Today’s business environment is extremely crowded and competitive, requiring businesses to evolve in order to stay relevant. Small businesses and larger companies that utilize digital technology effectively will reap the rewards of the global marketplace. In fact, perceptive organisations embrace digital transformation together with a well-planned strategy.
It’s common for many small businesses to have a simple website with limited social media presence. While this is a good start, it will probably only lead to a trickle of business instead of the impressive results our clients experience. At Digital360.mobi, we encourage clients to start with a digital marketing strategy at the very least. The statistics we’ll unveil below show why this is a game changer.
- Successful Marketing Is Data-Driven
Most consumers are unaware of how much of their data is collected and analysed, especially when they’re online. However, a recent report by Qualtrics reveals that the UK’s most successful marketers regularly analyse consumer data.
What kind of data are these marketers looking at then? Well, 94% monitor satisfaction levels, 80% focus on purchase history, and 65% look at email open rates. This data gives brands a massive competitive advantage over their rivals that don’t take a similar approach.
- Building Loyalty And Retaining Customers
It costs a business five times more to acquire a new customer than to retain an existing one. Therefore, it’s vital to build long-lasting relationships with existing customers, which inevitably helps reduce overall customer acquisition costs.
It’s also important to implement digital marketing strategies on channels with the highest retention rates. These include email marketing with a retention rate of 56%, social media marketing with a rate of 37%, and content marketing at a rate of 32%.
- Younger Social Media Users Are Brand-Engaged
Gen Z and Millennials love spending time on their smartphones and visiting their favourite social media networks. Approximately 54% of these younger audiences use social media for product research. But their engagement doesn’t end there, as 36% like and follow brands while 24% have clicked on sponsored posts.
That’s why an effective digital marketing strategy should facilitate engagement with young and brand-engaged social media users.
- Digital Is Cost-Effective And Growing
Many small businesses seldom have the funds available for advertisements on traditional channels such as broadcast TV, radio, and print media. However, digital channels are more affordable on a cost per thousand impressions (CPM) basis.
In the US alone, digital ad spending on mobile devices has grown by 30% year-on-year. Other digital formats that grew considerably during 2018 include paid search that increased by 18%, social media by 38%, and online video advertising by 27%.
- Accessing Emerging Markets
The majority of businesses target consumers in their local markets, and there’s nothing necessarily wrong with this approach. But the internet has made it easier to access foreign markets, which present new growth opportunities.
According to an article by the McKinsey Quarterly, annual consumption will reach $30 trillion in emerging markets by 2025. The two leading emerging economies are China and India, both boasting massive populations and rapid adoption of mobile devices.
- AI Is Shaking Up The Digital Marketing Landscape
It’s an exciting time for digital marketing due to the impact of emergent technologies such as artificial intelligence (AI). While AI in digital marketing is still in its early days, expect considerable advances within the next five years. Digital360.mobi already uses AI in our marketing platform, which has proven to be an incredibly effective tool in our arsenal.
Several key areas that AI will aid digital marketingare by reducing employee’s cognitive load, evolve hiring profiles, and offer consumers carefully curated content. A data-driven approach combined with robust AI algorithms is what will help deliver successful marketing campaigns moving forward.
The marketplace is changing rapidly, which introduces new challenges and opportunities. Business leaders should be mindful of these changes and respond accordingly. Fortunately, today’s all-encompassing digital technology allows businesses to stay ahead of the game and achieve their goals. Contact us to find out how an effective digital marketing strategy will ignite your business.