In the world of startups, it’s level up or die. Small businesses are more vulnerable than multinational companies, especially in times of economic uncertainty. The pandemic has shaken up the world of business. One of the biggest shifts in business is that 28% of the world’s population now shops online. The next question is, can small enterprises cash in on this trend?
The quick answer is yes. More accurately, small businesses should take advantage of digital platforms for their marketing plan. This article lists five reasons why small business owners need to use and master digital marketing.
Be on a level playing field.
Traditional marketing methods are usually out of reach for small businesses. After all, a billboard in midsize to large cities can set you back about $14,000 a month. A 30-second commercial at the Super Bowl, on the other hand, costs a whopping $5,500,000. But creating a social media page is easy and free, unless you choose to boost your posts. The average cost per click for an ad on Facebook, the world’s leading social network, is at $1.72 across industries. But it can go as low as $0.45 depending on what industry you belong to. Obviously, putting up an ad on Facebook is the kind of promotion that appeals to small businesses—they’re effective but won’t break the bank. The best part? You have the opportunity to “go viral”, or reach millions of people through useful and relatable content, regardless of the size of your company.
But social media is not the only digital platform you can leverage. Don’t forget to optimize your website, email, and mobile app! Also, take advantage of marketing automation software to manage repetitive tasks and reduce the need for hiring more employees, such as customer service reps.
Target the right audience.
Unlike mass media ads that target as many people as possible, digital ads can be customized to target a specific segment of the population that your brand wants to tap.This does not only save you a lot of money, but it also translates to higher conversion rates since it is more focused. Additionally, if you’re looking to expand your reach, digital marketing is the fastest and easiest way to manage global businesses locally. You’ll have the capacity to place ads for a certain target market, even in a foreign country.
Help customers reach and recognize your brand.
Upon hearing about a new or trending brand, the first thing that most people do is to look it up. If your company has a functioning website and official social media pages, they can easily learn more about you and even place an order. But what if you don’t? Since people barely visit brick-and-mortar shops nowadays, you will lose a significant number of customers, especially those who only make purchases online. Digital marketing acknowledges that the virtual world is where all people are.
Additionally, instead of the one-way communication offered by traditional advertising, you have the chance to interact with your audience online. How? First of all, entertain customer queries through your customer service agents or chatbots. You can also run surveys, read your customer’s comments, and observe what they’re tweeting or posting in relation to your brand and industry. That way, you can adjust quickly and respond to your customers’ or prospects’ wants and needs. In the long run, this will help you cultivate customer loyalty.
Learn about your competitors.
By now, your competitors have already established an online presence. This is true for all industries. Don’t fall prey to the misconception that digital marketing is not a necessity for some businesses. For example, email marketing in real estate is not as uncommon as it seems. Buying a house is a huge decision, so a single phone call won’t be enough. Clear, consistent communication through email can help you establish your expertise and build trust among your prospects. In the end, you could earn a new customer, and they could move into their dream house. If your competitors are not doing this yet, then you should.
Think of your competitors as groups you can learn from. Look at how they handle their emails, social media, and website. Are they posting videos? What topics are they blogging about? Observe what’s working and what’s not. Since you are all trying to appeal to the same set of customers, examining your rivals’ digital marketing strategies can help you improve your own.
Measure your growth.
With traditional marketing methods, measuring results is almost impossible. But with the help of a few tools, you can monitor how effective (or ineffective) your online campaigns are. Easily find out how many users visit your website, where they’re from, what they do on your site, and most importantly, how you can convince them to avail your services. And then, tweak your marketing strategy according to the data.
Key points: Going digital is the push your small business needs
In the past, startup businesses might have been hindered significantly by their limited budgets. But with the advent of digital marketing, it is now possible for small enterprises to compete with big-budgeted firms on a level playing field, reach their target audience, learn from their competitors, and measure the effectiveness of their marketing tactics. At this point, for small business marketing, there is no way to go but digital.