There has been a significant shift from traditional marketing to digital marketing over the last decade. If you have been running a business and if you have been focusing most of your marketing campaigns on traditional marketing methods, you will be surprised to find out that digital marketing can be more cost-effective and successful than traditional marketing can.
In this growing internet world, the significance of digital marketing is undeniable as it helps businesses of all sizes become more visible in the market. Digital marketing allows business owners and users to connect and interact via the internet.
Digital marketing is a powerful tool that can transform the way you meet your customers and get them involved. There are various digital marketing strategies available and you can tailor them to your target audience and beyond.
Considering all these factors, we can confidently say that digital marketing has touched the sky in the marketing world. However, there are many who are still not sure whether digital marketing is cost-effective or not. Undoubtedly, digital marketing is an incredibly cost-effective way of promoting your brand, and this is one of its biggest advantages.
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Why Digital Marketing is a Cost-Effective Form of Marketing
Let’s look at some points to understand why digital marketing is such a cost-effective form of marketing.
Lower Expenses than Traditional Marketing
The entire marketing budget of a company can be filled by the amount spent on print or television advertisements. Sometimes, the price can vary substantially depending on the newspaper or channel in which the ad appears.
Digital marketing techniques like content marketing, PPC, SEO, and social media may cost only a few hundred dollars a month, compared to a single TV ad that can cost tens of thousands of dollars just for a 20-second slot. In fact, prime time slots can cost your business millions of dollars.
Use of Social Media
Today, social media has become one of the most powerful tools for marketing, and advertising over Facebook, Instagram, Twitter, and so on can help you build a sense of trust with your audience. Creating a page or an account on a social media website requires very little initial investment, yet it can help you sell your brand to a large audience at a very low cost compared to traditional marketing. However, you need to ensure that you actively engage and participate with your audience on these platforms.
Social media provides a business or company with new visitors, customer engagement, increased conversion rate, and customer retention that encourage an existing customer to buy more from a particular business or brand.
Sharing informative content over your social media profiles gives your followers a strong reason to visit your website or blog to get more details or to make purchases. When you share high-quality content on your social accounts, you will be able to generate more traffic toward your business website or online store.
Being easily available and reachable to customers is a huge advantage, as it increases the possibility of customers making purchases from your online store or signing up for your services. Social media can be utilized to drive attention to your business by creating posts on trending topics and then you can relate those topics to your campaign and brand.
Social media is one of the best places to market your products or services efficiently. You can also get personal details of users you drive to your site by offering deals or other downloadable goodies, as long as they provide an email address. This will help you to reach them directly, allowing you to convince them of the value of your products or services. This will make them feel valued, making it more likely that they will buy from your company or business.
Email marketing is a powerful marketing channel that uses email to promote your business’s products or services. It plays a crucial role in your marketing strategy with lead generation, brand awareness, building relationships, and keeping customers engaged between purchases through different types of marketing emails. The customers on your email list can become aware of new products, discounts, and other services, thanks to email marketing.
Email marketing is one of the most effective methods of generating high ROI. It is incredibly affordable and delivers an outstanding result on investment. It is a type of direct marketing that has the potential to convert prospects into customers, and can also turn one-time buyers into repeat customers. It is an effective way of connecting with your leads, nurturing them, and turning them into customers, consistently overshadowing other marketing channels.
Email marketing provides a personal touch and is an ideal way of providing information on your products to your customers. However, it can be ineffective when it is not done correctly. It is all about contacting people who are interested in your business and sending relevant emails to them. Therefore, email marketing works well only if you have a mailing list of the right audience – so you can send the right emails to the right people.
Pay-per-click is a form of advertising where you pay a small fee each time someone clicks on one of your ads. You will only have to pay for the traffic these ads generate, rather than spending money on estimated impressions. This makes PPC a great option for business owners who want to have total control of their performance and budget, as PPC helps leverage the best assets to generate leads
Every business owner is looking for low-cost and high-impact advertising options. PPC not only generates a high return on investment, but also allows you to limit expenditures and improve the customer conversion rate.
Retargeting or Remarketing Ads
Retargeting or remarketing ads are an excellent way to reach out to those visitors who have visited your website, but have left it without buying anything. It is a form of online advertising that focuses on the audience who has previously visited one of your pages. Optimizing your retargeting display ads and landing pages can lead to a higher conversion rate. Retargeting can be highly effective, as it allows you to keep your brand in front of those who have the potential to become customers in the future.
Through a retargeting campaign, you can specifically target visitors who have completed some specific action, which could be something as basic as visiting your homepage. Such campaigns work because the target has already expressed interest in your brand.
Remarketing ads can be personalized for people who have already visited your website, which increases ROI by getting more conversions from a pay-per-click ad spend. Here’s a very basic, high-level understanding of how remarketing works:
- When a user visits your website and consumes your content, they get tagged with a cookie.
- They get automatically added to a remarketing list.
- Once they get added to the list, they start seeing your ads everywhere.
Retargeted customers are more likely to click on your ad when compared to new customers. This form of online advertising is not only effective, but also cheap, as you have to pay only when people click on the ads, and the cost-per-click is relatively low.
Here are some ways remarketing can improve your ROI:
Increase the Brand Recall Value
- People may leave your page before clicking the ‘buy’ button due to various reasons. However, remarketing allows you to continue exposing your brand to your target audience even after they’ve left.
- You will be one of their first preferences when they are ready to buy. In this way, remarketing can help in building awareness, which can separate you from the competition and boost your industry reputation.
Increase the Rate of Conversions
- Retargeting ads help in building relationships and trust with your prospects, which in turn automatically increases the chances of conversions. By showing people what you have to offer, you are not only building trust in your brand, but your brand will also be the first thing that comes to your potential customer’s mind when he or she thinks about buying a similar product.
- Most often, people prefer using the same brand not because they consider it to be the best, but just because they’re familiar with it and trust it. Repeated exposure can be a powerful weapon when utilized properly.
Attract Potential Customers
- Retargeting is about attracting people who are already interested in your brand and so are an ideal fit for what you have to offer.
- These personalized ads are different from the usual ones because they highly depend on what people do during their visit. People who just read your homepage and leave may not get the same ads as the ones who add a product to their cart.
- Offers, coupon codes, discounts, and so on are all a part of retargeting ads that will make curious shoppers want to visit you again.
Associate Your Start-up with Reputed Brands
- Remarketing enables your ads to pop up on a customer’s browser after they have searched for a particular keyword.
- Retargeting ads can be such a powerful feature that when your non-converting customer is on another website, he may still be able to see your banner ads that can lure him back to your site.
- By adopting this remarketing feature, you can target a wider audience across the most popular websites, thereby keeping the spotlight on your brand.
Measure the Success and Analytics of Your Digital Marketing Campaigns
Whenever you make an investment in anything, you must always ensure that you have the necessary means to calculate the actual results or ROI.
When it comes to traditional marketing, it is difficult to measure results and success. Whether it is television advertising, pamphlets, billboards, or something else, it is quite tedious to find out who has come to you by viewing an ad or by seeing pamphlets or billboards.
Unlike traditional marketing, all the vertices of digital marketing are trackable. Be it SEO, PPC, social media, email marketing, guest blogging, or something else, you can always find the source of your customers.
Google Analytics is an excellent tool that allows you to measure the success and analytics of your digital marketing campaigns. You can always compute the results, determine success, and calculate ROI if you are investing in digital marketing.
How to Measure the Results of Digital Marketing
It is important to measure the performance of your digital marketing campaigns as it will allow you to analyze the effectiveness of the campaigns. Google Analytics helps in determining whether your marketing campaign is working or not. It also gives you the opportunity to spot errors and correct them. Based on all these factors, you can optimize your digital marketing campaigns to make them immensely successful.
Measuring the performance not only helps you to improvise your ongoing campaign but also allows you to use these reports to plan for future campaigns to make them more productive.
Let’s imagine that you want to create a social media marketing campaign for a new product on Facebook. You’ve decided to publish a couple of posts for three weeks. Social media analytics helps you to identify which posts are getting more popular with your target audience and bringing more conversions. This insight or report can then be used for future social media campaigns to make them more successful.
Measuring results is very important, as it helps you to reduce unnecessary costs and expenses. It also allows you to focus and direct your efforts to make better plans and strategies, which can improve your ROI significantly.
Digital marketing analytics allow you to utilize your budget efficiently and effectively and reduce the burden, as you will not have to worry about what’s working and what’s not.
Digital marketing is prevailing in the modern business industry due to its numerous benefits and efficiency. Digital marketing can make a significant difference in your organization’s marketability and profitability.
If you are running a business, then digital marketing is for you. It will not only save time but will also see fruitful results, even with a low budget.
Andy Beohar is VP of SevenAtoms, a Google and HubSpot certified agency in San Francisco. Andy develops and manages ROI-positive inbound and paid marketing campaigns for B2B & Tech companies. Connect with Andy on LinkedIn or Twitter.