Have you ever imagined what it would actually be like if businesses had to advertise their products and services on radios, newspapers or bill boards alone? And consumers on the other hand do not have access to this information on their mobile phones. We are in a digital world where 95% of the new age generation is solely dependent on technology.
Our daily activities revolve around the digital world and we are constantly seeking information.
UNDERSTANDING SMES - WHO ARE THE SMEs
Small and Medium Enterprises usually referred to as SMEs have taken momentum only recently and have grown at a very fast rate in the last decade. It has also been observed that most of these SMEs have been started by young, talented entrepreneurs who refuse to abide by the traditional rules of business and instead crave innovation and are risk-takers. The entrepreneurial attitude sets them apart from the crowd. Most SMEs enter the market by including online marketing as one of its prime sources of customer acquisition. They also have a very specific goal (short term targets) to achieve.
WHAT IS DIGITAL MARKETING?
Hundreds and thousands of new businesses keep stringing up every day. Both new and existing businesses need to create awareness as well as attract their target audience. Failure to accomplish this might mean doom for such companies. You can keep customers coming back for more with digital marketing if you know your target audience and your product well.
A variety of businesses utilize the internet to market their products and services. Internet marketing is the perfect medium for all their brand building and marketing activities.
DIGITAL MARKETING – BASIC UNDERSTANDING FOR SMEs
A digital marketing campaign utilizes digital media (multimedia content encoded in machine-readable format and hosted on websites, software applications, videos, games, web pages and websites, social media, databases, digital audios, e-books and so on) in order to reach out to customers in the market. Such a campaign primarily uses the power of the Internet to magnify the effect of the campaign and measure the impact through online monitoring and measuring tools (software applications specially built to track online business impact and conversions).
Social media and search engines have created substantially useful marketing options for any kind of business. What’s important here is being aware of the best online promotional platforms that can be used in order to reach out to the target audience and convert them into paying customers.
ROLE OF DIGITAL MARKETING IN PROMOTING SMEs
1. DIGITAL MARKETING GIVES EVERYONE EQUAL CHANCES
The competitive environment is the same for all businesses, regardless of their size. In a digital world, small and mid-size businesses have equal opportunities. You can compete with both corporations and other smaller companies, regardless of how much money your company has to spend.
Many companies invest in search engine optimization (SEO) to boost their search engine rankings. Small and large companies can use this practice to attract and reach more valuable traffic.
A search engine algorithm, such as Google's, generates results based on relevance to the user's search. You are most likely to rank higher in the search results if your content is more relevant than that of a big corporation.
Your business's income is irrelevant to Google. Google cares more about delivering relevant search results to its users and results that are relevant to their search query. If Google didn’t deliver these kinds of results, people wouldn’t use it.
Google Ads, its pay-per-click (PPC) advertising program, follows the same guidelines.
2. DIGITAL MARKETING HELPS YOU EARN AN IMPRESSIVE ROI
Digital marketing’s role also focuses on helping you make more money from your marketing efforts. In comparison to traditional marketing, online marketing is extremely cost-effective, offering an impressive return on investment (ROI). In order to achieve your business objectives, you cannot ignore digital marketing. Optimizing your marketing budget allows you to get a bigger ROI.
3. DIGITAL MARKETING ALLOWS YOU TO REACH PEOPLE WHERE THEY ARE
The role of digital marketing also helps you connect with people interested in your business. Traditional methods make it challenging for you to advertise to people looking for your products or services.
Digital marketing, however, allows you to focus on the people interested in your products or services. With digital marketing, you’re reaching people interested in your business. These marketing methods allow you to target the people that want your products or services.
If you run a PPC campaign, you can target people specifically that you know are interested in your products or services and reach them directly. You’re reaching people who are actively searching for your business, rather than driving by your billboard.
You can establish a target audience, which is the group of people you think are interested in your business. Based on this information, you can advertise your company to people that fit your target market.
Targeting allows you to save time and money. You will only reach people that need your business. It will help you drive better results from your campaign and generate a better ROI for your company.
4. DIGITAL MARKETING ALLOWS YOU TO TRACK ITS EFFECTIVENESS
As you look at the different roles of digital marketing, you’ll discover that online marketing also makes it easy for you to monitor the effectiveness of your campaigns.
Whenever you run an advertising or marketing campaign, you want to know if it’s driving results.
Traditional marketing methods make this difficult because you can’t know if your efforts persuaded your audience. With digital marketing, you can monitor your campaigns in real-time to see if they work.
Digital marketing has truly emerged as a dynamic marketing medium for any business. It’s hard to ignore the benefits a business can get from investing time, effort and money in a digital marketing campaign compared with the traditional marketing mix of print and electronic media. Digital marketing is cost-effective and the return on investment remains much higher than traditional media which is a sure attraction for SMEs.