1. Because Digital Marketing Levels the Online Playing Field
Gone are the days when business owners still welcome the notion that Digital Marketing is only for the likes of multinationals and large corporations that have the sufficient resources required to mount an online marketing campaign. Digital Marketing actually levels the playing field, providing small and medium enterprises the chance to compete against the big boys and attract their share of targeted traffic.
With digital marketing, small companies now have the resources to perform sales and marketing processes that were previously available only to large corporations. Without a call center, small businesses can engage effectively with multiple customers, even to customers from any parts of the world even if they don’t have physical stores or branches in these locations.
2. Because Digital Marketing Is More Cost-Effective than Traditional Marketing
Small businesses have very little resources and even capitalization. This is why Digital Marketing provides them with a better and much more cost-effective marketing channel that delivers results. Gartner’s Digital Marketing Spend Report highlighted that up to 40% of respondents claimed getting considerable savings by using digital marketing methods of promotion for their products and services.
That is why according to the Gartner survey, 28% of business owners surveyed will shift marketing budget allocations from traditional media channels and invest them into digital online marketing tools and techniques. HubSpot confirms this as shown in the chart below that confirms how digital marketers get better Cost-Per-Lead (CPL) compared to other marketing channels.
3. Because Digital Marketing Helps Generate Better Revenues
Higher conversion rates generated by effective digital marketing techniques will deliver loads of profitable benefits for you and your business in terms of better and higher revenues. Google confirms this in a study with IPSOS Hong Kong, claiming 2.8 times better revenue growth expectancy for companies using digital marketing strategies to those who do not.
With better revenue growth expectancy, small and medium enterprises using digital marketing techniques will have 3.3 times better chances of expanding their workforce and business – opening their doors to better, larger and farther reaching markets both locally and abroad. Google’s Asia-Pacific Head of SME Kevin O’Kane describes the Internet as rocket fuel for growth for small and medium enterprises.
4. Because Digital Marketing Facilitates Interaction with Targeted Audiences
One of the reasons why digital marketing is taking over traditional marketing channels is the ability of Internet marketing tools to interact with targeted audiences in real time. Engagement in any form is what your customers expect to receive when interacting with your brand or business. How your business handles such engagements and interactions will spell the difference between business success and failure – just like what eMarketer’s report Key Digital Trends for 2014 is saying as shown below.
Interacting and providing your customers with proper engagement points can give you an insight of what your targeted audiences want. This vital information will steer you towards making the right set of next moves, provide your customers with an even better experience, develop good relationships with them – gaining their loyalty and trust that you will need when your business begins to grow.
5. Because Digital Marketing Builds Brand Reputation
The power of digital marketing lies in its ability for attracting targeted traffic. These types of audiences for your content are most likely already ready to know more about your brand, products or services and may be interested enough to purchase what you have to offer. Delivering on what you promised will help you develop a better relationship with your targeted audiences, help them transition into paying customers that will go back and interact with your site some more – on a regular and continuous basis.
This will prove beneficial for your brand reputation, as satisfied customers will most likely tell other people about their experience with your brand, product or service. Your brand reputation will go viral as expected, further opening new doors of opportunities for reaching bigger markets and attain business growth.
. Compression with Old Fashion Marketing
Remember those days, when marketing campaigns meant TV, radio and print ads? Well – it’s time to rethink traditional marketing methods. Those days are long gone. They may contain elements that will accommodate your marketing plan but marketing is now so much more. You would have noticed that media has and is absorbing the age of digital like a massive sponge. More often than not, there is an increasing decline in print (which may not necessarily be a bad thing from an environmental stance) and the digital boom continues to propel with immense intensity.
Progression is often a symptom of change, and to get ahead, you need to be open to explore these avenues. The digital advent brings about a world of endless possibilities. Media that is stored in a digital format refers to digital media (websites, social media, E-books, digital magazines, etc).
- It’s Flexible
One of the biggest factors that add to the popularity of digital, is the immense flexibility that it renders. If you make an error in print and the item has already been distributed, you are doomed. However, in most cases with regards to digital, an error can be rectified.
- Fast Paced
Digital is fast, and it can increase your reach. It can be accessed across a multitude of platforms, and at virtually any given time. There are also paid/sponsored strategies that can increase your reach, which can engage your market on a superlative level when executed correctly. A print piece will undergo a lengthy process from rollout to delivery. Digital content on the other hand can be published in moments.
- Unlimited Functionality
In terms of aesthetic appeal and functionality, digital content is light years ahead of its counterparts. There are add-ons that can heighten the user experience tenfold which leaves a world of endless possibility for marketing campaigns and increasing brand visibility. Viewing digital content is richly enhanced by including sound effects, interactive features, social media feeds, embedded forms and so on. The boring static nature of print cannot stack up to digital in this regard.
- Measurable Insights
Going the digital route also enables you to attain invaluable insight into your product. By asking questions on social media and blogs or utilising online polls and surveys, you are able to gauge your audience’s feelings or thoughts on a relevant subject. In this regard you can see what you are doing right and where you are falling short. The use of analytics tools or social listening tools also gives you the ability to gauge the degree of interest in an area so you can rollout your strategy in accordance or make the necessary adjustments.
Digital will give you the freedom to engage your audience in a manner like never before. Posting a video is often more descriptive than reading an article. Digital is enabling you to utilise more senses when you interact with it to further enunciate a message. Entice, attract and convert audiences in an accelerated manner with digital.
The wield of digital is in a constant state of evolution, and there are so many online tactics that will suit your product or goal, regardless of its nature. Some may argue that the big idea is the most important element of a successful campaign, however – digital can make the big idea so much bigger!
. Risks of Digital Marketing
- A Public Relations Crisis
What exactly is a public relations crisis? Well, a PR crisis can wear many different masks. There is no one particular thing that stands out above another. The real issue here is the speed at which a simple PR faux pas can transform into a brand-crippling viral crisis. For example, if you’re caught using false information about a product, you might expect some negative feedback. But when dealing with social media, this can go viral and spiral out of control. Your dishonesty can be a trending topic on a variety of social sites. Just replace that situation with any one of an endless number, and you’ll realize just how risky it can be.
- A Security Breach
Do you think that hackers have decided to leave social media alone? They’re browsing social media sites in large numbers, and it’s not always about your company information or your finances. Some basement-dwelling hackers just want to get into your accounts in order to wreak havoc. They think it’s fun to spam your fans and to screw with your profile page. People can get your information if you’re publicly displaying your email, clicking on links, keeping the same password, etc. Be mindful of your security to help minimize a potential breach.
- Offending Your Audience
Some of the risks associated with social media marketing are just risks you have to take. You can handle the social media management after the fact with some of the situations, such as offending your audience. Unfortunately, we live in a hyper-sensitive world, where many people truly believe it is their inherent right to not be offended. These individuals actually seek to be offended just for the claim. And, of course, even if that isn’t the case, you may end up inadvertently releasing material that offends some. It’s just another form of a PR crisis that you’ll have to stay out in front of if you want to keep it under control.
- Sticky-Fingered Competition
When operating online, you’re always at risk of your competition stealing from you. There are different “levels” here, for lack of a better word. For instance, another similar brand may simply find some inspiration in what you’re doing, emulating the tactics. That’s fine; that should even be encouraged for you to do. But others will run the exact same promotions, post the same material with their name inserted, and mirror your activities. It’s rare, but it’s still a risk you have to be aware of.
- Legal Implications
Focusing on staying within the boundaries of the law is now more important than ever. What you do on social media will be around permanently in some form or fashion, and an ad you released a year ago may be pulled up to be used as evidence in some type of litigation. This risk is handled by understanding the law and by operating a clean campaign. But you have to realize that the risk is there.
The more risks you’re aware of in social media, the better equipped you will be at handling them. The risks mentioned above only cover a small number of the many potential issues you could face. However, understanding the main categories will give you the proper frame of reference for dealing with most of the inherent risks.