Today’s economy is not what it was merely two decades ago. The 21st century has brought with it transformations the world has never seen. In many cases, things are changing faster than people can adapt, creating friction and discontent in certain aspects of life. With technological revolutions, this sort of resistance has always existed throughout the centuries. Nevertheless, today’s revolution is like no other, and it has been driven in large part by the internet and the digital environment it managed to create.
Those not able to adapt to the new circumstances will surely be left behind. Back in 1995, only 1% of the world’s population had internet access. Fast forward to 2019, and there are more than 4 billion regular users. People today are using the internet for almost everything. Interestingly enough, local businesses are thriving in this new, digital environment. Statistics show that 46% of all Google searches are in regards to local information. Also, 72% of those looking up local businesses will end up visiting their stores within five miles.
When it comes to business, digital marketing is the new norm. There are also several advantages that come with it.
Why Choose Digital Marketing?
Simply put, focusing your efforts on a digital strategy, as compared to traditional marketing, will be more economically viable. Typical advertising has always been expensive, requiring large amounts of resources for things such as TV commercials, radio advertisements, billboards, direct mail, newspaper and magazine publications, etc.
Cost Effectiveness and Retention Rates
These advertising methods have generally been restricted to large corporations able to afford them. Small businesses, on the other hand, had to rely on more modest means of advertising themselves. And even under the best circumstances, they were generally restricted to their local area. But with social media and other such digital avenues, the playing field has leveled out, somewhat.
Instead of spending thousands or hundreds of thousands of dollars on TV commercials, companies can opt for YouTube. Rather than newspaper and magazine adverts, small businesses can use blog sites. In place of radio, podcasts are more advantageous; while e-mail marketing and social media have taken the place of leaflets and direct mail.
All of these examples presented here are open and available to anyone, big or small, and cost only a fraction of their traditional equivalents. And unlike their equivalents, these digital marketing tools also allow businesses to communicate and interact with their audience and potential customers. Some experts even go as far as saying that this provides a bigger advantage for smaller organizations than larger ones.
The smaller the organization, the easier it will be for it to stay on top of these customer conversations and interactions. The key, however, is to respond and interact promptly. It will go a long way concerning customer relations and customer retention rates.
Branding and Analytics
Another advantage that most traditional advertising methods don’t have is analytics. The digital environment provides numerous tools for users to track, quantify, and analyze market trends in real-time. These offer multiple opportunities for optimization, improvement, and targeting. Besides, it is a far better, more productive, and less expensive approach than directly sending leaflets to the entire neighborhood and hoping for the best.
Last but not least, digital marketing allows for more branding opportunities, both for yourself and your company. Through content marketing and social media, you can make yourself a thought leader in the industry while your company will be a leading provider.
In short, digital marketing is the way forward in today’s world economy, regardless of whether you are a big or small organization. It provides more benefits, it reaches a far larger audience, and it costs only a fraction of traditional advertising methods.