Nothing ever stops changing; the only thing that won’t change is the world constantly changes. Looking back into our past, what is the first thing you think of when it comes to marketing evolution? I’ll give you a hint. Everything right now is digitalized, indeed this includes marketing as well.
As accordance to Dasar Keusahawanan Nasional 2030 (DKN2030) that was launched by the Ministry of Entrepreneur Development in Malaysia, it is foresee that the overall performance of Small and Medium Enterprises (SMEs) may attain 41% to GDP in 2020. However, boosting SME potential for participating in and reaping the benefits of a globalised and digitalized marketing strategy, it helps SME to reach its full potential for their company
development.
Despite the known existence of digital marketing, not many small business studies on the importance and effectiveness it brings to their company. Now you might question, how can digital marketing really help me?
Here’s a few reason why SME should take digital marketing into consideration:
1. Branding
Michael Jordan is a well-known basket ball (well duhh), people pay for his shoes because they love him. Though he hasn’t played in the NBA for roughly 16 years yet the brand is still standing strong as ever. His shoes are so popular, it helped him boost his net worth to over a billion dollars. But what’s interesting is he’s made more money after retirement than he did as a basketball player.
Back to the question, how can digital marketing help me with that? Digital marketers not only create websites, design web page or do content writing, we are more than that. We are business consultant that assist the company by analyzing its internal problem and pinpoint it. Hence, this will result us to come out with a more effective strategy in creating brand awareness to the vast public.
2. Cost- Effectiveness
Digital Marketing is more cost effective as compared to traditional marketing. Typically, for small business or business that just started up have little resources and even capitalization. Based on the Gartner’s Digital Marketing Spend Repost, a total of 40% claimed getting considerable saving from digital marketing methods of promotion for their products and services. Due to digital marketers are getting better at Cost-Per-Lead (CPL) in comparison to
other marketing channels. This helps the companies to save up some extra cash to do more investment for their business.
3. Generate Better Revenues
Companies using digital marketing strategies are expected to receive 2.8 times better revenue growth. Whereas for SME that utilizes digital marketing, it is predicted to have 3.3 times better chances of expanding their workforce and business. Undeniably, a higher conversion rates will be generated by effective digital marketing techniques as it delivers profitable business.
4. Engagement with targeted audiences
With the help of digital marketers, it allows the company to have better engagement with the consumers in terms of what they like and dislike. Such strategy gives deeper insights of real-time marketing for companies in terms of marketing effectiveness, customer satisfaction, increase of customer retention and increased cross-sell.
By all means, digital marketing can enhance your business growth by personalizing into your business needs. What are the better ways to market than digital marketing, everyone right now are constantly surfing through the internet to get new information and updates across the world. It is time to move on from just solely using traditional marketing and live up with the current trend.
