Using Digital Marketing to Grow your Business
This Whitepaper discusses key ways to utilize digital
marketing to improve your current customer base
and retain the customers that you worked so hard to
earn.
Introduction
Digital Marketing has been around since the beginning of the internet and in the past few
years our knowledge on how to utilize this has improved by leaps and bounds. While
digital marketing has not replaced traditional marketing in its entirety it has lowered the
cost and difficulty for smaller businesses to get their name out to potential customers.
Many business owners big and small struggle with the new trends in marketing, and here
we will discuss both what those options are and how you can get started.
Getting Started
Getting started with Digital Marketing is
easier than many realize. Every business
can set up a website in one day using
hosting from any provider and their
recommended templates. This also works
for social media as well and email
marketing as well. Many business owners
are busy enough as is however, and don’t
have the time to currently put towards this
additional project. Luckily there are
hundreds of agencies both big and small
that can get you started on this journey.
Digital Marketing Options
Starting your own Digital Marketing Project
Social Media
Percent of social
media users
Facebook Main Demographic
TkTok Main Demographic
ROI Amounts for Email Marketing
B2C Email Marketing percentage
B2B Email Marketing percentage
Social Media has quickly become one of the most popular outlets for both businesses and their consumers to share news in real time, a study by datareportal estimates that 59% of the current population is on social media platforms. There are countless social media platforms to utilize and depending on your target audience this will affect what ones you should be in. A study by sproutsocial shows that the largest age group of Facebook is 25-34 with that demographic equaling 31.5% of total users being within that age group. However, for TikTok the largest age group is between 10-19 with that demographic equaling 25% of total users. While trying to be on and to all social platforms might sound like a good idea, if you’re a smaller business or have a small marketing team this may be unrealistic. Find out where your audience will be and focus on generating good content there before adding in additional platforms. This will not only help you improve your ROI for new customers but retain previous customer by having a consistent message .
Email marketing has been around for many years and continues to be a popular and effective choice for businesses. Barilliance and Hubspot stated that the average ROI for email marketing was 3,800%, or a return of $38 for every $1 spent. Top performers however earned a whopping 7,000% ROI. Even on the lowest end the ROI was still 500%. Meaning no matter how you market through email there is a large likelihood of you earning more than you spend. Email works wonders for both B2B and B2C, According to Kinsta 79% of B2C marketers use email marketing and 87% of B2B marketers use email marketing to distribute their content. Email is also the best way to reach the largest overall group of people. A study from Optinmaster shows that email reaches 85% of people. This is a very large group of people, especially as you compare it to the earlier amount of people on social media is 26% less then who on average will be reached through email. Email marketing is also great for the retention of your current customers. Optinmaster states that 48% of users check their emails specifically for a deal from brands their subscribed to. Additionally from SaleCycle claims that in 2019 that for eccomerce across all sectors.
Digital Marketing starting Costs
Organic Advertisements
One of the strong points of digital marketing is the lower cost of starting. A truly free avenue for a business wanting to put themselves out there is social media. Business accounts are free on every platform and posting does not cost a cent if it’s once a month or every hour. Social Media has experienced consistent growth over the past few years, with Backlinko stating it has grown 12.5% year-over-year since 2015. This makes it a powerful tool to utilize for you to grow your audience. All businesses should have a website, and while a website will cost money, improving it to improve your searchability can be done by you for free. The basics of SEO are all over the internet and there are multiple easy tips you can apply to your website, helping to improve your rank on Google. This can take the form of new blog posts or revamping old website copy. The third option I would recommend is more useful to slightly more established brands, is User generated content. This involves giveaways, challenges and interacting with current trends.
Paid Advertisement
Paid advertisements are not new and digital marketing has added the array of options to choose from. With the rise of social media has come the rise of influencers. Influencers have large followings that can advertise your product with their current network. The price for these range depending on their size and experience. While you can pay for someone to manage your marketing in its entirety, you can easily manage your cost of marketing using advertisements. This can be either Google itself or one of the social medias you use. This can be arranged in three ways either CPC, CPM, or CPA pricing. These equate to cost-per-click, cost-per- impression, and cost-per-acquisition. The price gets more expensive depending on which one you choose, and deciding which one is best for you depends on your budget and what your desired result is. The price for these will also change per industry you are in, do your research beforehand when working on your budget. See below for the average cost of Google Ads on the search network for a few Industries from WordStream.
References
Graham Charlton, “18 Essential Email Marketing Statistics: 2020 Edition”, Salecycle (Blog), May 6, 2022 “18 Essential Email Marketing Statistics: 2020 Edition – SaleCycle
Ana Gajić, “Email Marketing Statistics”, 99FIRMS (Blog), 2022 “https://99firms.com/blog/email-marketing-statistics”
Brian Dean, “How Many People Use Social Media in 2022? (65+ Statistics) (backlinko.com)”, October 10, 2021 , “”Social Network Usage & Growth Statistics: How Many People Use Social Media in 2022?
Dan Shewan “https://www.wordstream.com/blog/ws/2017/07/05/online-advertising-costs”(Blog), October 22, 2022, The Comprehensive Guide to Online Advertising Costs