Unlock Digital Marketing and Its Hidden Untapped Potential
The world is changing and it is changing at an enormous rate. The things that had worked before might not work in today’s highly competitive digital world. Small businesses often are unaware of the mass untapped potential of digital marketing in today’s world. Most of them have a basic Website and Google Maps profile. However, there are many other online and social media such as YouTube, FB, Instagram, LinkedIn, Twitter, and others where any business can make their profile, generate leads, create brand recognition, contact customers and in turn increase its revenue.
The BCG Report for Digital Marketing
The Boston Consulting Group’s report highlights the digital marketing gap among small businesses despite their substantial role in the U.S. economy. While small businesses generate half of all U.S. sales and have been key to job growth, only 3% of their advertising budgets go online. Furthermore, they primarily favor traditional marketing methods. Hence, there is a lot of untapped potential for these businesses. Many business owners are unaware and uncertain about today’s marketing and advertising options. They are unaware of various technologies associated with today’s marketing. Local digital advertising poses unique challenges, as it is difficult to target and convert this fragmented market. Small businesses tend to invest modestly in their websites but limit spending on online ads. Most rely on word-of-mouth for advertising decisions, using basic, often imprecise ROI evaluations. Based on a report by the BCG, online advertising is already giving high ROI for small businesses that have spent wisely on digital marketing platforms.
The Impact of Digital Marketing on Small Businesses
However, some early adopters see returns by actively managing their online profiles. Platforms like Yelp, Facebook, and Instagram, where targeted ads can boost revenues significantly, have shown great results. Businesses that smartly spend their money on these social websites can effectively generate enormous leads and acquire new customers. Moreover, digital marketing strategies on social platforms can help businesses inform their customers about regular updates and offers about their products. In short, they can stay relevant to their customers.
BCG suggests that digital marketing firms could unlock new opportunities by tailoring offers, focusing on advocacy-based marketing, and providing clear, actionable metrics for ad performance. These efforts could redirect substantial advertising budgets toward digital channels, benefiting both small businesses and digital marketing providers.
Conclusion: How can businesses tap into the potential of digital marketing?
Small Businesses need to update themselves and spend on digital marketing services if they want to stay relevant. There are various services such as Website Designing, SEO, Social Media Marketing, PPC, Content Writing and email marketing that will help small businesses to generate leads and connect with their customers.
For more in depth article on how can small businesses grow their business check out our article, Affordable SEO For Small Businesses.
Also check out the pricing of digital marketing services in Sydney.