Digital marketing is no longer the buzzword used by big brands and marketing companies. It has become the need of the hour, mainly for small businesses that want to survive the competition. By implementing online marketing, companies can enhance their business and branding.
Here’s a quick guide to how digital marketing can drive business growth, along with why an invoice app for Windows is essential for companies that use digital marketing.
Businesses Are Embracing Digital Marketing
The global digital marketing spend is projected to reach $330-340 billion in 2020, showed a market study by Beroe. As the world goes digital, businesses need to adapt. Though digital marketing has been out for years, its application has surged over the past couple of years.
As of 2020, more than 60% of small businesses have a website, and 70% of them use social media. And as the business landscape becomes more vying, companies will continue to invest in social media.
But sadly, a significant number of companies, mainly small businesses, are still utilizing traditional marketing techniques. There’s nothing wrong with conventional marketing, apart from the fact that they don’t work anymore. More people than ever are shopping online. Besides, 97% of customers learn about a business online, showed a stats summary by SEO tribunal.
Digital marketing goes well with software solutions, thereby creating an efficient digital ecosystem for your business.
How Can Digital Marketing Drive Business Growth?
Till now, we’ve discussed that more small businesses than ever are implementing digital marketing strategies. But why? How exactly can digital marketing drive business growth and impact your bottom line?
Let’s find out.
1. Wider Geographic Reach
Traditional marketing has a major drawback. It limits your reach, as you can only target the local customers. Sure, you can open a store in another city and run banner and print ads. But won’t that be too expensive?
According to Social AXcess, direct mail, television, magazine, and newspaper are the most expensive advertising channels. Contrarily, social media is the most cost-effective channel, costing as low as $0.25 per 1,000 impressions.
Digital marketing, therefore, helps you expand your reach to different geographic areas without spending overwhelming amounts on marketing. You can scale your business and target various regions even when you have a nominal marketing budget.
Digital marketing also simplifies business operations. If you take your business to a new city, you’d need to set it up from scratch. With online marketing, you can retain your business operations. For example, you can use free billing software for pc to bill your clients and customers irrespective of their location.
2. Brand Development
Branding is the key to success in this vying business landscape. Companies need to break the profit generator stereotype and take steps to connect with their customers on an emotional level. Here’s where digital marketing can do wonders.
By having an online presence, you can give your customers a platform to connect with your brand. You can use social media to facilitate interactions. Furthermore, you can use social media to provide customer support and services.
Having a robust business website is another way to develop your brand. By posting high-quality, helpful content, you can earn the trust of your customers.
3. Cost-Effective Marketing
As discussed, digital marketing is less expensive than traditional marketing. This is mainly because the pricing model of digital marketing is on a per-impression or a per-click basis. You can run an ad on Google for $10 only.
Moreover, digital marketing agencies charge nominal costs. A small business can enjoy high-quality digital marketing services for $30,000 per year.
Another benefit of using digital marketing services is the ease of payment. All providers use cloud invoicing software for digital marketing agencies, enabling you to make online payments with ease.
4. Increased Revenue
In addition to being cost-effective, digital marketing also provides a higher ROI than traditional marketing. The average digital marketing ROI is 5:1, which means you’re likely to generate $5 on every $1 spent.
On the contrary, it’s almost impossible to track the ROI of traditional marketing efforts. Let’s say you launched a banner ad in a posh area of the city. But how would you determine if the conversions you’re getting are coming from the banner ad or something else?
Moreover, digital marketing is laser-focused. You can determine exactly which type of customer you want to target, including their age, gender, occupation, etc. This helps you target more customers for less cost, thereby increasing your revenue and profits.
5. Mobile Targeting
The use of mobile devices is on the rise. The internet traffic coming from mobile devices has surpassed the traffic from desktops and laptops. An Adweek survey suggested that consumers spend more than five hours per day on smartphones. And mobile devices are being used for all forms of digital consumption, ranging from entertainment to shopping to work.
Digital marketing helps you target mobile users. Platforms like Google and Facebook allow you to tweak your campaigns to ensure they appear to mobile users only. Besides, you can also launch mobile applications and mobile-friendly websites to further engage your mobile users.
6. Improved Business Operations
As mentioned, companies need to embrace digital transformation. They need to utilize digital tools like ERP and automatic invoicing software to keep up with the changing business dynamics.
You can easily integrate your digital marketing efforts with these software solutions. Marketing automation tools integrate with these solutions to help you with seamless business operations.
The world is going digital, and you should do the same. By implementing robust digital marketing services, you can globalize your business and engage with a larger audience. Besides, its cost-effectiveness makes it an essential strategy for small businesses.
Also, check out Moon Invoice if you’re looking for cloud invoicing software for digital marketing agencies.