Digital Marketing refers to the practice of promoting products and services digitally through electronic devices, from advertising on social media sites such as Facebook to creating an effective website. It encompasses many activities from conducting ads on them to designing an efficient digital strategy.
Traditional marketing methods, like billboards and television ads, are becoming less effective over time and should be replaced with digital strategies instead. Here are four reasons why adding digital marketing to your strategy may be worthwhile:.
Reaching a Wider Audience
Digital marketing refers to all the methods your business employs electronically in order to promote itself online, such as websites, social media channels, search engine optimization (SEO), pay-per-click advertising (PPC), email and mobile applications.
Digital marketing’s primary benefit lies in its broad reach; television or newspaper ads simply cannot compare. Furthermore, businesses using digital can track click-through rates on an ad, percentage of new users who see it and other metrics to measure its success.
Before targeting new audiences, it’s vitally important to gain an in-depth knowledge of your existing ones. Review booking/ticketing data, demographics, geographic location data, visitor surveys and website/social media analytics in order to build a picture of who your existing audiences are. Once complete, search your database for “lookalikes” who share traits similar to them so as to create content and messaging tailored specifically for these potential customers. Creating these innovative approaches could result in improved engagement levels, higher quality traffic volumes, additional interactions on-site/social media or even sales growth!
Digital marketing enables you to be very selective about who you target, helping to ensure that any ads reaching the right demographic don’t cost extra money.
Digital marketing can also be more cost-effective than other forms of promotion; you could reach thousands with one post on social media for less than printing and distributing a flyer would cost.
Cost of digital marketing varies significantly by industry and location. For instance, law firms in New York City will incur greater marketing expenses than injury law firms located in Cheyenne Wyoming; however, most businesses can anticipate a high ROI on their digital efforts due to very low upfront costs of most digital strategies (for instance email and content marketing can be done without incurring extra charges), making them ideal options for small business owners looking to maximize their marketing budgets.
Increasing Conversion Rates
Digital marketing aims to attract targeted traffic to your website and convert visitors into paying customers – the higher your conversion rate is, the more revenue your advertising budget can produce.
To increase conversion rates, create compelling calls-to-action (CTAs) and optimize landing page content. FOMO techniques may also help accelerate user actions by emphasizing stock levels, countdown clocks, missing opportunities and offering limited free shipping offers.
Build trust and brand loyalty among users who share their experiences with your products or services by inviting them to create an online community and share their opinions about them with others. Doing this can lead to long-term growth and increased revenues – though you must remember not all strategies will yield immediate results; thus it is vital that you continually test new approaches and measure performance, in order to determine which are working and which may need further optimisation.
Increasing Return on Investment
Digital marketing can help increase your return on investment for your business, which means more money in your bank than spent on campaigns – an excellent outcome!
Measuring Return On Investment is essential to understanding which campaigns are working and which need improvement. For instance, if leads generated aren’t converting into customers as expected, perhaps adjustments need to be made with regards to messaging or targeting.
Customer Lifetime Value provides you with an accurate picture of how valuable each customer is over their entire lifetime, giving you an understanding of whether paying the initial costs associated with customer acquisition would be worthwhile, or whether retention and upselling efforts would yield greater returns. By setting measurable, attainable and attainable goals to increase average order values even by small percentages can boost revenue significantly and improve ROI significantly.