As more and more consumers are shifting their focus to the online market, businesses are looking for new and improved ways to reach out to the consumers and learning how internet marketing can be leveraged to grow their businesses. This article will work towards describing the importance of digital marketing can bring to your business and how it can help to enhance your sales and revenue figures.
Before we peek into its numerous benefits, we first need to know what exactly is online marketing. Online marketing or internet marketing is a form of digital marketing that leverages various internet platforms like search engines and social media to promote the products to the market. Forms of promotion can include video ads, social media promotions, or even email marketing as well.
What is the difference between online and traditional marketing?
Marketing has been a dominant part of the corporate culture over the years. Thanks to the popularity of televisions and radios across the world before the rage of the internet, businesses often used to leverage these sources to promote their products and services. However, traditional marketing came with its own set of challenges.
Though the astronomical ad rates on tv channels and radio stations meant that only the big brands could book their spots during primetime. The introduction of the internet and the lowered prices and its ubiquity made the internet a ripe source for marketing for brands of different sizes.
Since online marketing had a pay-per-view model and offered guaranteed conversions, online marketing soon took off. While both these models helped brands to reach out to the consumers, online marketing played a vital role in generating sales and exposure in the marketplace at a fraction of a cost.
What is the importance of digital marketing and how it can boost business growth?
Online marketing has proven to be quite beneficial for businesses. We will use this section to describe the several perks offered by online marketing sources that you can use to grow your business. The benefits of online marketing include:
1. Easy performance tracking: Online marketing campaigns come with a major advantage over their offline counterpart and that is their easy trackable nature. With tons of online outlets providing the option to market your products, business owners must be able to track the performance of their campaigns and tweak them accordingly to gain maximum reach.
One of the biggest players that rose thanks to its multiple online avenues of marketing is the Indian fruit beverage brand “Paper Boat”. The brand was able to capitalize on the nostalgia of the consumers by appealing to their childhood memories through multiple online outlets. Offline marketing too was a major part of their campaign, however, analysis of the online trend helped them capitalize on the emotions of the customers and win them over.
2. Finding actionable strategies: As mentioned, online marketing helps with finding out the perfect strategy to appeal to the consumers and increase sales. with online marketing, marketers can curate perfect strategies which resonate well with the targeted segment of the audience.
The Indian wholesale brand “Meesho” is a prime example of how it was able to reach its target audience. Knowing that their products would cater to resellers which mainly included women, marketers were able to reach out and capitalize on the needs of their audience.
3. Cost-effective model: Unlike offline advertisement sources, online marketing is quite easy in your pocket. With online marketing, you only have to pay for the features you chose. And with guaranteed engagements, online advertisement platforms can suit all budgets.
4. Low cost of entry: Starting with your first online marketing campaign is quite inexpensive and easy to set up. But you will need to ensure that you have properly identified your audience before starting. The plans on offer are also quite flexible which allows you to pay only for the things you need. And with the pay-per-click model, businesses now only have to pay if their ad is clicked on. This saves a lot of money for the business which they can invest elsewhere.
5. Transparency: With insightful performance and user data at your disposal, the proceeding on these advertisement platforms are quite transparent and business owners are always aware of what is happening behind the paywall.
6. Brand recognition: This is perhaps one of the main reasons for diving into marketing for many businesses. Both online and offline marketing plays a huge role in propagating brand awareness among consumers. And with the rise of the internet and its ubiquity, online sources have become the go-to standard if businesses are looking to target teens and young adults.
7. Product/service improvement: One of the main benefits marketing brings for the consumers is the welcoming of healthy competition. When brands focus on gaining their stronghold in the industry, they will also need to consider the offerings of the competition. Marketing helps in increasing competition in the market which results in the lowering of costs and greater innovations to keep the consumers interested.
A prime example can be seen with the Indian telecom service provider “Jio”. Before its inception, mobile and internet bills often came as a shock to many. By analyzing the offerings of the contemporary competitors, the brand was able to provide value to the consumers at a fraction of the cost. This strategy was historic in cementing their spot as one of the biggest names in the telecom industry and thus forcing many competitors to go bankrupt.
By understanding the need and the demand of the consumers, Jio can rank at the top with millions of satisfied consumers. This not only helped the business grab its spot in the industry but also brought newer and affordable innovation for the consumers.
If you are looking to start your business and leverage the power of marketing to grow, consult with an expert to get started. For those looking for proper guidance and training, they can try out SmartSchool Education. With its lucrative franchising model, SmartSchool Education provides business owners with all the logistical and tanning support that will help you set up your new business today.