benefits of digital marketing

5 Benefits of Digital Marketing for Your Business | SMB Compass

Ezra Cabrera | November 7, 2019

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    Getting more customers through the door is the primary focus of most startup companies. Many small business owners rely more on the benefits of digital marketing for small businesses, traditional forms of marketing, such as print ads, television ads, coupons, and signage. While these methods are somewhat effective, digital marketing is a far better and easier way to market your company. To run a successful digital marketing campaign, you’ll need to make a financial investment. Working capital financing can help fund your digital marketing efforts if you’re short on cash.

    Even if you have a physical store and operate offline, you may want to consider expanding your online reach. In this technologically advanced marketplace, no business owner should overlook digital marketing. With that said, here are the benefits of digital marketing for small businesses 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.

    2. Cost-Effective

    Digital marketing benefits for business 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 with equally large ad space budgets. Digital marketing for business 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, you can. This is a smidgen compared to direct mail and television costs. The same exposure through direct mail costs approximately $57, while television ads that reach the same 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 like advertising include social media and pay-per-click ads for faster results. One of the best ways to improve your website is to accept SEO’s hosting recommendation, which helps grow its traffic and ranking.

    Related: 5 Reasons Small Businesses Should Invest in SEO

    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.

    Related: How to Instantly Improve Social Media Presence

    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.

    About the Author

    Ezra Neiel Cabrera has a bachelor’s degree in Business Administration with a major in Entrepreneurial Marketing. Over the last 3 years, she has been writing business-centric articles to help small business owners grow and expand. Ezra mainly writes for SMB Compass, but you can find some of her work in All Business, Small Biz Daily, LaunchHouse, Marketing2Business, and Clutch, among others. When she’s not writing, you’ll find her in bed eating cookies and binge-watching Netflix.