9 Ways Digital Marketing is Cost Effective
Digital marketing helps businesses of all sizes make themselves more visible. However, considering how expensive it is to run a business, your comapny may be hesitant to spend extra funds without assurances.
Online Marketing Strategies that are Cost-Effective
There are cost-effective strategies to use online to further legitimize and attract people to your business and its products or services.
Whether it’s through social media, a website, or other means, subtle digital marketing tactics can make a significant difference in your organization’s marketability and profitability.
1. Retargeting Ads
Traffic goes beyond getting people to visit your website and making your business visible. For your company to succeed with a digital marketing campaign, you will need to generate targeted traffic.
Targeted traffic refers to website visitors who aren’t just browsing your site, but are actively looking for products and information. It creates better conversion rates when you can attract targeted traffic to your website as they are more likely to purchase a product or engage services and ask questions.
Good traffic is also needed for a more profitable return on investment. This way, your campaigns aren’t attracting people who are simply surfing the web, but instead, your ads are reaching people who inquire about what yout brand sells, or they buy right away.
2. Social Selling Can Connect & Convert
Consumers are savvier and more informed than ever before. Because of social media’s increasing influence, people use such channels to make intelligent buying decisions by researching products and making or reading recommendations.
Of top salespeople, 62% attribute closing more deals to social selling. More effective social selling training sessions are needed to take advantage of essential touch points in the buyer’s journey. With buyers spending more time researching, supplying them with the right help and tools while they’re looking for answers is crucial.
3.Track Success & Adjust Campaigns
Using digital marketing methods, such as on social media, can help increase conversion rates in real time. The conversion rate is the percentage of viewers who are converted into leads and, soon enough, customers.
Metrics and trackers such as return on investment (ROI), increment sales, returning visitors, and more are used to evaluate sales efficacy. These help you formulate your brand strategy, observe the issues that need to be addressed and create a more collaborative work environment as you improve.
4. Yield a High Return on Investment (ROI)
With any business, return on investment is a crucial statistic used to evaluate profitability.
Since you can measure ROI easily by dividing your investment by sales, you don’t have to invest too much before you can evaluate how you want to proceed. To calculate it thoroughly, you need to be sure of what your business’s aims and goals are.
Figure out your budget, the sales you need to make, and what you want to get from your digital marketing campaign before measuring your return on investment. You need Key Performance Indicators (KPIs) in order to get an accurate measurement.
5. Pay-Per-Click Gets to an Audience Sooner
If you’re running a business, especially a small one, pay-per-click advertising is a must. Around 45% of small businesses use PPC advertising as part of their digital marketing strategy. Your marketing budget isn’t expansive, so every dollar should be maximized.
You can develop greater brand awareness and get instant visibility to a relevant audience, something search engine optimization (SEO) might take months to achieve.
In contrast, PPC allows you to leverage your best assets to generate leads. Ads contain a value proposition (usually in the headline and meta-tag) that your target audience of online searchers and website browsers will find relevant.
6. Customer Acquisition Costs
Customer Acquisition Costs (CAC) can be a make-or-break metric.
The CAC includes variable and fixed costs that go into converting new customers. It can even be calculated on an individual account basis to determine the resources it would take to bring on this new client. Calculating this figure for a campaign requires you to divide the total spend on customer acquisition by total new customers.
7. Low-Cost Content and Customer Engagement
If you don’t have a big budget or you spent a lot of money on a particular aspect of a campaign, you can still advertise successfully. Use your social media to drive attention to your business by creating a series of posts that are on a trending topic and relate to your campaign or brand. This can help generate traffic from unexpected sources but from an audience that is still relevant.
8. Brand Awareness on a Budget
Digital marketing experts increase brand awareness through the simplest means without exerting too much spending power.
Email marketing is an inexpensive and very effective digital strategy. Compared to other digital tactics, eMarketer reports that email can generate four times the ROI. For that reason, it’s the go-to strategy for most businesses.
It costs little to nothing to run an email marketing campaign with user-friendly email management tools such as Marketo and MailChimp. All that’s needed is persuasive text from the subject line to the body, a timeline that fits with marketing goals, an enticing call-to-action, and a great landing page.
9. Take Advantage of Social Media Influencing
Partnering with social media influencers is becoming a trendy way for enterprises and small businesses to increase outreach.
If your business is in retail, this is especially useful, whether you’re selling jewelry, accessories or any other fashion-related products. If you’re a large retail brand, you could offer a higher price item in exchange for a sponsored post by a notable influencer. Though you have to pay a sum upfront, influencers have loyal followings that trust their recommendations. So, the right partner can position your products perfectly for a spike in sales.
Tags: email marketing, marketing budget, marketing goals