The Internet has become the center of the modern age. From being a mere source of information and communication tool, it has evolved into a revolutionary technology and has become a common ground for people to socialize and do business.
With around 53 percent of the global population currently connected to the Internet and with an estimated annual growth of 7 percent, shifting business operations online has become inevitable for most businesses.
The 2018 We Are Social’s Digital Global Overview noted that 17 percent of the global population transacted, made an online purchase and paid online. Major economies such as the United Kingdom, South Korea, Germany, Sweden, and the United States have the highest e-commerce penetration rate that ranges between 65 to 75 percent.
E-commerce is definitely the future of doing business. It’s not surprising how the digital space has become crowded in a quick span of time as more and more businesses compete to capture the attention of consumers.
Many business owners recognize the fact that if you want to stay relevant, and ultimately enhance business revenue, you have to invest in digital marketing.
Why implement digital marketing?
Digital marketing specialists at programmatic advertising agency War Room underscore the importance of investing in digital marketing to boost business revenue. Below they share top five reasons why you should implement digital marketing now.
1. Digital marketing offers a level playing field.
Unlike other marketing platforms, digital marketing is something that is not limited to large and multinational companies. Small and medium enterprises can implement digital marketing campaigns within their means. The digital space provides an avenue for these ‘minor’ players to compete with major ones.
Digital marketing enables small companies and even startups to perform sales and marketing processes that were formerly only available to fully-funded corporations.
2. Digital marketing is cost-effective.
Compared to traditional marketing, digital marketing offers a more cost-effective platform that delivers the desired results. According to Gartner’s Digital Marketing Spend Report, around 41 percent of digital marketers have realized considerable savings by using digital marketing methods – savings which they can use for other more important expenses. It’s not entirely surprising why 28 percent of business owners are considered shifting their marketing budget allocations from traditional methods to digital strategies.
3. Digital marketing has a higher conversion rate.
A higher conversion rate means a better return on investment (ROI) for the budget spent on digital marketing efforts. There are several tried and tested tools and techniques that can be implemented to better improve conversion rates such as the use of programmatic advertising, SEO, social media marketing, and email marketing. It is not enough that you increase awareness on your brand, service or product. What’s more important is to convert these leads into customers.
There are also digital marketing metrics and tools that help businesses monitor the success rate of their campaigns in real time, thereby, helping them evaluate and adjust strategy as necessary.
4. Digital marketing is more targeted.
Another reason why digital marketing results in higher revenues is its targeted approach. While traditional marketing can reach a wide audience, it cannot achieve the same level of targeting that digital marketing does. With digital marketing, you can send more personalized and targeted marketing campaigns to a segmented audience. This contributes to more successful marketing at the same time helps cut on unnecessary costs.
5. Digital marketing reaches a wide audience.
With around 91% of adult Americans connected to the Internet through their smartphones, tablets and other mobile devices, digital marketing offers the widest audience. Digital marketing campaigns, especially those that are compatible with mobile devices, can bring your products and services right at the fingertips of consumers. If implemented properly, it can pave the way towards increased sales and revenues, as well as, better growth and faster expansion. Smartphones and the Internet have a very powerful influence in the consumer buying process.
If your business has not shifted to the digital space and started digital marketing, you’re probably missing a lot! Consumers are moving to the digital sphere which means digital marketing is here to stay.
Step up your marketing methods through digitization. Expect a tough start but it’s an inescapable 21st-century transformation that your business needs if you want to stay competitive and increase your business revenue.