TOP 10 BENEFITS OF DIGITAL MARKETING.
The concept of digital marketing has been around for a while and has been adopted by many in enhancing their traditional marketing efforts; generating more sales and growing their business. Digital marketing, which was first introduced in the 1990s, at a time the internet had only existed for only seven years and had only 3 million users, has gained wide adoption. This universal acceptance of digital marketing is expected to keep on increasing in 2020 and beyond.
It may not come as a surprise to hear that the marketplace has become exceedingly more digital with the intense technology advancements in the marketing industry. The benefits of digital marketing are becoming more prominent with each passing day, and the acceptance is increasing exponentially with more and more consumers preferring to research and buy products online.
As of early 2020, the different avenues of digital marketing, including SEO, content marketing, social media marketing, video marketing, lead generation, email marketing, paid advertising, etc. have generated billions of dollars for businesses across different industries. This high revenue of digital marketing is linked to the fact that 82% of consumers conduct research online according to Forbes, and 79% of people shop online as highlighted by Tech Crunch.
The nagging question remains, “What is digital marketing, and what are the top benefits of digital marketing?”
In this piece, we’ll be highlighting what digital marketing is and the benefits it offers businesses.
What is Digital Marketing?
According to Hubspot, “Digital marketing encompasses all marketing efforts that use an electronic device or the internet. Businesses leverage digital channels such as search engines, social media, email, and other websites to connect with current and prospective customers.”
If digital marketing is as crucial as it’s talked about, what then are the benefits of digital marketing?
Benefits of Digital Marketing
Digital Marketing Sets a Level Playing Ground for everyone and increases Avenues of Income Generation.
Digital Marketing has opened doors to financial freedom for a lot of businesses, especially small and medium-sized enterprises. Unlike traditional marketing where one needs to have lots of money before they can get significant results, digital marketing has made it easy for businesses to be able to generate excellent results with a low to medium budget.
Large scale businesses no longer have to take all the leads; small and medium scale businesses can now compete for leads and get a sizeable part of the market share.
Furthermore, unlike before, entities can now make money even without owning a business. For instance, people can generate income through affiliate marketing, a branch of digital marketing where an affiliate marketer earns commissions selling other people’s products and services.
Additionally, with the knowledge of digital marketing, a person can also work as a digital marketing expert for businesses, helping them generate sales via different digital marketing channels.
Most of all, what’s fascinating about digital marketing is that it’s not limited to a specific type or number of people. Anybody can leverage digital marketing for business. All the person needs to do is to invest time and energy into learning and practicing the basic principles and methods of digital marketing.
Digital Marketing Takes A Business beyond Physical Boundaries.
With digital marketing, a marketer has the potential to reach out to billions of people across the world in a short time. A brand can easily have a global or local audience at any time, depending on their preference. According to Statista, online shopping is growing so fast that the global online shopping market size is predicted to reach 4 trillion in 2020. With digital marketing, businesses are sure to grow faster and easier.
It’s a fact that most of the people who surf the internet globally looking for information and products and services do so using their smartphones. With a good digital marketing strategy, a business can tap into this vast market and make more sales, because anyone can purchase anywhere using their smartphone.
Digital Marketing is Cost-Effective.
Digital marketing is viewed as the most affordable type of marketing.
Because with digital marketing, a business can generate high results with a low budget; all the brand needs to do is have a high converting strategy and drive it through to the end. With a great online marketing strategy, a business can reach out to a wide range of potential global customers who they’ll market to at a cost-effective price. Whether by organic means or by paid advertising, digital marketing is more affordable than traditional marketing and generates more results.
Furthermore, the internet has made learning how to be a digital marketer easy. Anyone can become a digital marketer. Small and medium scale business owners are advised to learn how to market their products and services digitally. This will position them to sell their products and generate high ROI, even with a small budget.
Digital Marketing Makes Communication Easy.
With various digital marketing channels available, customers can easily interact with a business. This makes it easy for a business to understand its customers’ buyer behavior and preference easily. With digital marketing channels like social media platforms, brands can also build a loyal customer base, thereby strengthening their reputation and delivering excellent customer service.
Furthermore, providing an audience with the information they need when they need it helps a business set up a strong foundation for their brand in the heart of the potential customers. With the effective communication digital marketing offers, a business can align their brand’s objectives accordingly and build an excellent face for their brand. This is called business branding and is crucial for the survival of a business in today’s highly competitive business atmosphere.
Increased Measurability and Advanced Analytics
Unlike traditional marketing, digital marketing has a high rate of measurability. This means a brand can easily see how much and how well their audience interacts with their contents. Some of the advanced analytics a business can get through digital analytics tools include;
- Knowing when people interact with their posts
- When their emails are opened, read or discarded
- How many buyers completed the buying process
- How many abandoned their cart along the way, etc.
All these information from the analysis of customer data helps the business to make informed choices that’ll help them save more time and money and enhance their conversion rate.
Besides knowing the level of customer interaction with a brand’s contents, knowledge of digital marketing helps in tracking the success of an Ad campaign through measurability and analytics tools. The Ad owner will know the real-time results of his or her campaigns and know how to adapt advertising strategies to achieve better results.
It allows Businesses to Target a Specific Audience
With digital marketing, a brand can filter their audience by conducting market research and developing a buyer persona for the audience. Armed with the buyer persona, the business can create a sales funnel which will only target and sell to the primary people that need their goods or services.
Getting this customer information also helps a business to work on their customer retention strategies and build trust with their customers through various digital marketing avenues. Besides, the information contributes to strengthening the buyer persona and giving the business more details on the precise audience to target.
Allows Effective Follow-Up
Another benefit of digital marketing is that a business can easily follow-up on the target audience and first-time customers. This follow-up makes it easy for the business to get feedback on the customer experience. This feedback, consequently, helps the brand know the aspects of their marketing and selling process that they’ll need to improve.
Digital Marketing Allows Personalization
Various digital marketing tools enable a business to deliver a personalized experience to their audience. Whether organic or paid Ad, This personalization helps the brand generate more conversion. This is because customers appreciate the fact that a business takes the time to give them an enhanced customer experience.
What does this personalization lead to?
An increase in brand reputation and loyalty, which will, in turn, help the business to drive more returning leads and first-time conversions continually.
It allows for Easy Transactions.
With digital marketing, a brand’s customers can easily make a purchase on the brand’s website with just a click. Not only is the buying process made easier, but it’s also made accessible to all. Anyone from any part of the world can easily pay for a product or service instantly, and the business owner will get credited.
Besides the ease of transactions, digital marketing has also made other sales processes automatable. This makes it easier for businesses to create invoices, take inventories and carry out other business operations.
Ease of Strategy Adaptation for Better Results
Unlike traditional marketing, in digital marketing, one can easily and quickly modify a strategy for better results. With traditional marketing like TV, radio and newspaper adverts, the business owner will have to wait until the end of the campaign to see the results. However, with digital marketing, the owner will see the real-time results and make modifications where necessary according to the data at hand.
Besides paid advertising, a brand can also adapt their organic search strategy for better results. The analytics of a website or social media handle shows the number of visitors that visit the website/page, the pages they visit, how long they spend on each page and the basic demographics of the visitors. Analytics also show the peak traffic days and time and track site conversions. Equipped with this information, a business can make strategy modifications and generate more results.
Final Words on the Top Benefits of Digital Marketing
Undeniably digital marketing has come to stay, and there are numerous benefits of the concept that’ll transform the way businesses reach and engage their customers.
How then can brands leverage these benefits to boost their business?
For starters, it’s essential to develop a robust digital marketing strategy, so the businesses don’t end up without a digital direction. It’s ideal to consider the brand’s business goals and create a plan that aligns with the objectives. Next vital step is to conduct market research and create a buyer persona for the audience.
With these and with a sound implementation and analytics strategy, every brand can enjoy these top benefits of digital marketing to the fullest.