It’s a tough world out there. You’re going to need the right skills to survive. And we all know that it’s a game of ‘survival of the fittest’. So, do you have what it takes to beat the competition?
Just in case you’re wondering, I’m not talking about a hunting excursion in the wilderness. I’m talking about surviving in the business world. And yes, it’s just as challenging. You need a strategy and a well thought out plan. Moreover, you need the right tools to survive.
What’s the most important equipment for corporate success?
Even though planning, bookkeeping, and administration are vital components of the business equation, the most crucial aspect is, without a doubt, sales and marketing.
As technology progresses at a rapid pace, numerous changes have infiltrated the world of commerce. One of the most significant adaptations is the incorporation of digital marketing.
Why are more businesses shifting to the digital medium?
Every successful business owner knows how integral it is to create a proper sales funnel. Since consumers are online, that’s where businesses need to be. And so, it makes sense that digital marketing is now considered an essential investment.
Limitations of Traditional Marketing
1) Limited interaction
There is little or no communication between the customers and brand owners. The main objectives revolve around broadcasting information about a service or product with the intent of attracting the attention of the right customers.
2) More expensive
Traditional marketing can prove to be costly, especially if you do not get immediate feedback on whether a marketing campaign is effective or not. And since marketing tools such as fliers provide only one-time exposure to people in a certain area available at that particular time, you will need to do it repeatedly.
3) Less control
Once a marketing strategy is implemented, it cannot be changed or updated. Businesses will have to reprint the ad. This can affect the marketing budget.
4) Fewer customization options
There is less control over how to target specific groups. And there is little that you can do to customize the content for them.
5) Poor metrics
For any marketing campaign to thrive, you need to know how effective it is. Are you reaping in the right results? Unfortunately, traditional marketing cannot offer efficient marketing metrics easily. It becomes hard to identify where you went wrong or how to make it better.
What’s the alternative?
Managing a business entails more than selecting appropriate market tactics or selling an exceptional product.
More importantly, business owners need to leverage marketing tactics that not only help promote their brand, but also reach a wider target audience efficiently, connect with them, and convert more potential customers into loyal clients.
Small and large businesses need to remain competitive in the world of commerce. All it takes is the implementation of the right marketing options, with a focus on those that are the most practical for a specific industry. Therefore, digital marketing helps businesses remain relevant to their market and match consumer demand.
To maintain an online presence, you need to implement the right digital marketing tools. Here are some of the top digital channels in use today.
One technique that is just beginning to gain traction is SEO. Only 44% of businesses are investing in SEO. In 2018, more than 51% of web traffic came from search engines. For instance, employing strategies such as SEO and long-tail keywords can help your brand get noticed.
Research shows that the conversion rate derived from SEO is 14.6%, as compared to the 1.7% conversion rate for traditional outbound methods. Every business aims at being profitable. That’s the core ingredient for success.
But organizations focus on digital marketing for various reasons. It’s easy to see that increasing sales and revenue is the foremost priority for many.
The value of digital marketing lies in its ability to influence purchasing. It helps improve a brand’s web footprint and online visibility.
Advantages of Digital Marketing
As a true business person, you need to pay attention to controlling expenses. Digital marketing allows content on your website to be targeted towards visitors for years to come at no additional cost.
2) Easier to measure results
Unlike traditional marketing, the digital arena lets entrepreneurs measure and record the results of their marketing campaigns. Tools like Google Analytics helps you gather information about your prospects and customers.
You can understand what they want, their habits, how many people are visiting or leaving your site, conversions, as well as real-time data about the sales funnel. You can quickly adjust aspects of marketing that are not working.
3) Customize content
Direct interaction through emails and social media helps develop a stronger relationship with your customers. By creating content that they prefer, you are more likely to keep them engaged. And higher levels of customer engagement help boost retention rates.
Digital marketing allows businesses to modify campaigns to make them more competitive. They can cater to a particular audience demographics, such as gender, location, age, interests, etc.
4) More customer engagement
When you know where your customers are, you know where to focus your efforts. For instance, if you are targeting a younger audience, go to Snapchat or Instagram. But an older audience will be on Facebook, while business owners can be found on LinkedIn. You have the opportunity to reach your customers with the appropriate content.
5) More choice for customers
People love to feel in control. Consumers choose how they want to receive content, such as videos, emails, blog posts, newsletters, etc. They have more control over the communication and can easily opt-out of subscriptions.
In fact, preferred forms of interactions are promoted. Businesses now prompt customers to their websites and encourage them to complete a transaction.
6) Target a wider audience
One of the biggest restrictions of traditional marketing is the inability to go beyond a local audience. But with digital marketing, these boundaries are erased. You can now widen your reach and target international customers as well.
7) Enhance brand development
A well-maintained website with up-to-date, quality content can create a professional brand image. But the way you target them through personalized marketing campaigns, such as social media or emails, can add more value to your brand.
What’s the final verdict?
As a business owner, you need to ensure that you are a step ahead of your competitors. Outdated marketing methods are no longer an option. It’s time to embrace the latest trends.
The digital revolution is here to stay. You’ve got to jump aboard this fast track to success. Those who lag behind may well drop out of the race in the years to come.