In 2014, advertising spending on digital marketing overtook ad spending on TV. Traditional advertising has been slowly fading for a while, but many small business owners haven’t gotten the memo. Consumers and fun technological advancements are behind this explosion in digital marketing. Multi-channel digital marketing is slated to rise by 137 percent, and the number of brands using multi-channel marketing is expected to jump by 500 percent. Below are five reasons that your small business needs to get behind digital marketing.
- It’s on the internet
This may seem like a redundant point, but it’s worth repeating. More than 80 percent of consumers actively use the internet to search for product and business information, to shop, and to engage with their favorite brands.
- It drives up conversion rates
Digital marketing lets you target your efforts toward your target audience. Digital marketing generates strong leads and boosts conversion rates by as much as 24 percent.
- It saves you money
The 2014 Digital Marketing Spend Report showed that small business owners and entrepreneurs across the U.S. report as much as 40 percent in marketing budget savings by incorporating digital marketing into the mix (and possibly replacing other methods).
- It brings in more money
Consumers need six touch points before they buy something, but when the lead is converted to a sale, online shoppers spend nearly four times as much as other types of consumers.
- It makes you competitive
Most businesses have already started investing in an online presence and building a digital sales force. We have gone past the point of saying digital marketing is important for growth and now operate in space in which it is vital for survival. If you don’t do it, your top competitor will (and does).