As technology evolves, business and marketing methods have been changed. Most businesses become digital by making their presence online through digital marketing. Digital Marketing is both cost-effective and result-oriented.
Digital marketing is now the preferred and trending form of marketing that allows users and business owners to connect and interact via the internet.
As compared to other sources of marketing like traditional marketing techniques, digital marketing is actually cost-effective.
Are you investing a higher amount of money in Traditional marketing still doesn’t get desired results or sales nor are you able to track them?
Leaving tactics that don’t show good ROI is never a bad idea. The time of traditional marketing is gone. But every business needs some sort of marketing to reach their customers. The present world is digital, therefore your business should be present in the digital world. Digital Marketing is a measurable form of cost-effective marketing.
People often ask whether digital marketing is cost-effective or not.
The answer is definitely yes.
Here’s how and why
Digital marketing allows you to track everything like page visits, unique visits, engagement, traffic, leads, and conversions. You can easily measure your ROI by the provided information and reports. Moreover, you can analyze whether you are investing money in the right way or not.
Have a look at the following average costs for digital marketing strategies:
- Google Ads: $1-2 per click
- Facebook Ads: $1 per click
- Blogs: Free
- Regular posting on social media platforms: Free
- Emails: Free
- Backlinks- Free
- Quora answers- Free
Blogs, social media sharing, and Email are free of cost. Thus, you can analyze that it’s really difficult for traditional marketing methods to beat this kind of pricing.
Forbes report shows that 82% of people search online and 79% of people shop online.
Why is digital marketing cost-effective?
Digital marketing methods are cheaper than traditional marketing methods.
Earlier marketing is just limited to traditional methods like billboards, direct mail, print ads, TV ads, and radio spots.
These methods work in the present era but with a heavy cost.
Let’s consider a situation-
Imagine you are a small business and want to increase your sales.
As a small business with a limited budget, it will be very difficult for you to spend money on costly traditional marketing tactics like pamphlets, billboards, or magazines. Even the measurement of results is also impossible.
Therefore affordable digital marketing activities allow you to compete with big brands in the digital world with less cost.
Moreover, traditional marketing methods also involve a hidden cost in the form of renewal and management. Whereas the main cost of managing a digital marketing campaign is time. Other than that the only cost is purchasing a domain and hosting.
Other things like SEO, Content marketing, social media marketing, email marketing, etc are complimentary. Although they take time to make things happen in real but digital marketing also provides some instant success methods.
They are paid advertising and social media advertising. They are chargeable methods of digital marketing but they are most suitable for instant and best results. And you can track the results of your ads also to make remarketing possible.
Take a look at the example below-
As a small business, you want your product to reach 2000 people, you can easily do this through social media or SEO with nearly 300Rs. While the same thing happens through pamphlets or direct mail at 4000Rs and through a television at 2000Rs.
Thus you can analyze and choose which form of marketing is best and cost-effective for you and your business.
Digital marketing provides a higher ROI than traditional marketing
If you invest in digital marketing, you are sure that you will get more revenue than the cost spent. The more the revenue the more the ROI.
Why is digital marketing cost-effective?
The simple answer is – You can target ideal buyers.
Consider, to promote your reach and visibility you opt to display your product on a billboard. First, it is a costly process. Second, you cannot target the audience. Third, you cannot make updations in billboards, Forth, you can not control the list of viewers.
Although it is visible to a tremendous number of people, you neither know who will see or ignore it nor can you make it visible to interested or target audience.
There are some chances of success but definitely less than digital marketing as it allows you to target the intended audience who are actually interested or search for your product.
Digital marketing gives you a chance to ensure that the right people are viewing your products. This increases the chances of the audience to become your loyal customers.
SEO allows you to target those consumers who are actively searching for your content and topics of your business on the web. While pay-per-click, display and social media advertising allow you to target those who are actually interested in your products or services based on their demographics and search history.
By making ideal targeting, you can utilize your budget and resources properly.
You neither have to worry about reaching those people who are not interested in your product nor about that unavailing cost to target them. You can ensure that your targeted customers are your ideal buyers and the money spent to target them actually brings leads and conversions to your business.
This form of effective and brilliant marketing takes your business towards success and growth.
Measurement of results is possible with digital marketing
How to ensure that your marketing tactics are actually working?
To make an investment in anything, first, you always ensure that you can find out actual results or you can say ROI.
But with traditional marketing, there is not even a single way to measure results and success. Whether you choose television advertising, pamphlets, billboards, or any other you can not find who has come to you by viewing an ad or by seeing pamphlets or billboards.
Whereas all the vertices of digital marketing are trackable. No matter if you go for SEO, PPC, social media, email marketing, guest blogging, or any other, you can find the source of your customers.
Google Analytics is a brilliant tool to measure the success and analytics of your digital marketing campaigns. You can measure results, success, and ROI if you are investing in digital marketing.
How can you measure success?
Google Analytics makes it possible to determine whether your marketing campaign is actually working or not. Moreover, by measuring the performance of your digital marketing campaigns you can analyze the effectiveness of campaigns and also find out which is working or which is not.
This gives you an opportunity to find errors and correct them. You can optimize your digital marketing campaigns to make them immensely successful.
You can also use these reports to plan for future campaigns to make them more productive.
For instance, imagine you want to create a social media marketing campaign for a new product on Facebook. You’ve decided to publish four posts for 2 weeks.
By using social media analytics, you can identify which posts are getting more popular with your target audience and which brings the most conversions. Also, You can then use that insight or report to make future social media campaigns more successful.
Therefore digital marketing analytics allows you to utilize your budget efficiently and effectively. You don’t have to worry about what’s working and what’s not.
This way you can reduce unnecessary costs and expenses. Along with that you can focus and direct your efforts to make better plans and strategies which improve your ROI.
Your ideal customers are present on the internet
The world has nearly 4.57 billion active internet users at the end of 2019. It is proved that 69% of US people have bought online and around 25% of people shop online once a month. Google possesses nearly 40000 search queries per second which accounts for 3.5 billion searches per day.
Therefore you can target your audience globally and spread your business worldwide.
With such a huge number of users, it is possible to reach a vast number of target customers. Your target buyers and customers are present on the internet who are actively searching for your product or service.
If you did not come online, your customers can shift to your competitors who are effectively maintaining their online presence.
Moreover, 67% of people who search online can actually visit your offline store if you target accurately and effectively.
Some Best Cost-Effective Methods of Digital Marketing
If you are still not convinced that digital marketing is actually cost-effective then look at these amazing tactics where you definitely want to invest your time.
Email Marketing- Provides maximum ROI than all other methods
Email marketing provides the highest ROI than all other methods. If you want to invest only in a single method then Email marketing could be best for you. It is very effective when done correctly. All you have to do is contacting people who are interested in your business and sending relevant emails to them.
Email marketing is amazingly affordable and it delivers an outstanding result on investment. But e-mail marketing works if you have a mailing list of the right audience.
Content Marketing – It only costs time
Content marketing includes creating and writing content, pages, blogs, infographics, videos, images and strategically making them reach targeted websites and social media channels.
It is a cost-effective digital marketing strategy as it simply requires using your own knowledge to write and market effectively. It allows you to promote brand awareness, drives conversions, and traffic too. Content marketing is 62% less costly than traditional marketing yet generates 3 times more leads.
Social Media- Completely free to join
Social media networks like Facebook, Instagram, Twitter, LinkedIn, Pinterest, Reddit, etc are completely free to join. 2.95 billion people all over the world are on social media. This creates a golden opportunity for businesses to make a presence on social media and utilize these platforms to grow your business.
Social media marketing is both a cost-effective and affordable form of marketing. It works by targeting people based on specific demographics and interests.
It is a paid form of marketing where you have to pay for targeting a wider range of audiences in a small budget. But definitely, it is less costly than print ads or television ads.
The other option is social media sharing which is completely free. You just have to share unique and valuable content that attracts an audience to visit your website or business.
Search Engine Optimization(SEO)- Long term digital marketing strategy
SEO basically includes optimizing your creative and unique content according to SEO guidelines to share valuable information with your target users. SEO includes keyword research, competitor analysis, blogging, link building, content marketing, and on-page and off-page optimization.
It brings leads for a very long term for your business with actually no cost.
It is cost-effective as it directly targets people who are actively searching for your products. Therefore you don’t have to waste your money targeting the whole community.
Blogging is the backbone of SEO. Writing informative and valuable blogs to your website is an amazing way to attract the right audience to your website and increase traffic.
Conclusion
Digital marketing is the choice and need of present business. Unlike traditional marketing, digital marketing is cost-effective as well as measurable.
With digital marketing, you can measure the success of your digital marketing campaigns and checks which one is working best for your business. Google analytics provides separate analytics of all the used strategies which let you measure the success of them and find out which is most effective.
Once you know which is perfectly working for your business, you can utilize your budget in them efficiently and get the most desirable results.
Therefore, the above content clears that how and why digital marketing is the most cost-effective form of marketing in the present era. Along with it provides numerous other benefits like measurable results, perfect targeting, easy reach, and visibility, and required updations from time to time.
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