Why Digital Marketing is Important
Many small businesses these days have found themselves lost in the online world. Either they were unable to adapt from the way traditional business was run, or the prospect of setting up digital channels seemed too overwhelming to start. Whatever the reasons, it is important to understand that being relevant in the online world today is no longer a luxury, but a necessity if your business is going to thrive. Here are just a few good reasons to start caring about your business’ digital marketing efforts.
Many of your potential customers simply do not know that your business exists. If you do not have an online presence, your customer base is restricted to those who physically see your business on the street, or who have a friend tell them about it. So much of the world is found through the internet nowadays that if you do not have an online presence, very few people will know who you are. Take a restaurant in a small town for example, and a family of five is stopping off on a long road trip to find a bite to eat. Most people in today’s world will Google, Yelp, or otherwise search for restaurants in the area before they even get to the place. Something as simple as setting up a business page with Google can have a tremendous impact on your customer flow. People are more and more trusting of businesses they find online, especially if they have good reviews, and failure to have a presence will put your business at the bottom against competitors.
Capitalize on Existing Customers
So you’ve managed to gain a customer and sell them something. This is great news but unless you have processes set up to reach them again, your chances of gaining a repeat customer are significantly lower. By setting up an online marketing campaign, you can market specifically to customers you already had, in hopes that they will repeat as customers. You can give special offers right to their email, or show a targeted ad on a website to try maximize the lifetime value of a customer. Without these processes, you’re just hoping the customer returns, without any control over offering incentives or reminding them.
Interact with your Customers
If you fail to use the internet to supplement your business, you are missing a chance to interact with customers in ways that were never before possible. Social media allows us to engage with our customers to not only share offers or information about products, but also to listen to our customers to hear what they have to say. It is incredibly valuable to hear what problems customers are having with your company so it can be fixed, as well as to hear what they love, so you can focus more on those things. The internet allows companies to gather data like never before on what is working with your customers and what is not. This information is vital to continual growth in a digital world.
Establish New Streams of Revenue
Companies that do not have an online presence are missing out on streams of revenue that could drive incredibly large profit margins for the business. In addition to the number of customers that you are likely to gain, companies that are online can set up revenue streams such as advertisements, products and services that are exclusively online, as well as affiliate marketing opportunities. These additional streams of revenue could be the difference between having a highly profitable month and losing money.
These are just a few of the reasons why digital marketing is vital to business success in the 21st century. If you are not already online and utilizing techniques to maximize customer value and gain new customers, you are way behind other businesses. Small businesses and independent entrepreneurs can gain tremendously from setting up an online presence. Follow our blog for more information about digital marketing for small businesses.