Fifty percent of small businesses fail within their first five years of operation. Those are sobering statistics. When any small business is launched, they tend to focus on how they can attract customers. Traditional advertising is often used, like coupon mailers, printed ads or even billboards. All too often, they believe that their service or product is so good that customers will somehow find them. Sadly, this rarely occurs. Although some customers may be attracted in this way, digital marketing is a better solution for today’s consumers. There is an enormous digital marketplace out there which Minneapolis small businesses should never overlook.
Why Use Internet Marketing Strategies?
There are an enormous number of customers who can be reached online. Ninety-five percent of the U.S. population uses the internet. That equates to 345 million people in North America alone. No small business should miss this opportunity. With digital marketing, a potential audience of millions can be accessed in ways which are measurable and cost-effective.
Digital marketing offers numerous benefits including:
· Being able to have meaningful interactions with potential customers to find out what they want and need.
· Being able to reach out to a global audience.
· Saving money while reaching more customers than is possible by using traditional methods of marketing.
· Getting to know the target audience and creating brand loyalty.
· Tracking responses to marketing efforts instantly.
Awareness Of The Competition
Understanding your small business’ competitors is essential. You must be aware of what marketplace rivals are doing, then learn from that information. Competitors are not only someone to beat: they are also a useful learning tool.
By paying close attention to what business rivals are doing, it’s easier to see what works and what doesn’t. In the vast majority of cases, competitors will already be online. Take a look at their digital content. Do they blog? Do they use videos and graphics? How does their branding work? What is making their business unique? How are they engaging with their audience? Answering all these questions will enable you to determine how you can corner the market.
More than 3.5 billion searches are made through Google every day. If a small business has no website, they are already at a disadvantage. Any competitor with an internet presence is more likely to make the sale.
Getting To Know The Target Audience
A great advantage of digital marketing is that it allows small businesses to engage effectively with prospective customers. It’s possible to find out what they want and need. With a blog or social media profiles, starting conversations is easy. Running surveys are also possible. When small business owners pay close attention to customer comments or survey results, they can take action. The result is a more targeted approach and more successful sales.
Over seventy percent of customers are more likely to buy a product via a social media referral. This makes having a social media presence essential for digital marketing success. Facebook and Twitter, among other platforms, allow a relationship to be built up with customers. This, in turn, encourages people to buy as your brand is already trusted and reputable.
Digital Marketing – The Take-Away
There are few types of advertising quite so cost-effective as digital marketing. Every small business owner knows the importance of maximizing their online budget. Digital marketing allows for effective brand communication on a shoestring. Reaching a wider audience at a low cost makes this form of advertising highly appealing.
When compared to direct mail marketing or TV and radio adverts, digital marketing is much cheaper. It also reaches a bigger audience. If you’re running a MN small business, harnessing the power of digital marketing gives your company the best chance of success. Contact PromoTech Marketing, Minneapolis Digital Marketing Agency, for a Free Online Analysis.