Having a business is a fun, tough, roller coaster ride experience. If you make it big, say hello to your friends in Wall St. But if you fail, you are going to be in debt for quite some time. According to statistics by the Small Business Association, around 30% of newly established businesses will fail in their first two years in operation, while half of them will close down after running for five years.
There are several factors that can contribute to the failure of a business, which includes:
- Insufficient Capital
- Over Investment
- Unmet Growth
- Lack of Experience
- Failure to Plan
- Inadequate Research
But, the same number of factors or even more can help you find success in the business world. One of which is marketing. Marketing can be the center of your business success. It holds the key to the effective development of products or services, to differentiate you from competitors, and most importantly manages your reach, promotion, and public relation.
Traditional marketing is good, but digital marketing is better. It is relevant, modern and effective. If your business is struggling or you want to experience exponential growth to reach success in no time, you need to try digital marketing.
Let’s take a look at how this works.
You Expand Your Reach
People nowadays are strongly virtually connected. In the US alone, more than 76% of the population have access to the internet; that equates to around 290 million people. With digital marketing, you can easily reach and connect with these people. If you get to market your product through the digital world, you won’t have a problem reaching your target market.
About 42% of people use social media at least once a day. On average, a netizen (people on the internet) would spend over two hours a day on social media platforms; teenagers spent the most by over 9 hours.
With digital marketing, your business isn’t limited to how many people can be talked to in person, over the phone, or thru snail mail as traditional marketing did.
It Makes You More Competitive
Big corporations dominate the business world. Although, small and medium enterprise take the majority of businesses in numbers. Giant companies can influence and infiltrate a market because they have the funds to make big business moves. Digital marketing allows you to compete or least level with these giants.
With a strategic digital marketing program, you are capable of competing with big brands over the interest of consumers without spending a fortune. As long as your marketing is focused, controlled and well planned, you will be able to get your much-needed market share.
Specific Target
Unlike traditional means of marketing, digital marketing will allow you to play with the dynamics of your business like a targeted audience. A targeted audience is your intended customers. The population who are likely to be willing to spend, look, and use your product and service.
Since digital marketing is on the internet, you can give instruction on who, when and how people can see it. So rather than posting a big billboard in a busy highway, you can pay a social media platform that will allow you to share your promotions to specific people. Facebook, for example, will let you configure the age, gender, and location of people who will see your promotional post.
Other means of digital marketing promotion can be a post on Instagram, a podcast on Spotify or a retweet from a celebrity.
Cost-Effectiveness
Digital marketing is cost-effective. Unlike other means of marketing, digital marketing will allow you to deliver a marketing program that fits in your budget. Since digital marketing can be specific, controlled and targeted, you will be assured that your market is reached effectively.
Most ads run on the web are pay per clicks. Meaning tractions and interactions are assured even before you pay for the marketing ad.