The big brands seem to dominate every virtual inch of cyber space while smaller businesses grapple for attention from consumers. There’s something wrong with this picture, isn’t there? Why are big brands getting ahead online (and let’s face it; that’s where most shoppers are nowadays) while smaller businesses seem to be struggling? It all comes down to digital marketing and how much time and money you must invest in it.
Digital marketing is relatively new, and many small businesses are unsure whether to invest in something they are unfamiliar with, especially when it comes to investing a chunk from their cashflow. But is it worth it?
4 Reasons Why Your Business Should Invest in Digital Marketing
Just being told that digital marketing is a worthy investment and essential to your business isn’t enough, is it? What is it about digital marketing that makes it so important? And why does your business need it, even if you aren’t a tycoon in your niche industry? You’re about to have all those questions answered!
Below are 4 reasons why your business should invest in digital marketing:
Digital marketing puts your business “in the game”.
Have you ever heard someone say, “you’ve got to be in it to win it”? This is usually in relation to gambling or the lotto, but it’s still relevant when it comes to advertising. According to The Guardian, 4 out of 5 British citizens search for products and make online purchases (stats from 2019). 44% of those online shoppers report spending between £100 and £499 over a period of approximately 3 months.
The article also reveals that over half of 65-year old Britons make use of the internet for online shopping! Oh how times have changed.
The majority of the population has never so much as sent a letter in the mail. The digital climate has been hot for many years and with so many people shopping online for convenience, you cannot afford to forego an online presence. Having an online presence levels the playing field and actually includes you in the game. If you aren’t online, consumers won’t find you…and if you are online but don’t have an effective digital marketing strategy, you may as well not even be online.
Digital marketing is more affordable than traditional advertising
When it comes to advertising, there is always a cost involved. Some businesses even take out hefty business loans to cover the cost of television and radio advertising. Digital marketing is quite different to traditional advertising avenues such as TV, radio, billboards, and more. The cost of having a website and paying for advertising on social media and other platforms is considerably less than paying for television advertising design, set up, and air time, for example.
According to an article in the Drum, online advertising will be accountable for around 60% of advertising budgets by 2020. The article also uncovers the advertising costs on UK’s Channel 4, which is £1,000 to £2,000 for a 30-second advert during day-time television.
The cost to advertise for 30 seconds during peak or prime viewing times is £10,000 to £20,000. While it is undeniable that advertising online will cost you, it is safe to say that it won’t cost you anywhere near that, and the audience reach is far greater – in fact, it’s unlimited!
Digital marketing provides a great ROI (return on investment)
When you place an advert on television or you buy some radio airtime, or even if you pay a lump sum for a billboard display on a busy highway, there’s no guarantee that your advertising efforts are going to pay off. It’s very much a game of hit and miss. When it comes to digital marketing, the chances of a great ROI are increased exponentially. Think about it…digital marketing aims to ensure that your website ranks well in search engine results.
The customers most interested in your business are searching for your products and services and when they click on your website, there’s a very high chance of that lead converting to an actual sale. Many small businesses taking out small business loans to cover digital marketing expenses are able to cover their loan costs in a very short space of time because of this very reason. Of course, it is important to work with a reliable and experienced digital marketing team for the best results online.
An interesting article in The Guardian stated that by 2020, digital marketing, specifically in terms of Facebook, is supposed to reach an ad spend of around £3.8bn. When you compare this to the ad spend on popular UK television channels including IT, Channel 4, Sky, and Channel 5 (which is just over £4 billion), you can begin to realise that online advertising in the UK will soon surpass that of television advertising. People aren’t spending nearly 4 billion pounds in the UK on digital marketing as a trial and error type of marketing ploy. They are spending it because it works – it provides an excellent ROI.
Digital marketing enables your business to build a lasting relationship with your target audience
When you think about traditional advertising methods, you are immediately aware that there is exposure to a large audience. What you probably haven’t considered before is just how impersonal that type of advertising is. It’s very one sided. Your customer doesn’t get to talk to you. They don’t get to ask questions, make comments, or even share the information quickly and easily with family, friends, and colleagues.
Digital marketing is a completely different ball game. When you are capitalizing on digital marketing, you can build a relationship with your audience by keeping in touch, commenting on posts, providing instant advice, and seeming more like a friend than just another business trying to make a sale. If you want to build the type of relationship with your audience that keeps them loyal, digital marketing is the way to do it.
Can You Afford to Overlook Your Business’ Digital Marketing Needs?
The simple fact of that matter is that advertising is going to cost you, regardless of which route you choose to take. For the sake of your business growth and profitability, it makes sense to opt for a marketing avenue that is affordable to your business and provides the best possible ROI. For all intents and purposes, digital marketing is that avenue!
Don’t make the expensive mistake of overlooking your business’ digital marketing needs. Start working on your business’ digital marketing strategy today!