In today’s expeditiously moving world of business, the internet provides boundless marketing opportunities for small and medium-sized enterprises. With the advancement of technology in the last half of the century, marketing tactics have changed from traditional ways of reaching a wider audience to going online, going digital, and reach them effectively.
Today, digital marketing becomes the most innovative way to find and reach your potential customers and increase the sales volume by selling more at the same time saving more. However, a majority of the companies opt out of online marketing strategies due to various reasons. Be it the uneasiness of competing with the big players or limited budget, opting out of an optimized digital marketing strategy will significantly diminish the market shares of SMEs and making them out of business eventually.
What is Digital Marketing
Digital marketing is the umbrella term signifying the tools and techniques used for the marketing of a particular product or service using digital technologies, including the internet, mobile phones, display advertising, and many other digital media. The major digital marketing activities comprise search engine optimization (SEO), search engine marketing (SEM), content automation, content marketing, and influencer marketing, among others.
Now, let’s check the key factors that make digital marketing indispensable for SMEs.
- Digital marketing flattens the online business field: Digital media marketing offers equal opportunities to small and medium-sized firms as well as big players to compete and get their share of targeted traffic.
- Digital marketing is cost effective than the traditional marketing: On a small budget, SMEs, even with limited resources and capitalization, can utilise the versatile nature of the digital marketing tools and techniques efficiently. Studies indicate that digital marketers get better cost-per-lead (CPL) compared to other channels of marketing.
- Digital marketing helps SMEs generate better revenues: According to Google, the companies that use digital marketing techniques have 2.8 times better revenue growth expectancy.
- Digital marketing platforms expedite interaction with targeted audience: Engaging and interacting with your targeted customers helps you know more about their requirements, making you confident enough to provide even personalized offers.
- Digital marketing delivers conversion: Digital marketing can authentically measure success by the rate of incoming traffic gets converted into leads, subscribers, and sales.
- Digital marketing serves mobile consumers effectively: Modern mobile devices have emerged from perfect alternatives of personal computers to something that can influence people’s purchasing decisions.
- Digital marketing strengthens brand reputation: Digital marketing helps you build a better brand image by delivering what you promised, creating a better relationship with your targeted audience.
- Digital marketing ensures better ROI (Return on Investment): The key element in digital marketing is generating a constant flow of targeted traffic that gets converted into leads and sales. The more your business generate this type of traffic, the faster you get to realise your ROI.
- Digital marketing helps your business earn people’s trust: Social media signals, social proof, and testimonials from consumers who previously made purchases increase people’s trust promptly. Market research shows that 90% of respondents claimed that they would trust information about a particular product or service if the data comes from actual customers.
- Digital marketing tempts customers to take favorable action: Making use of innovative ways, digital marketers tempt targeted audience to persuade conversion using calls-to-action. Calls-to-action defines what a web user should do next.
- Digital marketing prepares you for the ‘Internet of Things’: The ‘Internet of Things’ is defined as a global ecosystem of interconnected devices, including smartphones, tablets, appliances, and other gadgets that interact with each other using the internet.
- Digital marketing guarantees your online business survival: Digital marketing ensures your online business survival by targeting the right kind of audience that delivers the right kind of result.