There’s a difference between surviving and thriving, and as a business owner, you’re probably familiar with it. But are you familiar with the role of digital marketing as it relates to your business?
If a business is surviving, it’s doing okay. It’s breaking even, the owner is relieved.
But if a business is thriving, it’s growing. Its revenue is increasing by leaps and bounds. Company employees are happy, and the owner is excited. It feels good to be in charge of a growing business, right?
The question is though: what helps a business not just survive, but thrive? Lots of factors help businesses grow, but one of the most important is digital marketing.
The role of digital marketing is absolutely essential for business growth in today’s day and age. Are you taking advantage of the Internet and advertising your business through online strategies? If not, you should–and we’re about to tell you why.
Let’s break down what digital marketing is, why it’s so important, and why the role of digital marketing plays such a pivotal part when it comes to business growth.
The Role of Digital Marketing is Perfect for Small Businesses
If you have a small business or a start-up, you probably don’t have much money, time, or manpower to invest into traditional marketing techniques. But that’s okay! You don’t need a fancy building with hundreds of people on staff. You just need a simple but solid digital marketing strategy.
Your Size Doesn’t Matter
When the Internet came around, the playing field leveled out. Digital marketing makes it easier for small businesses to compete in a big marketplace. It gives them an opportunity to quickly catch up to their big-name counterparts.
Uber is a prime example. A humble startup that has its roots in San Francisco, today Uber drivers give around 5.5 million rides a day, says Engadget. A big key to that number? Uber’s impeccable digital marketing strategy.
Online reviews and recommendations make a huge difference in consumer decisions. And Uber taps into that by offering free rides for people who give referral codes to their friends. Uber’s online presence (with slogans such as “Drive when you want, make what you need” is very customer-focused. Uber’s mostly-millennial audience appreciates the company’s fun social media posts. And the layout of Uber’s website is spot-on whether you’re viewing on desktop or mobile.
In a nutshell, Uber does digital marketing right… and that’s what helped them become the second-ever venture-capital-backed startup, right after Facebook, to pass a $50 billion value.
The role of digital marketing helped–and is still helping–Uber grow by leaps and bounds. It can help your small business or start-up grow, too.
It Costs Less
Digital marketing not only saves time and doesn’t require a large personnel, it’s cost-effective. Gone are the days of renting out a big billboard to spread the news about your company. All you need to market your business now is a laptop and a some know-how. A little help from a digital marketing agency doesn’t hurt either.
Compared to other types of marketing, digital marketing will get you a better cost-per-lead (CPL is a metric that measures how cost effective a given marketing campaign was). Having a low CPL is your goal.
When it comes to lead costs, social media and email marketing tie for top strategy. How many times a day do you check your Facebook or your email? It’s probably a lot… which is why these platforms are so important.
No matter how small your business budget is, you can still implement some kind of digital marketing strategy: send a few sales emails. Write an SEO-optimized blog post. Create social media accounts for your brand.
Digital marketing is the closest to free as you’re going to get when it comes to advertising. With data that shows more traffic at a smaller cost – it’s is something you’d be crazy not take advantage of.
What will you do with all that money you save on advertising your small business? Simple: invest it back into your business and watch the exponential growth. Use part of your budget to hire digital marketing professionals so things can really take off.
Digital marketing makes it easy to start small and grow big.
Digital Marketing is Easy to Track
Your goal is simple: conversion. You want the people visiting your website to download that lead magnet, join your email list, and eventually become your newest happy customer. And with digital marketing, tracking your conversion rates is a breeze.
High conversion rates equal business growth, and the Internet makes it simple for you to keep an eye on what’s converting well and what’s not. According to Google Ads, conversion rates are calculated by taking the number of conversions and dividing that by the number of total ad clicks that can be tracked to a conversion during the same time period.
The role of digital marketing–and of content marketing, specifically–is a huge help to leverage you some free advertising and help your business grow.
And finally, digital marketing makes it simple to target your exact audience. With the capabilities of the Internet today, it’s never been easier to identify your audience. Who’s visiting your website? Where are they coming from? What device are they using? Are they sharing your content?
Once you know who your target audience is, you can easily figure out whether or not you’re attracting them, and launch a new campaign to pull them in if need be.