The spread of Covid-19 pandemic has wreaked havoc all around us. Businesses and lives in general have suffered a lot and we still seem to be inside a tunnel with a hope to see the light soon. Various businesses have been pushed to their limits and they are forced to re-strategize and re-invent themselves. Innovation has become the key to their survival.
While the new age businesses already had the edge of being digitally active, their reliance on digital marketing grew even further. On the other hand, the businesses that relied more on conventional forms of marketing like in-person events, trade shows, and exhibitions etc., digital marketing solutions suddenly found themselves in troubled waters. Hence, there has been a pressing need for the companies to go for digital transformation to stay competitive and to avoid extinction.
Here we mention 5 reasons for the businesses to embrace digital marketing at the earliest.
- Visibility and Competitive Edge: With the growing penetration of the internet, it is getting increasingly common for people to go online to initiate their search for products and services. They usually discover your products and services through e-mails, Search engines, social media channels, and websites etc. The more you are found online, the more business opportunities it can generate. No wonder, digitally adept companies are doing more business. Hence, investing in digital marketing can give you that competitive edge.
- Performance analysis and building strategies in accordance with that: Once you have started implementing digital marketing strategies, you can monitor your campaigns’ performance with analytics tools like Google Analytics, Facebook Analytics, and Instagram Insights etc. For example, Google Analytics can help you to keep a track of key metrics such as number of visitors, bounce rates, and time spent on different pages of your website. It helps you gather information on what is working and what is not. Moreover, you can develop your future strategies based on these insights.
- Marketing budget optimization: Last year was a nightmare for businesses in tourism, hospitality, events, and travel etc. Even other businesses that relied heavily on traditional forms of marketing suffered a lot because of the lockdown restrictions. However, there have been enough stories of how switching to digital helped them stay afloat in new normal. Even though the marketing budgets took a hit, some businesses were wise enough to redirect what was available towards digital marketing. It became an eye opener for many of them as they found newer avenues for lead generation. It has granted the businesses a vision to optimize their marketing budget in a way that they make the best use of both conventional forms of marketing and digital marketing.
- Empowerment of employees: With more and more businesses adopting an integrated marketing strategy, employees feel empowered because digital tools enable them to accomplish their jobs faster and with increased transparency. Since this is an ever-evolving field, learning and development is a key aspect of this job. All of these contribute to innovative business practices that enable employees to make informed decisions faster.
- Increased Revenue: With multiple digital marketing channels at your disposal and their effective usage, you can increase your organization’s revenue at a faster rate. 81.7% of respondents in a survey conducted by Grin agreed that digital marketing increased their financial performance. This is purely because of a data-driven marketing model with innovative concepts and strategies which help organizations to reach new markets while keeping the existing markets equally interested.