How to Develop your Business using Digital Marketing
Traditional marketing is the offline form of marketing technique used to advertise their products and services in the platforms like print media, Broadcasting, Telemarketing and Hoardings, etc. It is a prominent marketing technique that existed till the 90's. Due to technological advancement, the usage of traditional marketing is reduced. In the latest trend people do marketing with the help of the internet, that is marketing the products and services through online platforms called Digital marketing.
Here is a small comparison between traditional marketing and digital marketing for your better understanding.
It is one form of marketing any business's services and products using TV, Radio or Print Media.
It is one form of marketing that uses the internet and social media for advertising businesses.
Engagement of Audience
conversion of potential clients into actual consumers
Not easy to measure
Simple to measure
Not possible once the advertisement is placed
One can change or edit anytime
Quick and live results
Mostly one-way communication
As we saw what is traditional marketing and the difference between traditional and digital marketing. Now let us see why a business needs an online presence and how it is going to benefit or improve a business. So, going digital is a great opportunity for any business whether it is a large-scale business or small-scale business.
Benefits of Digital presence
Digital presence improves the visibility of your business and it makes your business reach globally without any geographical restrictions. unlike traditional marketing, digital marketing makes it easy to create marketing campaigns globally. Another important benefit of digital presence is, making your product and service reach a particular set of audience who fits to your criteria and this is done by filtering certain elements like location, age and category of people, etc. to whom your business wants to be reached. By reaching a targeted audience those who are interested in your product and service will make your efforts sensible and improve the business. Online presence is all about two way interaction. Products and services directly interact with the customers. Customers can interact, engage and put forward their interest in any particular brand. Now we will see the major benefit, why people go for digital presence is Tracking. Tracking the performance, measuring the success/failure of the business is very easily done in digital marketing. With the help of free online tools like Google Analytics and Google Search Console, you can track the performance of your digital marketing campaigns end-to-end.
By using this you will be able to identify what works best for you and what strategies to be followed to improve your sales and you can also assess where your maximum sales come from and accordingly you can target consumers. it simply means higher conversion rates as we invest where we are in demand. These are the major benefits of digital presence ,where you can enhance your business growth tremendously. Such benefits are rarely visible in traditional methods so, in the latest trend, people are widely moving to digital to make use of these great opportunities to enhance and uplift the business growth.
Accurate Insights and Analytics
As we are making our business online, it's very important to know about the term consumer Insights. Let us start with the basics of Insights and how do they help a brand build a digital strategy?
Insights are nothing but a collection of data that provide marketers with valuable information on the wants and needs of the brand's target demographic. It gives an in-depth understanding of the digital behaviors of a target audience, customer, competitor or industry. For example, browsing history, campaign response patterns, demographics, etc.
Where and how to gather customer insights
So now we know what insight is and how it is useful for us to improve our business. Moving on to the next element, where to get customer insights, here is the list where we can gather our customer insights which mainly aims to increase the effectiveness of a product or service.
1. Online reviews
2. Competitor's reviews
3. Website data
4. Competitor website data
5. Preferences & purchase activity
6. Customer surveys
7. Customer interviews
8. Success stories and case studies
How to gather customer Insights
Now let's know about an important analyzing tool called Google Analytics and Google Search Console
Google Analytics helps you learn more about your customers like, who they are, how they found you, and how they interact with your website.
Google Search Console helps you monitor your website’s performance in search results.
With the help of these Google Analytics and Search Console tool, you can gather a wealth of insights about your customers which includes:
Behavioral data: It helps companies understand what consumers are doing online, why they’re doing it, and how this behavior can be converted into digital marketing campaigns. what keywords they were searching, when they found your site, what paths they’re taking on your site, which pages they’re exiting on, what content they’re most interested in, etc
Demographic data: age, gender location, interests, devices, etc
Campaign data: which pages are driving leads and sales, paths to purchase, etc
Hence, using these tools you harness the power of customer data to guide product strategy and marketing.
How Digital Marketing works
Digital Marketing is just not a trending marketing tool, it’s the most effective form of marketing that has been discovered to date. And the results are extremely visible.
With the aid of Digital Marketing, businesses have outreached marketing limitations and discovered immense profits from online leads.
Digital Marketing is much more than meets the eye. It’s the miracle of advanced technology that helps businesses all around the world to flourish.
But that leads us to the question of how exactly does digital marketing work?
What are the mechanics and key aspects behind the marketing wonder?
Digital marketing uses various strategies to reach one key goal through different routes.
Think of digital marketing as a company, the strategies are the employees of the company who work in different departments. All employees work for the same organization with one motive; to make the business successful.
Similarly, all digital marketing strategies work together to generate traffic, create awareness and transform leads into loyal customers for the business.
How does digital marketing work step by step?
Here's how to create a solid digital marketing strategy:
Explore the landscape and analyze your results.
Map out your strategy.
Define your target audience.
Build your content strategy.
Choose your channels and tactics.
Set key performance indicators and benchmarks.
Execute with best practices.
Analyze and adjust.
The primary role of a digital marketer is to manage marketing campaigns promoting a brand as well as its products. They have a huge role in increasing brand awareness as well as driving traffic and acquiring leads and customers.
Let's discuss one of the strategies used in digital marketing to reach marketing goals.
What exactly is influencer marketing? How does it differ from other forms of advertising?
Influencer marketing has become a powerful tool for businesses looking to reach new audiences. Marketers use various strategies to identify influential individuals and gain access to their followers.
Influencer marketing uses celebrities, athletes, bloggers, and other influential figures to market brands.
Influencers are those who have large social media followings and have the ability to influence their audience.
Brands use influencers to promote their product or service through paid advertisements, free giveaways, and endorsements. In addition, they can generate significant brand awareness and loyalty through paid or unpaid posts.
The goal is to get them to share valuable information and create excitement around a particular topic, product, or service. The key benefit for brands is that they reach a larger audience at a lower cost than traditional advertising methods.
Role of influencer marketing
Influencer marketing allows big brands to attract more customers and enables small businesses to scale up by getting them more visibility, which provides higher ROI than other marketing channels.
In today's digital landscape, A strong online branding will allow you to connect closer with your prospective customers, which leads to conversion and retention.
Online branding is the process of using digital assets to create an online brand identity that can be expressed on virtually any digital channel, like your website, social media profiles, digital ads, content marketing and Email marketing.
A business without a strong online brand will experience reduced competitiveness, inaccessible products and services, customer confusion, and dissatisfaction. So, it's very important for a business to make online branding.
What is meant by Brand Awareness in Digital Marketing?
Brand awareness is a marketing term for the degree to which consumers recognize a product by its name. Ideally, consumers' awareness of the brand may include positive perceptions of the qualities that distinguish the product from its competition.
Social Media and Search Engine Marketing (SEM), both play a vital role in getting a brand noticed and heard, and set the stage for most marketing campaigns you see online today.
Brand Awareness Pyramid
Brand awareness means how consumers recognize a specific brand and its products or services through associated images, logos, or qualities. You need to understand the different levels of awareness that reflect your progress.
There are four levels of brand Awareness are
top of the buyer's mind
In order to achieve these stages of awareness, it's very important that your product or service should be high-quality with excellent customer service.
How to Increase Brand Awareness Using Digital Marketing
1. Having a dedicated blog page on your website and regularly updating content on it helps ensure your customers that you are an expert at what you do.
2. Create Shareable Content.
3. Find Your Digital Marketing Mix.
Reputation deals with monitoring and managing a brand’s image using online tactics. Reputation monitoring plays a major role in protecting your assets online and gives a strong grasp of how current and potential customers view a brand. Managing a brand’s reputation is an important aspect of digital marketing that can improve its image to its customers.
How to build a positive online reputation
Before going to how to build a positive online reputation, keep in mind that a positive online reputation can’t be constructed overnight. It is the result of careful curation over time. To improve your online reputation, certain things to be followed:
Focus on your brand
Monitor and assess the search engine results
Design a user-friendly website
Write a blog
Be active on social media
Respond to comments, reviews and other mentions
Share your achievements and awards
Create positive content
How to Handle Bad Online Reputation
1. Respond Quickly: Treat comments or messages on your social media channels as client queries.
2. Avoid Being Aggressive: While not everyone's comments on your social media channels will be positive, it is always important to keep calm and to respond professionally.
3. Social Monitoring.
3. Lead Generation in Digital Marketing
Before moving on to Lead Generation, let's know what is a Lead?
A lead is a person who has shown interest in your product or service. In digital Marketing, it is very easy to find out who is the lead and where the lead got converted from, whereas in traditional marketing, it is difficult and impossible to find out where the lead got converted from and thus you may be wasting your time on the wrong leads. But with digital marketing, this can be solved by targeting a similar audience that had the maximum leads converted.
Lead generation is the process of targeting these prospective customers and nurturing their initial interest in a particular product or service. The overall goal of lead generation is to convert the interested customer into a buyer and increase your company's sales. Potential customers are given opportunities to reach out to your business via email campaigns, phone calls, paid social media ads or social media channels or even offering downloadable content through a landing page to open up a communication with your business.
The Aim of Lead Generation in Digital Marketing
Generate traffic to the business’s website
Covert those website visitors into leads
Convert the leads into customers.
The Benefits of Lead Generation
Expands Your Market
Generate More Customer Reviews
Boost Your Revenue
Generate Business Opportunities
Builds Visibility and Awareness
4. Tracking In Digital Marketing
Tracking gives you visibility on how well you are reaching your goals and objectives. It allows marketers to review which creative works best. Tracking also helps in finding and reaching out to customers who have shown interest in your product. This concept is called Remarketing or Retargeting.
Remarketing is showing ads to people who have previously visited your website, used your mobile app, or if you can target them by their email address with their consent. Remarketing is also known as retargeting.
Lets see with an example, if a customer puts a product in their shopping cart, but then leaves your site without purchasing, you can later remarket that item through a different ad.
This remarketing strategy is a particularly cost-effective way to increase your sales conversions, because you are reaching out to customers who have already expressed interest in your products or services. Lets see some more benefits of remarketing to improve your business growth.
Benefits of Remarketing
Remarketing is a Cost-effective technique.
Remarketing helps you to stay connected with your audience.
It provides Higher ROI (Return on Investment)
Remarketing helps to improve ad relevance.
It provides you with a specific target audience.
It helps the customer to recall the brand.
With remarketing, personalization becomes the key to a consumer’s mind and helps them remember your business. It also helps in increasing the visibility of your brand and products, while also increasing brand awareness and traffic. If a user sees an ad on their favorite website, they'll associate that company with the product they were looking at.
Email Marketing is the best form of remarketing which lets you formally communicate with your customers but with a personalized message. Often Email Marketing has seen higher open rates and responses than other platforms. In 2022, with WhatsApp marketing into action, brands use WhatsApp as well for their remarketing campaigns. So Remarketing Campaigns plays an important role in developing your business by giving you another opportunity to get a conversion.
Customer relationship management (CRM) is a technology that allows businesses to organize, automate, and synchronize every facet of customer interaction. That means it can help you store customer data such as user behavior, how long a customer has been with your business, purchase records, and notes on sales interactions, which you can use to optimize your sales and marketing processes and improve customer service across your organization. CRM system examples include marketing, sales, customer service, and support.
Digital marketing is generally more cost-effective and can be more targeted, while traditional marketing can be more effective at reaching a larger audience. It’s important to consider your budget and target market when deciding which type of marketing to use.
Traditional marketing is more expensive than digital marketing. Channels like print, television, and radio advertising offer limited advertising space, and due to the expense to run those mediums and the scarcity of advertising space, the advertising placements are often steeply priced. The most costly medium of advertising is Television. It needs crores of money.
Social media marketing is cost effective. It's also one of the most versatile strategies that small businesses can use to reach their targeted audience as well as boost sales over a particular period of time. That's why 97% of marketers are using social media to reach their audiences.
Digital Marketing Budget Allocation:
How Much Should You Be Spending?
According to the SBA, businesses should spend up to 7-8% of their revenue on marketing, but a simple percentage-of-sales model might not be best for everyone.
Marketing experts and agencies often recommend that small businesses spend anywhere from 7-8 percent of their gross revenue on marketing. And, according to a study, small businesses tend to follow this rule, spending around 3-5 percent.
Amazon. Amazon has a massive advertising business, bringing in $31.2 billion in ad sales in 2021. But the company is also estimated to be the biggest advertiser in history, with its ad spend totaling roughly $16.9 billion.
Instagram a powerful Business Tool
Instagram is the second most accessed network behind Facebook. It is a leading photo-based social media platform where People can upload photos or videos and share them with their followers or with a select group of friends. They can also view, comment and like posts shared by their friends on Instagram.
Instagram is a popular social media platform that can also serve as a valuable business marketing tool. Influencers and small businesses use Instagram as a tool for audience connection, engagement and sales.
Instagram’s robust business features are available only if you create a business or creator account. We’ll explore setting up your Instagram business account and show you how to take advantage of Instagram’s top connection, engagement and sales tools.
Create a business account on Instagram, and then use photos, live videos, and hashtags to market your business.
Advertise your business through Instagram ads and use the platform’s sales function to sell your products.
Benefits of Instagram
Find like-minded users.
Market your content.
Share photos and videos.
Brand your business.
Free tools help you succeed.
Engagement is easy.
Thus Digital Marketing is a Game Changer for many small-scale businesses, yes entrepreneurs, professionals and other artists elevate their brands / products/ services out of their boundaries globally using various digital strategies.