How To Use Digital Marketing As A Low-Cost Growth Hack
Are you a small business owner, aiming to get your fist customer through the door? Or are you a startup waiting for customers to find their way to you? If yes then you’ve come to the right place. In this article I have outlined 5 ways in which you can grow your business with digital marketing, create a better bottom line, attract and retain customers.
Let’s face it: digital marketing is a vital part of the business landscape nowadays. Many businesses have realized that digital marketing has helped them to grow their market reach. Moreover it has helped them expand by connecting with potential customers through social networks, blogs and other platforms. The digital revolution has changed how we view the world around us. But sadly those who fail to keep up with these new trends will quickly lose their small businesses to competitors, who do.
What is Digital Marketing ?
First lets understand what digital marketing, also known as Online marketing, actually is. Digital marketing is the process of generating traffic to your website, increasing conversions, and driving sales. It’s a formula that works, and it can help you grow your business faster than ever.
Exponential growth in users !
According to the 2022 Social media marketing industry report there are around 5.03 billion internet users around the planet. That is almost 2/3 of the population. This is exponential growth considering the number of users in 2000 were mere 361 million. The world has been transformed into a global village and the internet has added the impetus for this transformation.
How to use Digital Marketing to grow business
Due to increased adaptability of the technology, people are moving towards online platforms to reach out to suppliers and companies. These methods are used by companies as a low cost growth hack. As of 2022 around 71% of all companies have a functioning website. This not only increases their chances of organic customer reach. But helps the customer evaluate their work even before coming in contact with them. Due to the presence of their portfolios online the customer only needs to analyze them and compare them with other similar enterprises to make an informed decision.
Furthermore, a digital presence also allows access to over 5 billion customers directly. Online Ads are cheap advertisements that can be run by a company at any time in any area. Social platforms have access to digital profiles of individuals. These profiles consist of their likings, hobbies, living patterns, needs, wants etc. This profile is then matched to the ads that are run by a company which increases the chance of a sale. Let’s suppose, A wants to buy a vacuum cleaner for his apartment. He goes up on the internet and searches, best vacuum cleaners in my area. The internet identifies that the individual is looking for a vacuum cleaner.
ARE YOU WILLING TO GROW YOUR BUSINESS ONLINE?
Business has only two functions – Marketing and Innovation.
Now let’s suppose a vacuum cleaner company is running ads for its newly introduced vacuum cleaner series in the same area where A lives. The internet will make sure that A gets to view the advertisement run by the company as he is in dire need of the item. If A likes the Ad and finds it interesting. There is high chance that A will make the purchase. A quality feature of digital advertising is that it allows small businesses to geo-fence their advertisements. Due to this only a person residing in the area will get to view the advert.
Low cost benefits
Along with this the internet also offers various other low-cost benefits for small businesses such as:
Email Marketing : Allows the company to generate E-Mail flows for their sales process or customer relation building.
Social Media Advertising: Social platforms like Facebook, Instagram, LinkedIn and various other platforms allow companies to run advertisements on their platforms.
Customer Relationship Management software: These software allow companies to manage their potential customers and build data bases, Sales Funnels etc.
Digital Marketing has thoroughly changed the overall communication method of customers and brands. It has effected the profit margins of companies and caused an increment in business growth. The Business that limits the incorporation of digital marketing strategies, technically limit the growth opportunities for their businesses.