The Importance Of Digital Marketing For Business Growth in 2020
Digital marketing is a powerful way to grow your business in 2020. Why should you invest in a digital marketing campaign?
Considering there are nearly 250 million internet users in the United States, meaning more than 72% of the population has access to the internet. In the UK, this number is a staggering 90%!
And marketers are seeing the benefit. According to a recent study marketers in the US will spend more than $110 billion on digital marketing in 2020 — this is more than on both TV and print combined. This makes digital marketing for business growth critical, and if you’re not investing in digital marketing already, you should start today!
What is Digital Marketing?
Digital marketing refers to any activity that advertises, promotes, or markets to people online, be it on computers or electronic devices like phones, tablets, or smart TVs via channels like streaming or gaming. This includes things like content marketing, social media marketing, pay-per-click (PPC) advertising, paid search, email marketing, in-app advertising, search engine optimization (SEO), conversion rate optimization (CRO), and more.
As the ways and means of interacting with technology increases, so will the potential marketing channels serving these technologies. It’s no longer about getting people to brick-and-mortar stores, but getting people to websites and digital platforms.
Why do you need digital marketing?
A digital marketing strategy solves several business problems:
1. Gives you direction towards achieving your online goals.
2. It helps you understand your market, and they know the needs and wants of your customers.
3. It helps to formulate a unique and targeted value proposition.
4. Keeps you from losing valuable online market share to competitors
5. It allows you to better respond to market challenges and stay ahead of competitors.
How can digital marketing help you grow your business?
1. Targeted Marketing
Digital marketing gives you the tools to pinpoint consumers who are interested in your product or service. It allows you to then tailor-make highly focussed campaigns that speak directly to this audience, using channels that will most likely catch their attention.
Targeted marketing not only allows you to target specific consumers, but it also gives you insights through direct and indirect feedback like users leaving comments (direct) and what product people clicked on most. This creates opportunities to tweak and optimize your campaign to better sell to these customers.
2. Wider Reach
Digital marketing allows you to market to a much larger, more targeted, audience than what is possible with traditional channels like TV, radio, and print. Through channels like social media and emails, you van you can easily sell your products or services to customers all over the world.
3. Build Relationships & Brand Loyalty
One of the strengths of digital marketing is the potential for building relationships, and thereby increasing brand loyalty. Through digital marketing you can interact directly with your customers and get to know them on a more personal level, enabling you to fine-tune your product offering and/or marketing campaign to better serve their unique needs. This type of interaction is not possible with ‘traditional’ advertising channels.
4. Digital Marketing is Cost-Effective
The high cost of traditional advertising channels such as TV and print was a big barrier to entry for smaller businesses. Digital marketing is much more affordable than traditional marketing, with online content marketing costing on average more than 60% less than traditional marketing. There is also a myriad of options to choose from — paid search to email, social media to pay-per-click campaigns, each designed to suit a specific need and budget. Digital marketing allows any business to grow, from the largest multinational corporates to fledgling startups and solo entrepreneurs.
5. More revenue, Greater ROI
Not only is digital marketing cost-effective, it also generates a much higher return-on-investment (ROI) than traditional media. Certain digital marketing channels, like email marketing, can generate as much as $40 revenue for every $1 spent! With this kind of return on investment, investing in a digital marketing campaign seems like a no-brainer.
6. Easy to track
One of the biggest advantages of digital marketing is the ease of tracking its effectiveness. Detailed insights provide a very accurate picture of your customers and their behaviors. What is the click-through rate on digital ads, how many people responded to promotional emails, what is the demographic of people who bought from you? This information can be crucial in determining what consumers want and what changes you can make right now to make your digital campaign perform better.
Digital marketing beats traditional marketing hands-down. It is cost-effective, provides great return-on-investment, allows better engagement with customers, campaigns that can be adapted, and changed almost instantly. The rapid decline of traditional media ad-spend and subsequent increase in digital spend is a clear sign that digital marketing is critical for business growth