Traditionally, there was a time when blood, sweat, and tears were enough for a small business to generate a stellar profit. Unfortunately, with the rise of the internet and affordable marketing practices, entrepreneurship has changed forever.
Your customers have become digitally-savvy and more demanding than ever. They know how valuable they are to your business and they want you to treat them accordingly. Not to mention that the number of your competitors is constantly rising and they’re stronger than ever.
So, if you want to survive, you need to set yourself apart from your competitors and provide your customers with a personalized user experience. And, with traditional marketing methods, that’s not possible. Instead, you need to familiarize yourself with the basics of digital marketing and implement it as soon as possible.
Here is why.
Let’s face it, digital marketing is one of the most powerful and yet cost-effective ways to build an extensive customer base and boost your sales. This is why the majority of your competitors are already online. According to eMarketer, digital marketing will account for almost 45% of media ad spend by 2020.
So, if you’re not devoting enough resources to your digital marketing campaign or, worse yet, you haven’t even defined your strategy, you’re already lagging behind your competitors. Sooner or later, they will eat into your market share and your brand will start fading into the oblivion.
Given the fact that social media accounts for 30% of the time people spend online, it’s not surprising that it has become a holy grail of building an authentic brand identity.
First, it helps you segment your target audience and focus on only those people interested in buying from you.
Second, there are numerous social media monitoring tools that allow you to track your brand/product mentions, stay on top of your followers’ discussions, and provide them with an instant feedback.
Third, this is a great way to improve your visual identity. By sharing relevant content, fun gifs, behind-the-scene photos, and live videos across multiple channels, you will not only boost your customers’ engagement, but also show the human side of your brand.
Why do we buy from brands like Coca-Cola or Nike? Well, these are companies that have invested years in building an internationally recognized and respected brand. In other words, to succeed in today’s overly competitive market, you need to raise your brand awareness.
However, your customers’ purchasing habits have changed. Today, once they find out about a certain brand and product, they will immediately search for it online. This is exactly why you need to invest in a fully optimized website.
The first on your checklist should be your business blog and content you share there. Today, numerous so-called marketing experts tell us that you can boost your traffic and rankings without investing in content. But, that’s ridiculous. Content marketing is the basis of every successful digital marketing strategy and needs to be perceived this way.
Namely, by delivering industry-specific, visually appealing, and highly informative content, you will drive more traffic to your site and establish yourself as authoritative. Keep track of the latest trends in Australia, give answers to the most popular questions that haven’t been answered yet, and make your articles easily digestible. Most importantly, your content needs to be relevant to your readers. If you don’t have experience in convent development and curation yourself, you can always hire an experienced agency like Words By Nuance to do all the hard work for you.
Sometimes, customer retention can be even more important than acquisition. Namely, studies show that 80% of a business’ revenue comes from 20% of their regular consumers. Moreover, it costs a business 5-25 times to acquire a new customer than it does to sell to a current one. And, that’s where digital marketing shines, as the most significant customer retention booster.
First, the quality of your content we’ve been discussing above will keep your customers coming back to your site over and over again.
Second, various digital marketing techniques, including SEO, PPC campaigns, social networking, email marketing, content marketing, and influencer marketing will make your brand more visible and accessible to your target audience.
Finally, today’s customers expect your brand to be available 24/7. Obviously, communicating with them via telephone is not enough. Digital marketing gives you an amazing opportunity to offer uninterrupted cross-channel communication and, in this way, boost your customers’ satisfaction.
When entering the turbulent digital marketing ecosystem, you may feel overwhelmed with the number of practices you need to apply, lessons to learn, trends to follow, and metrics to track. That’s exactly what makes this industry special. Everything you share, every customer you convert, every piece of content you write, and every link you build can be monitored and measured. And, if you don’t do so, you will miss out an amazing opportunity to grow your business faster and stay competitive.
Some of the most important KPIs you need to keep an eye out for are the number of leads, conversion rates from leads to sales, cost per advertising conversion, top converting emails, and your rankings. By building your digital marketing strategy on actionable data rather than guesswork, you will improve its overall effectiveness and generate better ROI.
So, what can we conclude?
The way we do business has evolved and it will keep changing in the years to come. And, if you’re not able to adapt to these changes, you will not survive. To stay relevant in today’s hyperconnected world, you need to start working on your digital presence.
Build a well-optimized, responsive website.
Create and deliver high-quality, relevant, and engaging content that resonates with your visitors.
Use various SEO practices to give your website’s rankings a boost.
Harness the power of social media and email marketing to expand your customer base and build a recognizable brand.
And last but not the least, measure, measure, and measure your online performance to know what works for your business.
How do you use digital marketing to gain a competitive advantage?