Importance of Digital Marketing in Business
The importance of digital marketing lies in the need of creating an online presence for your business through a website, social media, YouTube channel, mobile app and so on. Electronic Gadgets like Smartphone and laptop has become an integral part of our lives; which has given rise to the digital age. Whether you want to buy something or looking for some information, search engine like google comes in your mind first. Our daily routine entails a few hours of surfing the internet and browsing social media sites.
With 3.2 billion internet users, around 45% of world’s population is online. At present, India has 450 million internet users with 34% penetration. According to a joint report by NASSCOM & Akamai, 730 million internet users are anticipated in the country by 2020. Facebook alone has over 120 million users in India. Telecom Companies like Jio and Airtel are continuously reducing their data plan with increasing expansion of smartphones.
Google has completed its 20 years of service last month (September 2018). But the use of this search engine is rapidly increased in last 4-5 years. More and more people are consuming all kinds of information online hence making it the best way to reach out to your targeted customers. As per the information given above, the major benefits and importance of digital marketing are:
1. Equal Opportunity for All kind of Businesses
Whether you have a small scale business or a startup, this revolution has created an opportunity for every business to promote their products and services online. Even if you’re trying to enter into a market which is already established, you can still make your presence felt by only targeting a small base of customers. It allows you to engage with multiple customers without using call center services. Social media and YouTube channel are the best ways to spread awareness of your brand even without paying any money. It gives a fair chance to all kind of businesses that prefer to go with online branding and advertising.
2. Cost Effective Medium
As an entrepreneur or business owner, you want to save both money and resources while generating profit. Importance of digital marketing lies in the option to select an effective strategy of marketing as per your budget and reach a wider audience at a lesser cost. Digital Marketing gives you the way to reach out to many customers without spending large money. You can only use modes which lies within your budget. You can make people aware about your brand using Facebook, Instagram, LinkedIn, and YouTube by posting an image, video or content. Even a small investment made in social media marketing has the potential to deliver high results in terms of customer engagement.
3. Higher Conversion Rate
Conversion rate is the measure of percentage of viewers who get converted into subscribers and then finally into customers. If someone is exploring a product or service online, then it means that he/she already needs it. That’s why there are more chances of that person to become your potential customer. The businesses that are using internet as the preferred mode of marketing are able to measure the conversion rate through data provided by google analytics and various other platforms.
4. Better ROI (Return on Investment)
Measuring the ROI is all about establishing a chain of event from your investments to your returns. Importance of Digital marketing lies in budget allocations that ensure the more return on your investments. It allows you to access different levels of marketing packages so that you can choose one which suits your budget.
Email marketing is a conversion machine having highest ROI among any marketing method. But you need a way to build your email list with quality subscribers and then deliver some value to them. You can provide value through relevant eBook and videos using proper social media and content marketing.
5. Importance of Digital Marketing in Brand Reputation
Establishing an online reputation is now very necessary for the survival of a business. It helps you to build a personal rapport with your customer base and earn their advocacy. Building a customer-centric business can be a challenging venture, especially when you need to build a relationship with various customers from across the globe. Digital marketing ensures the engagements that your customers or clients want to get while associating with your business.
There are multiple ways like social media, email, and your website through which you can provide customer support and offer solution to their problems. This will give you a chance to build up the required trust with your audience when your business begins to develop. Amazon and Patanjali are best examples of brands that are growing exponentially because of their positive reputation in market.
The major modules of digital marketing are Search Engine Optimization (SEO), Social Media Marketing, Email Marketing, and Online Reputation Management. You can even learn this process through various websites and online resources available across internet for free. If you are not taking the advantage of this revolution, your competitors might already be there to leverage it. Awareness of digital marketing practices and related trends will ensure the growth that your business deserves.