Business trends are changing rapidly, making it impossible for market players to survive when they don’t adapt. Part of this evolution is the trend towards online sales and marketing. There are about 1.5 billion Internet users worldwide, and 85% of this number represents how many people actually buy online. When business competition is tough in the offline world, there is nothing that makes sense more than spending considerable time online where a nearly infinite market awaits a tapping.
Online marketing is a way of promoting a business using the Internet as opposed to more conventional marketing which makes use of TV, radio, and print. As any successful online entrepreneur would claim, advertising on the Internet offers a great advantage to businesses that no other medium can offer. In fact, there is not one or two but a myriad of benefits that taking a shop online can bring, the following being the top five:
With Internet advertising, a businessman can target potential customers and promote his business only to this specific market. For example, those who sell a variety of consumer products can advertise on Yahoo and other portals, while those who are marketing products under a specific niche can find sites and promote such niche products there.
The average cost of producing a television commercial is $350000, and that’s excluding money paid for airtime. With Internet marketing, a businessman only has to buy online ad space, create banners, etc. Even if all online marketing avenues were to be explored, the cost would still not come near what it would take to advertise in traditional media.
With online promotions, a businessman can keep track of how many views his ads have earned, or how many times his ads have been viewed and followed up with a purchase. Obviously, this is not possible with traditional media, but with online advertising, it is simply part of the whole package. Being able to track the performance of ads allows the advertiser to improve certain aspects of such ads so they can earn more views and convince more people to proceed to purchase.
Traditional media does not allow the advertiser to interact with his market, but the Internet does. For example, a businessman can put an ad and have a button which an online user can click if he decides to learn more information about a particular product or would like to purchase it. There is an interaction between the advertiser and the potential customer, and this speeds things up when it comes to sales.
Advertising a product or service on TV gives the advertiser limited time to spend for each ad, but online, there are practically no restrictions. Actually, unless the ad is actually taken out, it will continue to be there and work for the advertiser. There is also more space online where a businessman can present all the information he thinks consumers need. This is not possible with radio or tv ads which are seen or heard by people for a limited time.
The widespread dependence on technology has changed the marketing game for good. While traditional marketing hasn’t gone extinct just yet, they’re now nowhere nearly as effective as they used to be proper to the digital boom.
Given the fact that over 80% of consumers search the web when they want to buy a product or find a service, it’s no wonder that online marketing is more effective in driving conversion rates. Unlike traditional marketing, online marketing allows you to engage with your audience in real time and get instant feedback, which helps build trust between you and your customers and increase your conversion rate.
With online marketing, you can reach your target audience all over the world. While traditional methods of marketing are primarily focused on local consumers, an online marketing strategy can be aimed at international audiences.
By expanding your customer base, you’ll grow as a brand and gain a competitive advantage over local businesses. Marketing to a wider audience increases brand awareness, improves customer loyalty, gives you an opportunity to establish new partnerships, and protects your business from local economic downturns.
Being able to tailor your marketing strategy according to the taste of your target audience shows that you truly care about your customers and compels them to share your content. Consumers have grown accustomed to receiving personalized content from brands – so much so that 57% of them are willing to share personal data in exchange for personalized deals and discounts.
Traditional tactics of personalization such as trying to appeal to customer’s age, gender, or ethnicity simply don’t work on the tech-savvy consumers. What modern customers want is for brands to relate to their personal experiences, and the best way to do this is through an online marketing campaign that will be delivered directly to their favorite devices.
Online marketing also allows you to see what language your customers use to talk about your brand on social media, which is something you can later incorporate in your content to make it even more personalized.
Diversification is a key to long-term business survival in the world of ever-shrinking attention spans. Your audience most likely uses more than one social media website when looking up information about a product, which means you need to make your presence known across different marketing channels.
Online marketing offers you a wider variety of channels than traditional marketing and helps you achieve your goals much faster and with less effort. Diversifying your marketing strategy will bring more traffic to your website, help you stand out among your competitors, prepare your business for any potential market changes and price fluctuations, and keep track of your results.
Social currency, that is your ability to form strong social bonds with your customers, is one of the most important ingredients of an effective marketing strategy. These days, it no longer matters which company can pay for the biggest billboard on the street, but rather which one can get the largest number of people to talk about it and share its story.
Online marketing allows you to have full control over the way you interact with your customers and make turn your customers into brand advocates.
Thriving today’s business world requires exploring newer and more effective marketing methods in order to keep up with rivals, and promoting online is certainly one of the best steps any businessman can make to whether the tightening competition, regardless of the industry involved.
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