Small and medium-sized businesses are being forced to adopt new technologies and adapt at a rapid pace to sustain pace with the competition. The same can be said for the rest of society. With more and more brick and mortar retailers being forced to change their business models to one that is primarily online, many are having to make significant changes to compete.
The difference between a successful and a failing business is the ability to attract customers. Even if you find yourself in a position where you can drive a lot of traffic to your site, it’s not going to mean a thing if you are unable to convert them into paying customers or leads for your business. Digital marketing tools can provide a great way to boost business and increase market share in an otherwise competitive marketplace.
Here are some of the most pertinent reasons you should be using digital marketing, like the kind that Leapfrog Internet Marketing can help you utilise, in your business.
1. It Helps Level the Playing Field
Nowadays, the business climate is much more competitive than ever before. While digital marketing may have been primarily useful for larger businesses with more significant budgets in the past, it is not much more accessible for even the smallest businesses. It no longer takes a lot of resources and money to come up with an effective digital marketing campaign. Digital marketing has become the go-to for any business looking to level out the playing field and better compete with businesses both larger in scale and with more resources.
By using digital marketing, smaller businesses can leverage resources to perform a variety of sales and marketing processes that used to only be available for companies with large budgets. This has made it possible for smaller and medium-sized businesses to engage with and communicates with customers completely outside of their traditional zone or vicinity regardless if they have a brick and mortar location nearby.
2. It’s Much More Cost Effective
Believe it or not, but digital marketing is much more cost effective for everyone. A lot of smaller and medium-sized businesses are dealing with limited resources and smaller budgets. Because of this, they need to spend their money wisely. Digital marketing can provide these businesses with the best and most cost-effective marketing channel that is capable of delivering exceptional results. Gartner’s Digital Marketing Spend Report highlighted that nearly 40% of the respondents claimed they were able to maximise their savings by using digital marketing for selling their products and services.
This is the main reason the Gartner survey indicates nearly 28% of business owners surveyed plan on shifting their marketing budget allocations from traditional marketing channels to digital shortly. HubSpot even confirms from the chart below that digital marketers can get a much better Cost Per Lead (CPL) compared to the various other marketing channels that are available.
3. Digital Marketing Maximises Conversion Rates
The majority of your success will be predicated on how well your incoming traffic is getting converted into leads or sales for your business. After all, without effectively converting your traffic, all of the traffic you get wouldn’t mean much for your business. Thus, all of your marketing budgets would be going to waste. Because of this, business owners are increasingly looking to streamline their marketing efforts online to improve conversion rates and by prioritising it.
4. Digital Marketing Generates Better Overall Revenues
By generating better conversion rates with effective digital marketing strategies you will be able to maximise profits within your business. This can lead to bottom-line gains in your business. This is confirmed with a study by IPSOS Hong Kong which claimed companies that used digital marketing were able to get 2.8 times better revenue growth than those that didn’t.