Every hour, around 11,000 startups are launched worldwide. But, how many of them really survive and thrive in the market? As per stats, around 90% of the startups collapse within 5 years.
In the beginning, a startup has to go through many phases and hurdles which include limited capital, fierce competition, and building a connection with their target audience. But, among all these struggles, one of the key reasons behind the failure of a startup is a weak marketing strategy.
In the past decade, there has been a paradigm shift from traditional marketing to digital marketing. According to the 2019 report, approximately 4.3 billion people use the internet around the world. And moving along with the changing times, startups are also progressing from traditional media towards digital mediums. Apart from being budget-friendly and its vast reach, the digital marketing mediums help in focused target marketing and tracking the growth of the business.
If you’re still doubtful about how digital marketing is going to help your business, here we give you the top 6 reasons to not doubt and grow DIGITALLY!
Reasons Why Startups Need Digital Marketing
1. Bringing The First Set Of Users
The SEO MOZ founder, Rand Fishkin states “ The best way to sell something; don’t sell anything. Earn the awareness, respect, and trust of those who might buy.”
Digital marketing helps in bridging the gap between the target audience and the brand. It gives the leverage to reach where your target audience spends their time and money. In today’s world, marketing consists of more than just selling products and services. New age marketing involves building a brand that stands tall against the existing competitors in the market. In comparison to the traditional marketing methods, digital marketing focuses on omnichannel marketing which gives the customers an integrated experience.
2. Building An Online Presence
Building a brand is more than just creating the logo. It consists of creating an entire personality that will help them outshine their competitors in the market. Just like an individual, branding gives a voice, value, personality, story, and soul to your business.
Branding also helps in influencing the behavior of the customers. When a brand can emotionally connect with its target market and provide them a relevant solution, the customers are more likely to get attracted and also come back for more. Alongside this, branding also gives a message to the customers that you’re here to stay.
When you hear about Amazon, Flipkart, or Facebook, does it ever occur in your mind that these companies might shut down tomorrow or next week? Obviously not, because they have created their brand name and identity which is an assurance itself.
3. A Cost-Effective Medium
Consider yourself planning to print a full-page ad in a magazine. Firstly, it will cost you a fortune and it will not help scale the number of people who are interested in your brand. On the other hand, if you have a website, marketing your product will be just a click away. And using SEO and other tracking tools, you can easily scale your growth.
Digital marketing methods bring higher ROI as compared to the traditional methods which means that you get more return than what you invest. Some of the cost-effective methods of digital marketing are email marketing, content marketing, and social media.
4. Focused Targeting
When an ad is printed in a magazine, some targeting goes along with it. You will know that if your target audience will read what you print. You also have authority over the size, placement, and messaging of the ad. The ad might touch the number of 1 million readers, but among this, what percentage of people is actually your target audience.
This is a huge demographic and very difficult to segregate how much percentage of people are the actual buyers.
On the other hand, digital marketing comes as a boon to break down huge demographics into focused target groups to know the needs of a specific person. And this person is most likely to become the potential customer who will buy your product.
When the audience is shown relevant ads, it connects them with the brand on a different level and has the ability to influence their decisions.
5. Robust Tracking And Monitoring
Supposedly you run an ad on television, how would you determine its performance? You can analyze the best time and frequency for the ad by doing some testing. Or you can know, if the ad has created a buzz, increased sales, or met a marketing goal.
But in the case of digital marketing, you can do more than just analyzing the sales rate and best frequency. With free tools like Google Analytics, you can determine the performance of the ads and also the user behavior.
With digital ads, you can track down if the users have seen your ad, interacted with it, liked it, shared it with a friend, or have taken any action. Apart from that you also know who is interested in your ads, who is a potential lead, and their online behavior.
The digital ads help in getting a better perspective towards what works best and what doesn’t. With in-depth reports, you can also cut your cost on things that don’t have high ROI. This accumulated data also helps in identifying the behavior of the customer and also predicting future actions.
6. Improves Customer Engagement
Throughout these years, there has been a shift in the customer experience and now they are more informed. They focus on every single detail before every purchase and try to stay engaged with your brand via various digital channels. This shift of realm has made it more essential to elevate the customer experience and give them the best service.
A business can use many digital channels, but it is also important to keep a track of your customer’s journey. To deliver an amazing customer experience means providing the right solution at the right time and the right place. Digital marketing channels also help in keeping you informed about your customer’s purchase, their mode of connection, and a lot more with the help of different tools.
Besides this, a satisfied customer is considered an asset for a business. They help in bringing more business by coming back and also spreading the word without any extra cost.
To conclude, it is quite evident that digital marketing is one of the effective ways for startups to build their brand with less investment. Digital marketing strategies will create a scope for new client acquisitions, brand visibility, and revenue-generating opportunities.
Thus, if you’re new to the market or clueless about where to start, begin with an effective marketing plan. And If you’re looking for a professional team of digital marketers and strategists to lessen your burden and boost your success, we are here for you.