Summary: Digital marketing is the most effective way to find and connect your products or services to your customers. There are over 7.7 billion internet users globally that are actively searching for and purchasing products and services daily. If your customers can’t find you, it’s safe to say that they are buying from the competition while you wonder where the business is going.
Statistic Source: Internet World Stats
Marketing is like a story, with multiple perspectives, plot twists, and characters to fit every role.
Every story has different points of view, and neither perspective is incorrect when looking through the eyes of the person living it.
Before we go over why digital marketing is important, it’s helpful to understand and see both sides of the narrative:
- Digital marketing
- Traditional marketing
There are benefits and drawbacks to both and you deserve to have everything laid out in the open for you.
Feel free to utilize the table of contents above to browse through the article learn about subjects that interest you the most.
Let’s dive in!
What is Traditional Marketing?
Traditional marketing has been apart of your everyday life whether you have been aware of it or not spanning from TV commercials to the magazines you read.
Types of traditional marketing:
- Print (magazines, newspapers)
- Broadcast (television, radio)
- Direct Mail (postcards, catalogs)
- Telephone (SMS broadcasting, telemarketing)
- Outdoor (fliers, billboards)
All of these forms of advertising work, there is no doubt about that. Most of the same foundational principles take place in digital marketing. However, everything has ups and downs; here are some pros and cons to consider:
Pros:
- Familiar and needs less explanation
- Proven track record of success
- Some people enjoy physical copies of ads over digital
Cons:
- Higher Cost – Traditional marketing requires you to invest a decent chunk of change upfront that may or may not produce a return on investment.
- Hard To Measure Results – There is no real way to measure your conversions from the local print ads directly compared to real-time data for digital marketing.
- Limited Customization – Traditional marketing doesn’t allow you with much room for customization. Your audience is limited to selecting which area or region you would like to show your newspaper ad or which TV channel to display your 30-second ad. Digital Marketing allows you to speak directly to your target audience.
- Consumer Interaction – There is limited to almost zero interaction that is possible between traditional ads and the consumer. Once your message is out in the open, all you can do is hope the right people see it and purchase from you.
What Is Digital Marketing?
Digital Marketing includes any marketing efforts that take place on an electronic device or over the internet. The mediums used for digital marketing are:
- Content marketing
- Search engine marketing
- Display Advertising
- Mobile Marketing
- Social Media Marketing
- Email Marketing
- Influencer Marketing
- Affiliate Marketing
- Video Marketing
- Audio Marketing
The possibilities for digital marketing are seemingly endless as technology continues to improve and expand over time. With that said, let us look into both the pros and the cons:
Pros:
- Robust real-time tracking and metrics
- Cheaper to implement than traditional marketing methods
- Quickly and effectively A/B test to find the best message for your target audience.
- You can communicate with customers directly over social media.
- The Ability To Target Your Ideal Audience – With Digital Marketing, you can target your ideal audience. Example: your ideal customers are 35-45-year-old single Hispanic men with a yearly income of up to $55,000/ year. Your advertisements will only show for the people who fit these exact criteria—allowing you the ability to create personalized ads that are the most relevant to those searching for your products/services.
- High Return On Investment Potential (ROI) – Due to your ability to target the exact customer for your business, the potential to receive a great return on your digital marketing investment is high. On average, you can expect your investment return to be $2 for every $1 spent on an advertising campaign.
- Locate People Where They Spend Their Time And Money – 97% of US adults under 65 years of age are on social media at least once a month. Much of these people return on a day to day basis. When it comes down to people spending their money on social media, 48% of users confirm they have made their last purchase online as a result of a Facebook ad.
- Personalized Connection to your customers – People love messages tailored directly towards them. The power of talking directly to your customer allows you to create extremely relevant content that will resonate with their needs and wants.
Cons:
- The internet is a crowded place with high competition
- If you push your message too much, consumers will begin to block you out
- You have to be proactive with your online reputation
- Steep learning curve when getting started
- Very time consuming to maintain everything alone.
Traditional vs. Digital Marketing
The Importance Of Digital Marketing For Small Businesses
If you are the owner of a small business, you may be wondering why digital marketing is essential for your business.
Here are a few things to consider:
Geographic Boundaries
If you own a business with a physical location, you are bound to the customer base around you.
When it comes to nurturing your business and expanding upon what you have, it is tough to build past your current environment.
The internet has made it attainable to share your expertise with the world without the complications of opening up shop in another location.
Your Competitors Are Online
No matter the area of business you are in, you are most likely to have competition.
If your business isn’t discoverable online, your competitor, who is, comes in and swoops up the sale.
Having a presence online makes it easier for people to find your business and ultimately purchase from you.
Your Customers Are Online
Did you know that 63% of all consumers begin their buying journey online? With more than 7.7 Billion internet users, this is a considerable number of potential customers waiting to find you!
That said, bringing your business online can significantly increase your potential reach and profitability.
Being online builds trust
Having an online presence builds trust with your customers. Let us walk through an example of the buying process.
Jon Doe is looking to change his life around and become more active. He brings it up to his friend, who refers him to a fitness coach in the area that he knows. Jon pulls out his phone and searches for the trainer to find that the regarded trainer doesn’t have a website or social media activity.
At this moment, Jon Begins to have thoughts about whether or not this trainer knows what he is doing or if it is a scam. With this thought in mind, Jon begins to look around online.
Jon comes across another trainer in the area who has a very active online presence with reviews and transformational proof from past clients. Jon decides to go with the trainer he found online with a fabulous online presence that helps Jon trust he will achieve his desired results.
In this example, Jon went with a competitor over the first trainer recommended by his friend because there was no trust built with an online presence.
Bringing your business online is an excellent investment of your time. It helps build trust with your customers when it comes to decision-making.
Image Source: Business2Community
The Future Forecast of Digital Marketing
Take a glance around the next time you are in a public setting, what do you see?
Technology is everywhere! Everyone walks around with their phones in hand, scrolling social media, smartwatches on their wrist, and Bluetooth earpieces.
More and more people will be participating in online activities, which will lead to the opportunity for your business to reach larger groups of people.
Some of the most significant advances in digital marketing that you need to be aware of are:
- AI & Automation
- Social Commerce / Shoppable Posts
- Micro-Influencers
- Niche Social Media Channels
- Vlogging
- Personalization
- Google’s Gallery Ads
- Voice Search
- Chatbots
- Visual Search
- Neuromarketing
For more information regarding the above topics, check out this great article on Medium that goes over everything.
Conclusion
- You should consider Digital Marketing, especially with more people spending their time and money online than ever.
- There are over 7.7 billion internet users globally that are actively searching for and purchasing products and services daily.
- Having an online presence builds trust with your customers.
- Digital marketing shows tremendous future potential with the advances in technology being made and anticipated.
- Geographic location doesn’t hold digital marketing efforts hostage and can be utilized anywhere in the world.
If you are exploring alternative ways to expand your business, digital marketing may be something to consider for the best return on investment.
Digital marketing isn’t exactly a walk in the park. If you would like to expand your knowledge regarding digital marketing, feel free to browse our other articles on the subject that will set you in the right direction.
Or if you would like help with your digital marketing efforts, check out our offered services for your particular industry by clicking the button below!
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