors. Certain products might be relevant for some people while others might have no interest. Therefore, you want to target only potential customers.
Timing is crucial, therefore by automation you analyze the data in order to set a right time when the emails with the content will be sent. Perhaps you might want them to read the emails while the traffic flow at your website is at the peak, or when fewer people are checking your products. Therefore, it is your call.
You refer to them by their name. Specifically, this is personalization and it is the most important part. You want them to ensure that you respect their individuality and you know their purchase history, therefore, you are informing them on the most recommended products for them.
Why do you want to focus on email marketing? In this regard, data shows that it increases the open rate of emails by 82%, increases customer satisfaction by 58%, while 56% of the businesses claim that it has increased their sales.
Digital Marketing Produces the Highest ROI
Different digital marketing strategies produce different returns on investment. But which produces the highest ROI?
Let me say you that, email marketing is a conversion machine. On average, email marketing provides for 38$ in revenue for only 1$ spent. In addition, for around 20% of the companies, it is even better, as they generate 70$ from a single dollar (1$) spent in email marketing. However, you should always have in mind that you have to build a list with quality subscribers who will engage with your content.
Content marketing combined with social media marketing can help you in achieving that goal.
Content marketing can generate 3 times the leads than traditional marketing can. All of this for about 62% less in cost when compared to traditional marketing. To make it clear, “leads” are not visitors. They are individuals who are very likely to buy a certain product and become your customers.
Furthermore, Forbes data show that the companies who use social media marketing outsell 78% of the businesses who do not use it. In this regard, it shows the crucial importance of social media marketing. In addition, IBM suggests that a lead coming from a social media advertisement is 7 times more like to become a customer.
It’s obvious. Digital marketing is not simply an option; it is the solution. In this regard, developing a digital marketing strategy is a must. Most of your customers surf online, that’s where you can find them. Furthermore, modern markets are being based online therefore, digital marketing is crucially important for your business.
Digital marketing represents the most powerful form of marketing.
Digital marketing increases brand awareness, provides you with a competitive edge and better engagement opportunities with customers, allows you to gain more control of the campaigns and target specific customers. Furthermore, it is cost-effective and produces the highest ROI.
“Instead of one-way interruption, Web marketing is about delivering useful content at just the right moment that a buyer needs it.”–David Meerman Scott