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Regulating cash flow is a serious consideration for businesses of all sizes. Without enough reserves to keep them running through rough patches, 29% of new startups fail. Knowledge of these statistics leads many small-to-medium business owners to sacrifice potential growth in order to protect their cash cushion. These 7 facts prove that investing in digital marketing is an essential component of any business’ long-term growth plan.
Digital Marketing is More Cost-Effective Than Traditional Methods
Do you currently rely on newspaper, radio, television, or magazine advertisements? Digital marketing lowers the cost of customer acquisition by making repetition more affordable for smaller businesses. You can see a similar growth in digital marketing efforts as you do from your present advertising strategies.
Digital Marketing Converts Browsers into Paying Customers
Traditional methods of advertising are a great way to get your name in front of your target audience, but does it motivate them to buy? How long does it take for a potential client to reach a phone, computer, or retail store once they hear about your product or service? Digital advertisements draw customers directly to the order form, online basket, or contact information. Special offers reward quick decision-making, which means more sales for your digital business.
Digital Marketing is an Investment in the Future
A recent survey found that Americans spend an average of 11 hours each day using electronic media. While live television still tops the list, tablets, personal computers, and smartphones are quickly gaining popularity. The Internet of Things is an important link to younger demographics. An investment in digital marketing prepares businesses to meet the demands of tomorrow’s target markets. Each dollar committed now reduces the needs for costly infrastructure changes later.
Digital Marketing is Fully Customizable
Generic newspaper ads and discount offers won’t get you noticed in today’s multimedia world. Full-color digital ads are inexpensive and can be programmed to produce the look, feel, and sound that the client desires. Unlike traditional forms of advertising, multiple campaigns can be run with little additional expense. A digital marketing campaign allows businesses to target only the people that are most likely to respond to their message, which can dramatically lower cost-per-lead.
Digital Marketing is Free Market Research
Tracking technology gives business owners vital clues about the habits and interests of their clients. Cookies collect data on the blogs, games, and online merchants that visitors to their website visit. This information can then be used to make digital campaigns more relevant and effective. Tracking can also be used to measure the effectiveness of certain platforms and campaigns so that business owners can concentrate their efforts on the most lucrative outlets.
Digital Marketing Reduces Physical Waste
In the past, launching a new product would require posters, banners, brochures, and a number of other printed advertisements. In the case of an error or change of plans, all those materials would end up in a dumpster or gathering dust in a storage area. Digital marketing does not rely on physical media, which means changes are simple, fast, and waste-free. It also means business owners won’t have to pay to reprint incorrect, damaged, or inappropriate advertising materials.
Digital Marketing Lets You Become an Expert
Consumers want great products that solve their problems. How can they be sure your product will do that? Online reviews and demos only go so far. A business blog is an excellent online marketing tool that allows owners to educate the public on their products while also positioning themselves as the solution to various problems. Digital marketing allows business owners to connect and build trust with their local communities. Expert status means customers will think of that business first when they need help, which means more long-term, repeat customers.
Digital marketing safeguards current and future cash flow while increasing sales and improving brand recognition. Contact the digital marketing experts at SocialSEO for a more personalized explanation of the potential power of online advertising.