Let’s address the key elements of a business in layman’s terms:
1. Customer Base
‘Customers’ is a pretty straightforward concept to understand. It doesn’t matter how amazing your product is, how impressive your infrastructure is, or how dynamic your team of employees is. If you don’t have people to buy your product or service, you don’t have a business. Period!
2. Supply and Necessity
All businesses are naturally the ‘suppliers’ in the equation. For your business to thrive, you need to pay attention to the demands of the people or potential buyers. If you have a product or service you are planning to sell, you will need the consumer’s will to pay the price for it. Your business will only work if people are willing to turn into customers.
Read: Fundamentals of Digital Marketing
3. Competitiveness
In a free-market economy, there is no monopoly. This means that anybody with the means can open up a similar business like yours and can give you a good run for your money. Simply put, you will be constantly up against competitors. Only a competitive advantage can help you survive this rat race.
4. Return on Investment (ROI)
Payback plays a pivotal role that could make or break a business. If you are investing in your business, you always have to look for the best ways to optimize the returns.
Learn how Facebook Pixel unlocks the power of website data with Intellipaat’s blog.
5. Marketing & Advertising
Let’s say, you have a product or a service ready to be sold. You cannot expect people to come and put their money into it just because it exists. Every business needs a marketing strategy to promote itself to the right demographic. If you are trying to sell a product to a group of people who have no use for it, then your business will invariably suffer a loss. The key is to discern your target market and then promote and sell your product to this particular demographic.
Now that we have covered the key areas of a business, let’s jump right into how they all tie up with Digital Marketing. It is nothing but a set of marketing strategies that involve the Internet and electronic media to promote businesses. You can expand and grow your business with the right set of Digital Marketing skills and strategy if you understand how it works. The impact of Digital Marketing will be hard for you to ignore when you see the results for yourself.
Over the years, Digital Marketing has become a very important tool for communicating with customers. Businesses are already investing more in their digital marketing teams. There are many benefits associated with Digital Marketing. The most important ones are discussed below:
1. Easy to Communicate with Customers to gain Loyalty
It is very important to continuously interact with your customers so that they can gain trust in your organization and your brand. Digital Marketing helps companies to stay in constant touch with their customers, understand the touch points of their customers, and more. It also facilitates promoting transparency which also goes a long way in building a trustworthy relationship with your customers.
2. Engage with Customers at Every Stage
Digital Marketing lets you engage with your customer at every stage of the customer life cycle, whether it is a first-time website visit or the first purchase. It lets your users interact with your brand and engages them in every possible way in the whole digital marketing funnel. For example- Users can share a blog post that may include a photo or a video etc. Looking at the way customers are interacting, digital marketers can create more engaging content.
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3. Easy to Target the Right Audience
This is the most important of all other benefits of Digital Marketing. You can target the right audience easily without spending too much. Not only this but communication and interaction with your target audience will become much easier when you have finally identified the target audience. Digital marketing involves effective targeting techniques such as Search Engine Optimization (SEO), Pay-Per-Click (PPC), etc. that help organizations in creating the right marketing strategy for the right audience.
4. Generate Leads Consistently
It is already known that the leads collected by the digital marketing team are passed on to the sales teams to follow up. Digital marketing helps in collecting quality leads with the help of various analytical tools such as Google Analytics. In fact, the cost of getting leads is cheaper than traditional marketing techniques. Also, there is not just one single phase of lead generation, but constant lead generation along with good quality.
5. Optimized and Better Conversion Rates
Since Digital Marketing follows a focused approach, the results are aligned to the marketing objectives and the conversion rates are higher. Also, the effective analytics tools used by Digital Marketing help in monitoring the real-time performance of the marketing campaigns, which results in optimum conversion rates and a boost in sales numbers.
6. Easy and Accurate to Measure All Results
Digital Marketing not only allows you to reach your target audience and get better quality leads but also lets you know about the performance of your marketing campaigns. Digital Marketing techniques like campaign management etc. help you to monitor the performance of the launched campaigns and analyze the results of the past campaigns. This helps in taking better decisions that lead t o optimum utilization of marketing resources such as money and time.
7. Gain Brand Reputation
Digital Marketing, if utilized properly can get your brand global recognition. The advancements in the domain of Digital Marketing already have benefitted multiple start-ups to get a good customer base. Content Marketing, Video Marketing, Social Media Marketing, Paid Advertising, Email Marketing strategy, etc. are all a part of Digital Marketing. All of these if done in the right way can help companies build a strong brand reputation.
8. Less Marketing Expense
As already discussed before, Digital Marketing is cost-effective since all the marketing efforts are driven sitting in one place online. Multiple customers can be reached and personalized communications can be sent to them at once. The cost-benefit ratio is higher using Digital Marketing as the approach is optimal and focused.
9. Global Brand Recognition and Target Global Audience
We discussed the use of Digital Marketing in brand building locally as well as globally earlier. Since the internet has penetrated every nook and corner of the world, reaching a customer sitting anywhere in the world is easily possible using Digital Marketing. Marketers can easily design multiple marketing strategies for different target markets across the globe.
10. Generate More Revenue
The end goal of every marketer is getting revenue. Digital marketing helps achieve that easily through multiple techniques such as SEO, Content Marketing, Campaign Management, Social Media Marketing, etc. Also, since the cost is lesser, the overall profit is also enhanced.
