Getting more customers through the door is the primary focus of most startup companies. Many small business owners rely more on traditional forms of marketing, such as print ads, television ads, coupons, and signage. While these methods are somewhat effective, a far better and easier way to market your company is through digital marketing. To run a successful digital marketing campaign, you’ll need to make a financial investment. If you’re short on cash, working capital financing can help fund your digital marketing efforts.
Even if you have a physical store and you operate offline, you may want to consider expanding your reach online. In this technologically advanced marketplace, no business owner should overlook digital marketing. With that said, here are five amazing benefits of digital marketing for small business owners.
1. Higher Conversion Rates = More Revenue
Effective marketing strategies equate to higher conversion rates; higher conversion rates mean more profit for you and your business. A study conducted by Google with IPSOS Hong Kong, states that a company which uses digital marketing strategies enjoy 2.8 times better revenue growth than those that do not. With an increase in revenue, SMEs that implement effective digital marketing strategies have a far better chance of successfully expanding their business.
Digital marketing is one of the most cost-effective ways to market your business. Small businesses, especially those with budget constraints, find it challenging to compete with larger companies that have equally large budgets for ad space. Digital marketing levels the playing field by giving small businesses more returns for their marketing expenditures.
Did you know you can expose its products and services to more than 1,000 people on social media for less than $3?
Well in fact you can. This is a smidgen when compared to the costs of direct mail and television. The same exposure through direct mail costs approximately $57, while television ads that reach the same number of people cost $28.
Aside from the price difference, traditional marketing strategies often come with hidden costs. Digital marketing strategies such as SEO, content marketing, and social media do not cost a lot. Other examples of digital marketing strategies similar to advertisements include social media advertising and pay-per-click ads for faster results.
3. Quantifiable Results
Digital marketing offers more quantifiable results compared to traditional marketing. You can’t possibly know how many people gave your flier the time of day or how many people paid attention to your TV ad. On the contrary, digital marketing gives you valuable information regarding the effectiveness of your strategies. You’ll be able to see the number of people that checked your email, visited your website, and clicked on a pink. This valuable data allows you to further improve your marketing efforts by focusing on what’s effective and cutting out the rest.
4. Expand Audience Reach
Since 2.34 billion people are on social media, you can assume your customers are among them. Digital marketing allows you to reach your target audience wherever they are. Traditional marketing strategies often limited in terms of scope and size. For instance, print ads can only be viewed in a certain demographic. Furthermore, the more you broaden your reach, the more expensive it will be.
Digital marketing not only allows you to reach more people, but you can also apply your strategies and direct your efforts towards people who want to see them. According to marketers, the only limit with digital marketing is your creativity.
Regardless of the industry, you’re in, your target audience most likely spends a considerable amount of time on social media platforms like Facebook or Instagram. With one-third of the population on social media, this opens a door of opportunities for brands to engage and interact with their target audience. You can personally talk to your clients in real-time and build lasting relationships.
5. Caters to Mobile Users
Mobile phones have become an integral part of the lives of Americans. Studies show that 91% of adults in the United States always have their phones within reach. For this reason, many people rely on their mobile phones for almost everything – surfing, communication, shopping, gaming, and more.
Now is the perfect time to invest in effective digital marketing campaigns that are geared toward mobile users. Years ago, mobile phones were merely alternatives for desktop computers and laptops. But today, smartphones are the people’s main gadget, and as such, they greatly influence a user’s buying decisions.
Working Capital Financing for Your Digital Marketing Strategies
Effective digital marketing strategies have the power to transform your business by widening your reach and targeting your potential audience. It’s important to consider your overall business goals to create effective strategies that are in line with your objectives.
Digital marketing is more than just a marketing expense, it’s a vital, worth-while investment. If you need working capital to implement your digital marketing tactics, consider applying for a working capital financing. With your new and improved digital marketing strategies, you won’t have to worry about being left behind. The extra push you get will help you and your business get to places and explore a lot of other opportunities that will contribute to the future success of your company.