It is no longer becoming optional to incorporate a digital marketing strategy into your business. If you are struggling to recognise the role of digital marketing, here are 10 reasons why you need one!
1. To Compete
There is a huge demand for online services. Failing to have, or not having a clear digital marketing strategy can mean that your competitors – both existing and new, are dominating the online marketplace and taking your market share.
You would not sit back and let a brick and mortar store take business away from you, so why ignore the threat from a business with a strong online presence?
Understanding digital marketing and the types of digital marketing, are the first steps to building a successful strategy.
2. It’s Cost-Effective
Traditional marketing methods can be expensive! Paying to advertise your business in a newspaper, radio or similar channels can be very costly.
Digital marketing can be significantly cheaper, with free social media platforms such as Facebook, Twitter, Instagram and Google+ to name a few.
These channels also offer the opportunity to use paid tactics to increase the amount of people your advert can reach, however, this is still cheaper than traditional marketing methods.
3. Improved ROI
When it comes to online conversion, a digital marketing strategy plays a leading role. With the right digital presence, you can increase brand visibility as well as business interaction.
A well thought out digital marketing strategy will improve customer communication resulting in a higher volume of sales in the long run.
4. Gain Deeper Insight
Do you know your customer? Do you know them well?
A digital marketing strategy will allow you to gain deeper insight into your customers. Learn more about initial customer response, as well as their likes and dislikes.
5. Build Effective Customer Relationships
A digital marketing strategy can build effective customer relationships and improve repeat business.
Contact doesn’t end once the customer has left the store. You need to remain connected to your customers in order to keep them engaged in your products and services.
With a digital marketing strategy in place, you can easily keep customers updated with your latest news and offerings.
6. Improve and Monitor Customer Retention
A study by Bain & Company highlighted how just a 5% increase in customer retention rates can increase profits by 25% to 95%. Therefore, it is in a company’s best interest to be aware of customer retention.
Key ways to improve customer retention, is by keeping them engaged and offering them an instant way to contact you – through channels such as Facebook’s chat or Twitter’s DM.
It is now far easier to track how many of your customers turn into repeat buyers in the digital place.
7. Know Your Online Target Market Audience
Without a digital marketing strategy, it is difficult to understand who and where your audience is. Utilising the analytic tools mentioned earlier will give you a clearer idea of who your primary audience is.
Understanding this information can help you to refine your digital marketing strategy and help your business be more effective online.
8. For Direction & Focus
A digital marketing strategy can provide direction for a firm. Once you begin thinking about how to create your digital marketing strategy, you will need to generate clear objectives for what you want to accomplish online.
This will then start the business thinking about their main goals and how they can align their digital marketing strategy with their core strategy.
Reaching the results you want to achieve online is simpler once you determine the role of your digital marketing strategy.
9. Adapt To a Changing Market
The world is now digital, and the trends surround it are growing and changing rapidly. If you do not have a digital marketing strategy in place, then you are slipping behind the rest of the market.
Companies which already have their strategy set up are at an advantage as the online environment changes. They will already have the resources necessary to adapt and meet their consumers’ needs immediately.
10. You Can’t Be Found Online
If you business isn’t being found online then your customer base isn’t going to grow. You don’t want your customers to be looking elsewhere, only to be snapped up by your competitors.
A digital marketing strategy will help you grow your online presence for better conversion.
Don’t Ignore Traditional Marketing Methods
Now that a digital strategy is becoming more necessary, it is important not to ignore the traditional methods of marketing.
Integrating both traditional & digital marketing methods to advertise the same content, will mean you can appeal to all kinds of customers.
It is easy to integrate your traditional marketing strategy with your digital marketing strategy. In fact, it is more efficient to have a collaborated marketing strategy!
Combining these two methods will give you access to a much wider audience.
This article was written by one of our ICAAL Academy Graduates. If you are in Southampton and would like work experience within Digital Marketing, contact our team today.
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