Digital marketing is usually seen as a ‘luxury’ by most businesses. That is why, generally speaking, they don’t start spending money on it until it is too late. And by the time they start looking at digital marketing strategically, the ship has already sailed.
In reality, the US digital marketing spend will cross $120 billion by 2021 while the global digital market spend will cross $129 billion this year. By 2021, half of all media spending will be digital. Digital ad usage surpassed TV ads in 2016.
Another important thing to note about this form of marketing is that it helps businesses grow and this is why interest in digital marketing is increasing every year. Here is an overview of how it can help grow your business.
Digital marketing is cost-effective
Yes, it is fairly cost-effective, especially when compared to traditional marketing cost. For instance, the cost of local television ads can go as high as $5K per spot. On the other hand, you can run a social PPC campaign for as low as $5 a day.
Not to mention, your PPC campaign will be highly targeted as opposed to acquiring a spot on TV or radio. Online advertising allows you to show your ads to people who will be most interested in buying your product. This reduces cost and improves conversions.
Improve conversions and revenue
Yes, it isn’t just cost-effective, it can also generate high revenue. Statistics show that businesses using digital marketing have 2.8x better revenue growth expectancy and 3.3x better chance of expanding their business.
This is achieved by laser-targeting and high conversion rates. Optimizing conversion rate can be a time-consuming process but once your digital marketing campaign reaches an optimal conversion rate, sales and revenue skyrocket.
Selling becomes easier
Digital marketing makes selling a piece of cake. According to Ironpaper, as much as 93% of buying decisions of customers are influenced by social media.
Simply being on social media will boost your sales. Better yet, joining hands with a few online influencers will give another nice boost to your sales as well.
Boost marketing ROI
Since it costs less and converts at a higher rate, this increases the marketing ROI of your campaigns. A survey of marketers revealed that email marketing has the highest ROI. SEO, content marketing, and PPC follow chronologically.
What kind of ROI are we talking about?
If this isn’t surprising and it doesn’t compel you to switch to digital marketing now, nothing else will.
Boost brand awareness
It isn’t just all about sales and ROI, it can also help a lot with brand awareness and improving your brand’s reputation which eventually leads to business growth. Social media, display ads, native ads, and retargeting campaigns have this amazing potential to boost brand awareness and making your brand stand out from the crowd.
Growing your business becomes easier if you know how to do it. Digital marketing can take you there in no time. But you have to have a rigorous digital marketing strategy for your business. So choose the right marketing channels, measure, tweak, and scale.