Before the advent of digital media, marketing and advertising were regarded as grudge purchases by most businesses, as the team at Easy2Access well know. This sentiment was exacerbated by the fact that the return on investment (ROI) from marketing spending was often difficult, if not impossible, to gauge.
5 Facts that Highlight the Importance of Investing in Digital Marketing
With the advent of digital marketing, with its accurate metrics for the measurement of impact and ROI, the reluctance to spend on marketing still persists. Unlike traditional advertising, however, digital marketing methods present a wealth of evidence as to why it should not be considered a grudge purchase. Keep reading the blog as we reveal five key benefits of digital marketing.
1. Digital Marketing is Cost-effective
Traditional marketing methods are expensive. TV and radio spots, magazine ads, billboards – they all come with a hefty price tag. This bars small firms from competing with companies with larger budgets. In addition, both large and small companies find it hard to justify these expenditures. In contrast, digital marketing can be bought at far lower prices relative to the number of people that can be reached. The cost of reaching around 1000 people through social media is US$3. To reach the same number of people through broadcast advertising would cost around US$28.
2. Digital Marketing Allows for Accurate Metrics
The success of traditional advertising is difficult to measure. Everything you do in digital marketing, however, can be precisely measured. You can see how many people respond to your ad and how many of these responses were converted to sales. You can then adjust your tactics on the spot to increase your success rate.
3. Digital Marketing Provides Precision Targeting
Traditional marketing is hit-and-miss and requires taking a fairly broad approach in the hope that you will mostly hit the right audiences. With digital marketing, you can be precise – you can target exactly the people you want to reach. SEO, pay-per-click (PPC) and social media marketing enable you to send your message to a narrow and focused audience.
4. Digital Marketing is Adaptable
With metric tools, you can measure the effectiveness of your marketing strategy. You can then shift your strategy exactly as needed in order to hit your intended target. The changes you make can then be implemented immediately and will show quick results.
5. Digital Marketing Provides Competitive Equality
With the lower prices of digital marketing compared to traditional advertising, smaller companies can compete with larger ones on the same platforms and possibly beat them in the battle for the public’s attention. This means that everyone gets to compete on a level playing field.
Unlock the Power of Digital Marketing with Easy2Access
Now you know the general benefits of digital marketing, why not find out how you can make them work for you? Contact us to discuss your digital marketing strategy.