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7 Reasons Why Australian Businesses Must Embrace Digital Marketing To SURVIVE In 2021
The internet and globalisation, has made information accessible at any time via computers, tablets or mobiles. It opened up a new path to present products and services through social media channels, such as paid ads on Facebook and Instagram.
With the boom of fast pace online marketing over the past decade, the importance of digital marketing became a game-changer. It has now become an integral part of “what a business is for its customers” and to neglect it is business suicide!
Marketing has always been a means to connect with your prospects in the right place and at the right time. In simple words, digital marketing encompasses all marketing efforts, such as leveraging digital channels such as social media, emails, websites, search engines and much more.
The role of digital marketing is to help you accumulate new traffic, sales, and leads for your business by educating your prospects about your products and services.
As the internet has become intertwined with everything we do, the importance of digital marketing is increasing day by day.
Therefore, depending on the goals of your business, the right digital marketing strategy can make a significant difference in your profitability and marketability.
Let’s take a look at why your business needs digital marketing to thrive 👇👇
1. Retargeting Ads 🎯📢
Traffic is more than just getting your audience to visit your website and increase your business visibility.
For your business to soundly succeed with a digital marketing campaign, you will need to generate targeted traffic.
Targeted traffic refers to visitors who are not only browsing your site but actively searching for products and information. It will help you create higher conversion rates as visitors are more likely to purchase a product or engage in services and ask questions.
Qualified traffic is needed for more profitable ROI (Return on Investment). This way, your ads are reaching people who are interested in what your brand sells, and are eager to make a purchase. Therefore, one way to increase quality traffic is through retargeting ads.
Retargeting is basically an audience-building mechanism. For instance, you set parameters about your preferred audience’s online interest, behaviour, and demographics.
Retargeting will place ads before an audience who is interested to work with you or make a purchase. Additionally, retargeting can also be used on customers who have made a purchase from your site.
Retargeting helps you track your conversions and aid you tune with your future campaigns on a larger scale.
2. Connect & Convert – Opt For Social Selling 🤝👯🏽♀️
Did you know that 98% of businesses say that they plan to implement social selling in the short and long term?
Social selling helps to develop, nurture and leverage relationships online to sell products or services. It encompasses a broader marketing tactic that includes sharing relevant content with leads and prospects online, interacting directly with potential buyers, personal branding and surrounding.
The modern buyer is radically different than ten years ago. They are savvier and more informed. Due to the large influence of social media, customers use such channels to make intelligent buying decisions. Before making a purchase they research the product and read testimonials or recommendations.
Over 62% of top salespeople strongly attribute closing more deals to social selling compared to 42% of all sales professionals. Buyers spend a lot of researching, and supplying them with the right help and tools to help them find answers is crucial. Therefore, sharing relevant and meaningful content is the key to make social selling work.
By adopting social selling, you can establish connections, enhance your sales efforts, increase conversions, audience and your scope of work as well.
3. Impressive Return On Investment (ROI) 📈🤑
ROI is a crucial statistic for any business to evaluate profitability. You can easily measure ROI but to get a clear picture of your investments, you need to be sure of what your business’s goals and aims are.
For instance, figuring out your budget, the sales you need to make, and what you want to get from your digital marketing campaign. To measure your ROI, Key Performance Indicators (KPIs) will help you get an accurate measurement.
KPIs include performance indicators such as traffic, leads and reach, channel-based indicators (social networks, blogs, search engines and so on). It also includes source-based performance (organic search, direct traffic, referrals), campaign based performance and setting realistic goals. When your campaign has run long enough to gather data, you need to foster a collaborative environment between your sales and marketing professionals to track and improve ROI.
Digital marketing is cost-effective and can help businesses to continually evaluate their marketing strategies. Therefore, measuring ROI from your campaigns will help you re-evaluate your tactics and use your resources towards the right projects.
4. Customer Acquisition Costs
Did you know that Customer Acquisition Costs (CAC) can either make or break your metrics?
It helps to determine the resources needed for your business to attract potential customers. A business’s CAC is the total sales and marketing cost required to earn a new customer over a specific time. Simply, CAC measures the cost of converting a new prospect into a customer.
CAC is calculated to determine the resources it would take to onboard a new client. For example, if $100 is spent on marketing in a year and acquired 100 customers in the same year, then your CAC is $1.
These costs will help your business to know the average costs, and help to make profitable and effective decisions. Reducing CAC values means spending money efficiently and receiving higher returns in their total profit.
With digital marketing in place, many costs can be easily reduced. Email campaigns, social media interactions, website content, costs you nothing to produce. Therefore, when your customers connect with you through social channels, your CAC is negligible.
5. Branding On A Budget
Digital marketing has made it easier and more accessible to increase brand awareness without having to break the bank so long as you are willing to do the work!
For instance, email marketing is a very effective low-cost digital strategy option. According to an eMarketer study, the average ROI from email marketing is 122%! That is four times higher than any other digital marketing channel! Hence, a go-to strategy for many start-up businesses who don’t have much of a marketing budget but have the time to invest in executing a consistent email marketing campaign schedule.
Marketing tools such as MailChimp and Marketo are an all-in-one integrated marketing platform and help to run email marketing campaigns with ease. You can also build social ads, landing pages, postcards – all from one place.
Another great way to increase brand awareness is to use social media to your advantage. Out of the many digital ways to increase your visibility and authenticity, social media could be your most important tool.
Storytelling is an incredibly powerful marketing strategy and promotes your brand effortlessly. Being able to craft a story around your brand gives depth and human-centric content. People like to hear stories about each other and social media has made that easy.
Like Hubspot shares, authenticity is impactful, and it can lead to a big boost in brand awareness.
6. Cost-Effective Content & Customer Engagement 📰🔁
To run a successful campaign, a big budget isn’t always the only answer. As mentioned above, use your social media to drive attention by creating a series of posts on trending topics and relating it to your brand or campaign. This can generate traffic from various sources, but of course from relevant audiences.
You can also leverage your data to shape your marketing strategy. Put your focus on what your clients and customers like about your brand, including the emails you send, content you share, or any promotions you do. One of the biggest benefits of using social platforms is being able to use your analytics to gain invaluable insight. Send out surveys and get feedback from customers!
Using low-cost strategies and connecting with your customers consistently, allows you to interact with new customers in a meaningful way. Creating a stronger foundation with potential leads will make sales easier and marketing to move through the funnel.
7. Adjust Campaigns & Track Your Success 🧐📊
The use of different digital marketing methods, such as social media campaigns, can help increase conversation rates in real-time. As previously mentioned, metrics and trackers like ROI, increment sales, retaining visitors and so on are used to evaluate sales efficacy. These methods help to formulate brand strategy, analyse issues, and create a more collaborative work environment.
Trackers, metrics and conversion rates help you figure out weak spots in your marketing strategies. For example, if you have sent a handful of emails to your leads, but only a few converted, then you know something is a miss. When you know your campaign isn’t moving new leads to the funnel, you can detect which touchpoint pushed the customer away and adjust the email to be more approachable or appealing.
Many businesses have started to use metrics as it enables them to gather resources to the marketing channel and strategies that are working. Tracking success and failures will also help you to either replicate the campaign easily or discard it for the future.
Whether big or small, digital marketing helps businesses of all sizes make themselves more visible to the marketplace.
Using digital marketing, you can reach an enormous audience in a way that is measurable and cost-effective. Your customers are online – right now and there’s a high probability that they are searching for a business like yours. But if they can’t find you, they will probably choose someone else.
When someone is interested in your niche market your business serves, the first thing they will do is to look for more information about it online. By creating an online presence, your business is still open even when it’s closed. Even when customers cannot come to the store on closed days, they will still be able to browse through your site and make a purchase.
Digital marketing allows you to be accessible to your customers at all times. Your business has the potential to reach beyond your local area and be able to attract a much larger audience.
With technology moving at a fast pace, digital marketing is crucial for the survival of today’s businesses. Digital marketing is a great opportunity to grow your business and reach new heights.
Heck… we are too happy to give you some tips on things you can do yourself that will get you some immediate quick-wins with your digital marketing! 💣💥
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