We all have witnessed the inseparable revolution of technology as well as the importance of Digital Marketing. Increased accessibility and affordability of electronic media have given immense power to this emerging technology of Digital Marketing. If you want to understand the importance of digital marketing in today’s day and age, then you need to know that there are various factors that influence it. We’re going to walk you through each. But first, let’s understand what the scope of digital marketing looks like. The scope of digital marketing is very vast.
As per digital marketing statistics, about 60% of the population of the world uses the internet. It rose by 20% in the past two years due to the pandemic with many businesses going online.
- More than half of the world now uses social media (58.4%) 4.62 billion people around the world now use social media.
- 424 million new users have come online within the last 12 months.
- In an analysis done by Global World Index, it was found that an individual spends about 2 hours 22 minutes on the internet on average.
- 98% of sales representatives achieve their sales quota using social media.
- 51% of the consumers identify brands and items available in the market using their mobile devices.
Hence, we can say that it is the fastest-growing form of marketing owing to its high reach, visibility, and measurability of results. Very soon it is moving towards being the primary focus for all advertisers and business owners.
Importance of Digital Marketing for Small and Large Businesses
Now that we have understood the scope of digital marketing, let us look into why it is important for small and large-sized businesses. The focus for small businesses is brand awareness and development.
For every business, being cost-effective is one of the most critical priorities. Unlike traditional marketing, digital marketing is cost-effective. Besides, small businesses feel digital marketing importance as it brings in faster results at a considerably limited budget. Additionally, digital marketing also has the capability to reach a wider audience regardless of location.Digital marketing efforts require barely any initial investment. This is great for small businesses. Most digital marketing tools offer basic features free of cost. It is up to the businesses to make the best use of them.
- Brand Awareness
Brand visibility is extremely important for your brand to make sales & conversions. Large companies use digital marketing so that they can stand steady in a competitive environment with high reach and brand visibility. At the same time, small businesses use online marketing to make headway into the competitive market and create brand awareness amongst large companies.
- High Reach
Reaching a wider audience is very important for any businesses.So that they can do business all over the world and it need not be limited to one area. And when you go global, you can still niche your audience to selected individuals. So, it’s a win-win. The importance of digital marketing lies in the kind of reach it garners with the huge target audience.
- Building a Customer Base
For any business the challenge is to build a customer base. That is based on building a rapport with a strong customer relationship. Through digital marketing and doing your business online you can interact with your customers 24.7, you can use many tools and plugins for customer engagements. Also it is easy to retain existing business and focus on brand reputation, client retention, and the growth of the business via Digital Marketing.
- Measurable Results
With digital marketing, companies can have real-time measurable results. With this, they can analyze the effectiveness of the campaigns and accordingly formulate strategies. Today, the significance of analyzing data is very important to evaluate the effectiveness and success of your digital activities and paid promotions. The importance of digital marketing is majorly related to the fact that results and metrics are measurable.
- Customer Retention
One of the main goal of digital marketing for any business is ensuring that their customer base is loyal and satisfied. Personalized content is an excellent way to maintain a connection with your customers. Presenting content to users based on their own unique preferences is an effective way to show that you know your customers and provide them with a positive experience.
These are reasons enough to indicate the importance of digital marketing for businesses and, if you are a business owner then you must consider adopting digital marketing strategies for your business growth.