Digital Marketing for Business either small, midcap or large is also known as online marketing, internet marketing, web marketing and search engine marketing (SEM). Online advertising & internet advertising are techniques involved with online marketing but are not synonymous with online marketing.
The post talks about the basic Overview of Digital Marketing for Businesses or online marketing for a business. Let us take you through step by step to understand the following.
- What is digital marketing?
- What are the benefits of online marketing?
- What are the benefits of Analytics?
- Difference between traditional marketing and digital marketing.
- Who are potential customers?
- Where to find the potential customers?
- Converting Visitors to Customers.
- Strategies of digital marketing.
- What online or digital channels to use?
- What is the cost of digital marketing?
- How to find the budget for your digital marketing campaign?
What is Digital Marketing and How can a Business Utilize the Internet Marketing Practice?
Digital marketing or online marketing is the practice of leveraging its digital platforms or its web-based channels to spread a message about a company’s brand, products, or services to its potential customers. The methods and techniques used for digital marketing include SEO, PPC, Content Marketing, Email Marketing, Social media marketing, Voice SEO, Video Marketing and more.
A key benefit of using online channels for Digital Marketing a business?
- A key benefit of using online channels for marketing a business or product is the ability to measure
- the impact of any given channel
- How visitors acquired through different channels interact with a website or landing page experience.
- What visitors convert into paying customers.
- Further analysis can be done to determine which channels are most effective at acquiring valuable customers.
The key benefit of using Analytics for web or mobile app experiences?
Analytics for web and mobile app experiences helps us determine.
- Which digital marketing channels are the most cost-effective at acquiring customers and generating revenue for your business.
- Which is calculated based on the conversion rate of visitors to customers, and the cost of those visitors.
- Which channels are effective at acquiring and driving higher lifetime value (LTV) for customers. Such as email marketing, which drives repeat purchases to prior customers.
- Which cohorts of customers exhibit strong engagement behaviour and a high potential for upsells — such as software or mobile apps, which expect to sell more products to customers with high engagement.
What is the difference between Digital Marketing & Traditional Marketing?
Digital Marketing or Online marketing differs from traditional marketing, which has historically included mediums like print, billboard, television and radio advertisements.
- Cost to market product or services was often expensive and traditionally difficult to measure
- For example, a TV ad campaign was measured through a consumer focus group to determine the level of brand awareness.
- Methods used in traditional marketing is not well suited to controlled experimentation.
- Nowadays much online business or offline business can participate in digital marketing or online marketing by creating a website and building customer acquisition campaigns at little to no cost.
- A business trying to market their products or services also can experiment with optimization to fine-tune their campaigns and ROI (Return of Investment)
An Ideal Potential Customer for your business
The Business objective should be about reaching its potential customers through the channels.
Therefore throw your fishing net, where there are lots of fish.
Where can I find my potential customers?
Potential customers can be found in the places or social channels where they spend their time reading, searching, shopping, and socializing online.
Converting Virtual Visitors to Customers
Widespread adoption of the internet for business and personal use has generated new channels for advertising and marketing engagement, including those mentioned above. There are also many benefits and challenges inherent to digital marketing, which uses primarily digital mediums to attract, engage, and convert virtual visitors to customers.
Strategies of Digital Marketing.
- SEO – Search engine optimization (SEO)
- PPC – Pay-per-click (PPC) advertising
- Content Marketing
- Email Marketing
- Social Media Marketing
- Voice SEO
- Video Marketing
SEO – Search engine optimization (SEO)
80 percent of consumers do their product research online. After searching for something, more than half of users discover a new company or product. With SEO as one of your online marketing strategies, that could be your business. You can capture these visitors with SEO
Why use SEO as a digital marketing strategy?
- Less than 10 percent of searchers advance to the second page of search results
- More than 30 percent of searchers click on the first result
PPC – Pay-per-click (PPC) advertising
PPC (pay per click) is a paid form of advertising that relies on an auction-based system. With PPC, you bid on keywords that you want your ads to show up. These ads then appear at the top of search results, above organic listings. If a user decides to click on your advertisement, you then pay for that click.
Most effective PPC channels your business can use to generate ROI
- Google Ads
- Bing Ads
- Facebook Ads
- Twitter Ads
- Pinterest Ads
- LinkedIn Ads
- and more
Why use PPC as a digital marketing strategy?
- Businesses earn $8 for every $1 spent on Google Ads.
- Users that click on ads are 50 percent more likely to buy a product.
Reaching, engaging, and connecting with consumers via content is called content marketing. This content, which includes videos, blog posts, infographics, and more, provides values to users. It can be sales-orientated copy or an informational contents.
- It generates 54 percent more leads than traditional marketing
- More than 60 percent of users prefer companies that create content
Email marketing focuses on retaining existing customers, as well as gaining new ones. It’s an excellent technique for building brand awareness, keeping your company top-of-mind, and encouraging repeat purchases.
- Features an average ROI of $44 for every $1 invested.
- Creates 50 percent more sales than other lead generation methods
Social Media Marketing
Use social media marketing to focus on building brand awareness and increasing conversions. Depending on your target audience and their platform preferences. A social media marketing campaign can feature one or several social media platforms
A few of the most popular platforms for this Internet marketing strategy include:
In addition to marketing your company on social media, this strategy often focuses on advertising too (PPC)
Why use social media marketing as a digital marketing strategy?.
- More than 65 percent of consumers use social media for customer services
- More than 70 percent of shoppers use social media when making purchase decisions
With voice search optimization, your company optimizes existing and new website content for voice search. The intention is to earn your website the featured snippet or position zero spots in Google search results.
- Almost 50 percent of adults use voice search each day
- More than half of voice-activated speaker owners want promotional brand content
Via video marketing, your company increases its reach, grows its revenue, and expands its operations. Like content marketing, as well as email marketing, your business focuses on creating informational and valuable videos for its target audience.
A few types of videos for video marketing include:
- Behind the scenes
- And more
- Around 90 percent of users credit video for making purchase decisions
- Pages with video are 53 times more likely to rank on the first page of search results
What online or digital channels to use?
If you are in India and selling commodity items, you can go for Facebook, Instagram and google ads.
The selection of digital channels is a very critical thing, which depends on the type of product or service you are trying to market or sell. Location, Demography, Gender, Age are various other factors, to be kept into consideration while selecting the proactive digital channel to suit your business need. Else you will end up wasting a huge amount of money.
There are two types of cost involved in digital marketing. The cost paid to the agency that will run your marketing campaign and cost that will be paid to Google, Facebook etc.
Cost Paid to Agency = Service cost that an agency will charge
Agency works in 2 models.
Retainer ship model: Best for companies with a small monthly budget. In the Retainer ship model, the agency charges a fixed amount every month to run a digital marketing campaign for your business so that you can generate sales and revenue.
Percentage model: Agency charges somewhere around 8% – 20% on monthly spend, this model is usually selected if monthly spend is more than 2 lakhs, this also depends on an agency basis.
How to find a budget for your Digital Marketing campaign, What should be the minimum budget for online marketing?
You can start with 1000 INR too, but that will not solve your marketing problem. The best way to assign a budget to your marketing campaign is 8% to 10% of your investment.
For eg., if you plan to invest 1 Crore Rs in your business this year, which includes salaries, rent, purchases etc. Then you should keep 10 lakhs which is 10% of 1 Crore aside for your marketing campaigns. And plan the budget accordingly.
If you are low on budget. Try running an initial campaign, using that marketing activity generates revenue and reinvest it in marketing, in this way you will be able to cope up with the marketing budget and will be able to escalate your business.
Hope your questions are answered in this 30 min reading.
If not you can post your comment below for further questions or call us directly to understand it better and take your business to a new height.
Want to do it by yourself (DIY) read our New era of digital marketing blog (digitalpersonality.org)