10 Reasons Why Digital Marketing is Crucial for Entrepreneurs

10 Reasons Why Digital Marketing is Crucial for Entrepreneurs

What is digital marketing? Digital marketing is marketing that utilizes multiple online channels and technologies to promote products and/or services. For entrepreneurs, having a strong digital presence can open up new opportunities for growth. In an age dominated by internet and social media, traditional marketing efforts are not enough to sustain a business. It is inevitable to go digital in order to survive and thrive.

The first step on the journey to success begins with a well-structured business strategy. No business strategy is complete without digital marketing because more businesses are increasing their spending on finding prospective customers online. According to a study, “4.54 billion people were active internet users as of January 2020, encompassing 59 percent of the global population.” The same study also states that “there were 4.18 billion unique mobile internet users and 3.8 billion active social media users.” These findings demonstrate the impact of worldwide digital population on business growth.

Why should entrepreneurs learn digital marketing? Here are 10 reasons why digital marketing is essential for an entrepreneur:

Build Brand Awareness: Marketing your business on Facebook, Instagram, YouTube, etc., is a proven way to building brand awareness. Social channels give you the freedom and visibility for creative experimentation and genuine connectedness.

Outsmart Competition, the Digital Way: Almost every business is using digital marketing in one way or the other. Give your business the push in the right direction. You can outsmart your competition with digital marketing savviness and help your business grow.

Improve Decision-Making: The power of good decision-making is undeniable. Digital marketing enables you to gain a broader understanding of the right audience for your products/services and strategies required to achieve measurable and meaningful outcomes through improved conversions.

Reach Target Audience, Faster: Earlier, people did not spend much time online. In today’s scenario, you will find baby boomers to Generation Z on different social media networks. In an age when your competition can closely track your audience, it is necessary to save time in identifying your target audience. 

Better Engagement on Social Channels: If you want to get your business in front of customers, you need to develop a digital marketing strategy that captures their attention and gradually builds better engagement. Increased social shares, likes and mentions not only reflects a liking for your business but also a proof of positive brand experience.

Increase Conversions with Targeted Efforts: Gone are the days of relying mostly on in-store visits and word-of-mouth publicity. Nowadays, entrepreneurs can achieve more conversions with digital marketing efforts such as pay-per-click (PPC) advertising, email marketing, and social media marketing (SMM).

Gain More Return on Investment (ROI): Compared to traditional marketing channels such as TV, radio and newspapers, digital marketing is cost-effective for many businesses, including start-ups. When you invest money in a digital marketing campaign, you are laying the foundation for future wealth.

Track Results Effectively: It is said that “You can’t manage what you can’t measure.” Digital marketing analytics tools such as SEMrush and Kissmetrics are extremely helpful in discovering your competitors and tracking customer engagement, so you can modify your digital marketing campaigns as required.

Take the Helm: When you know how to implement various digital marketing strategies, you can manage your digital marketing efforts on your own without relying on additional manpower. This will save costs in the long term and also help you understand areas of growth and/or improvement for your business.  

Optimize the Customer Journey: Sales or conversions do not mean the end of customer journey. In order to retain and grow your customers, it is recommended to follow post-purchase customer nurturing through personalised emails, retargeting, etc., because customers are your ultimate brand advocates.

For entrepreneurs, it is a steep learning curve to market their brands on digital channels. However, once they understand the nitty-gritty of digital marketing, it is easier to boost the SEO ranking of their website for appropriate search terms, build engagement with their target audience across relevant social channels, measure the performance of digital marketing campaigns and, ultimately, turn prospects into customers.

Whether the goal is to drive engagement, traffic, conversions or revenue, digital marketing tools such as Google Analytics, MailChimp, Buffer and Hootsuite can simplify areas of digital marketing like email marketing, social media analytics and web analytics. This, in turn, can help entrepreneurs enhance brand recognition, save time and money on brand development and make modifications as needed in the future.

Digital marketing for an entrepreneur is like a survival tactic, which will allow the business to stay relevant and flourish in a changing economy. Traditional marketing has its own benefits, but digital marketing offers a competitive edge to scale your business and take it to the next level. The more you use digital marketing as a strategy to grow your business, the more profitable you will be in this fast-paced global economy.

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