Digital Marketing Myths: Busted (And Reasons Why You Need it in 2020)

Most small businesses are familiar with the scope digital marketing offers in acquiring, engaging, and retaining customers. However, whether due to budget constraints and/ or the lack of relevant experience, not every business is able to leverage the advantages. It’s indeed unfortunate that business owners still have to contemplate whether or not to go ahead with it.

Do you own a small business yourself and yet unsure whether you should adopt a prompt digital marketing strategy? Are your current digital marketing campaigns not yielding the returns you expected? Are you struggling to figure out which, out of the many, digital marketing service is relevant to your business? Well, you’ve just come to the right place. We are busting the common myths here that may be clouding your interest in trying out digital marketing. 

Here we go!

Myth 1: Digital marketing is only for ‘big’ businesses

Certainly not! Rather, a properly implemented marketing strategy can help small businesses reap the best results. Technology is easily available to all; why should you not make the most of the opportunities available online? 

About 25% more small businesses have moved to digital marketing in 2020 as compared to 2019. 

With this form of marketing, you can segregate your audience, target them specifically, and even personalize your efforts to make the best impact – all this and more with minimal investment but for optimal output. 

Myth 2: Only the ones well-versed in technology should try it

Sure, being knowledgeable gives a lead; it, however, doesn’t have to be the only qualifying factor. In case you aren’t too familiar with technology, you can partner with a local digital marketing service provider who can power your plans and implement them using the best tools and platforms that are relevant to your business.  

Myth 3: It is expensive and also not appropriate for my industry

It’s a common understanding that all work that has to be outsourced will ultimately burn a hole in your pocket. It’s just the opposite with digital marketing. There are several tools available and service providers you can choose from and even modify your strategies should you not be happy with the results. Also, just because a competitor is not using digital media for their business doesn’t mean you should not too. In fact, if you want to catch the worm, be the early bird.

Over 61% of users research a product online before making a purchase. 

Would you still want to evade this chance?

Myth 4: Digital marketing can only fetch results in long time

Like every relation takes time to build, your digital presence would also require time to grow. However, it’s never too late to start. You can align your digital campaigns with your traditional marketing strategies and expect to see results sooner than you expected. Also, with Search Engine Marketing services, including PPC and Affiliate Marketing, you can enjoy positive responses faster than what your traditional strategies would have brought in.  

Myth 5: Owning a website is enough

It’s a misconception that even putting up a (shabby) website would do wonders for you. First and foremost, your website is your showroom. The better designed it is, the better it will impress your audience. Secondly, a website is just one of the platforms where you could engage with your visitors and try to convert them into lifelong customers. However, you need to intelligently leverage the other digital channels (social media, email marketing, SEO, SEM, etc.) too for the best results.

Was that a reality check? We bet it was. So, if the above have got you started, here’s why you should waste no more time to get going…

  • Cost effective: As stated above, digital marketing doesn’t require big investments but smart ones that offers the best ROI as compared to all other forms. Club your digital marketing strategies with your traditional ones and see how quickly you convert.
  • Boosts conversion: As you can identify and segregate your target audience, you can engage with them better. This helps boost conversion, and even the ones that have not converted yet, with continual efforts you can increase your chances of converting them as well.
  • Offers measurable results: For optimal output, you should revisit your strategies. However, to do it, you should be able to measure every campaign and all aspects of a campaign. With digital tools, this not only becomes easy but efficient too. Based on the performance, you can modify a campaign and engage with your audience better.

Around 20% small businesses plan to cut their traditional marketing spends and boost their digital marketing efforts.

  • Enhances brand reputation: When your online presence increases, it adds to your brand visibility. This in turn helps you boost sales and increase profits. Also, there are ways to control negative brand reputation and in fact reverse them. These are benefits not available with traditional marketing channels.
  • Allows multiple platforms to engage with customers: The highlight of incorporating digital marketing campaigns into your current marketing campaign is the ability to have your brand announced across multiple platforms at a go. From mobile users to desktop users to social media and paid advertising – you name a channel and it is there for you!

As you can see, the question is no longer why your business needs digital marketing, rather, why not. So, don’t miss the chance to do what’s best for your business and let it grow to great heights. Don’t miss to share with us the results from your first campaign.

We are waiting to know, excitedly.

Boost the Value of Your Existing Customers. Sure, But How?

For established businesses, it’s cheaper to retain an existing customer than acquire a new one. This is an age old saying and it still holds meaning today!

For the starters, statistics prove that there’re around 70% chances of making a (new) sale with existing customers and only 20% with new prospects. This alone shows how fruitful it can be to have your current customers stay committed to your association in the long term. But the question is how do you accomplish this? 

Well, one of the foremost ways you can get this done is by enhancing the customer lifetime value.

Customer Lifetime Value: An overview

Customer Lifetime Value (CLV) can be described as the revenue they will bring to your brand by being a customer, throughout their entire lifetime. So, as you can see, it’s not about cracking a deal to make ‘a sale’. Rather, it is about a lifelong commitment, to which both the parties need to stay loyal. While your customer needs to continue the purchase cycle, you, as a brand, need to make the association valuable and worthwhile for your customer to continue the cycle in the first place. 

You can boost about 25% profit by increasing customer retention by 5%.

So, how do you calculate the CLV? 

Simply by multiplying the average order value by ‘the’ customer’s purchase frequency and then dividing this by the average customer lifetime

Now, that you have the values calculated for each customer, here’s how you can enhance that experience (value). To begin, there are aplenty ways in which you can increase the customer lifetime value; a few of the most popular, and ‘sure-shot’ ways are highlighted below.

Simplify the on-boarding process

When a customer first engages with your brand, use the opportunity to impress them so they return to you every time. Make the most of the first impression opportunity by simplifying the process via clear and effective communication, a fast and simple on-boarding, and a personalized experience if possible. Give your customer the chance to recommend your on-boarding (brand) to others. This is the best way to set the tone for an enhanced CLV for the customer.

Engage through content

The other way in which you can boost the CLV is by providing relevant, authentic, and engaging content. Be it through your website, official blog or social media handles, remember to post regularly and engage with your customers. You can also explore other means of communication, such as email marketing, webinars, newsletters, video content, and so on. The idea is to provide value-loaded content to keep your customers engaged. 

Acquiring new customers can cost you 25x more than retaining an existing customer. 

Offer personalized services 

Nothing beats the value a brand can generate by offering customers a personalized experience. Not just at the time of on-boarding, everyone loves a customized experience, every time. A few ways in which you can create this is by being available for 24×7 support, offering multi-channel assistance (phone support, chat, social media, etc.), and by maintaining a robust knowledge base (video tutorials, how-to content, etc.). When you show that you are available to assist round the clock, your customer will be that much more confident about your brand. Also, a knowledge base with details carrying every thing that your customer needs to know about your brand (product/ service) will add value to their experience.  

Take prompt action on genuine feedback 

Asides the above, it’s essential to seek feedback from your customers regularly. While this can help you identify the recurring pain points, it can also enable you to gauge their reactions on a new arrival. So, customers that will take out the time to offer you feedback will indirectly show you that they value your relationship. Take prompt action in the areas that need your attention. Don’t let that standalone ‘poor experience’ define the entire experience your dissatisfied customer will remember. Your brand is much more than that. Exhibit it clearly and see how much this will boost your CLV. 

Nurture relationships

Another way to enhance the experience and add to the CLV is to nurture the relationship you have forged. This can be attained by improving your customer experience. From maintaining the quality of your service to sticking to your delivery commitment, and moving on to maintaining your reputation online – everything counts. A bad experience can be magnified and shared online leading to serious repercussions; remember to address every negative comment or review promptly and ensure that fixes are deployed to not only resolve the error but also to reverse the experience. A poor experience can lead to a lot of backlash for your brand. 

80% future revenue will come from just 20% of your current customers.

Introduce loyalty programs

To leverage the advantages of an enhanced CLV, remember to introduce loyalty programs for your valued customers. A discount, reward points, free shipping, free upgrades, and complementary products/services, and so on are a few ways in which you can boost their experience and thus the CLV. Irrespective of the industry, whether B2B or B2C, a loyalty program almost always works.  

Simplify the billing cycle

Customers dread having to go through the same, monotonous, lengthy billing cycle every time one gets over. As a fix, you can offer to move them to an annual billing cycle or something similar. Increasing efficiency while reducing the efforts and preventing wastage of time works like charm.

The highlight of calculating CLV is that it allows you to identify and segregate your customers. The better you know your audience, the better you can make the experience for them while engaging with your brand. So, once the CLV calculation is in place, you can plan your advertising calendar and make tailor-made communications to best connect with and nurture your relationship. This can alone set you on the path to boosting sales and increasing revenue for your brand.

Do share your thoughts with us.