What Is Online Marketing?
Online marketing is the practice of leveraging web-based channels to spread a message about a company’s brand, products, or services to its potential customers. The methods and techniques used for online marketing include email, social media, display advertising, search engine optimization, Google AdWords, and more. The objective of marketing is to reach potential customers through the channels where they spend their time reading, searching, shopping, and socializing online.
Online marketing is a set of tools and methodologies used for promoting products and services through the internet. Online marketing includes a wider range of marketing elements than traditional business marketing due to the extra channels and marketing mechanisms available on the internet.
- Growth in potential
- Reduced expenses
- Elegant communications
- Better control
- Improved customer service
- Competitive advantage
Online marketing is also known as internet marketing, web marketing, or digital marketing. It includes several branches such as social media marketing (SMM), search engine optimization (SEO), pay-per-click advertising (PPC), and search engine marketing (SEM).
How Does Online Marketing Work?
Online marketing uses a variety of digital, online, and electronic means to push a message to current and potential customers. The message might be crafted as an image, a piece of text, or a video, and distributed in any number of places. It could be as simple as a social media feed or it could be as complex as a wide-ranging and comprehensive strategy that encompasses multiple modes including social media, email newsletters, websites, and other channels.
The type of online marketing that will be right for your business will depend on the nature of your business, the habits and demographics of your target market, and your budget, among other things. Market research will lead you to the right strategy or mix of strategies for your offerings, and detailed performance measurements will indicate which are most successful for you.
For example, a hair salon that wishes to incorporate online marketing might add an Instagram feed featuring photos of hairstyles completed by its stylists to show off their talent. A Facebook page could highlight rave reviews from happy customers and display a link to the salon’s website, where prospects could find information on reservations, available services, and photos of the salon’s interior.
Why is online marketing important?
There is an entire marketing platform with consumers just waiting to discover your brand. Using data analysis and optimization tools, you can reach the most relevant and qualified customers. With computer programs and tools doing most of the work for you, finding your new customers is just a click away at a lower cost. As a result, you waste less money as a business and generate a higher rate of return on your marketing investment (ROMI).
Top 20 Advantages of Online Marketing for Professional Services
Marketing and advertising cost is one of the biggest financial burdens that businesses have to bear. While big businesses may not have so much trouble doling out millions for marketing and advertisement, this may be impossible or an unbearable nightmare for small businesses. Marketing via digital platforms offers a more affordable alternative to the traditional method. They create as much impact yet costing way less.
With just a few bucks you can subscribe to an email marketing provider and send transactional or direct emails to thousands of customers on your mailing list.
For professional services buyers, the single most important factor in selecting a provider is expertise. Often, the challenge lies not in acquiring the requisite talent but in projecting that expertise to the marketplace.
The web is such a powerful platform because it allows you to use content to get your message across and demonstrate expertise in topics relevant to your target audience. You can accomplish this offline as well, but online tools make it much easier to reach a wide and relevant audience. Blogging, social media, and webinars all allow you to educate your audience on topics that matter to them, illustrating your expertise in the process.
online marketing is the most powerful form of marketing.
Digital marketing has the potential to transform the way that you reach and engage your customers.
But you don’t have to take our word for it.
Here are some real examples of how digital marketing tactics are helping businesses just like yours reach their target market and influence conversions:
- Ecommerce candle company, Nidhi increased their sales by 714% over a 3-month period using social media (with a little help from LYFE marketing).
- Forever Diamonds, a Georgia jewelry company, was able to reach and engage its fans for less than $1 per engagement over the course of a year, increasing foot traffic and leading to real conversions.
- We helped a snow motorcycle business selling snow equipment, generate $96,664.98 worth of SEO results in just 5 months!
- Our team also helped a local gym convert 210 new leads over 90 days at a cost of just $4.33 per lead through effective and targeted Google ads.
These cases are a true testament to the benefits of digital marketing.
With the right strategies and effective implementation, small businesses can increase their reach and conversions in just a matter of months.
Measure and Track Results
An aspect of internet marketing that is rarely available with traditional marketing is measuring and tracking results. With online marketing, your business can utilize varying tools for tracking the results of your advertising campaigns. Using these tools, you can measure and track and illustrate the progress of your marketing campaign in detailed graphics. The ability to quantify your marketing efforts is the best possible thing that can be there.
Measuring and tracking results gives your business a better idea of how your marketing campaign is faring. It gives you an idea of how you can better grow your traffic, leads, sales, and conversions. Without the ability to measure and track your results, you cannot alter or modify your marketing campaign so that it can better deliver the results you desire.
Beat The Competition At Their Own Game
Of course, that last benefit comes with a pretty hefty caveat. The fact of the matter is that if you’re just starting, you have a whole lot of catching up to do.
By no means should that deter you from starting a business? But understand that you’re starting as a small fish in a very, very big pond.
It’s important to understand that your competition has likely already implemented digital marketing strategies. But as it turns out, their head-start may not be as much of a disadvantage as you’d think.
Performing what’s commonly referred to as a competitive market analysis can provide you with some key information to better inform your marketing efforts.
With some assistance from a marketing firm (or a whole lot of time on your end), you can learn what the competition is up to and beat them at their own game.
A competitive market analysis usually includes elements such as:
- Which advertising channels they favor.
- What topics they cover.
- How much of your demographic they share.
- Their audience growth.
- How much they post.
- How engaging their content is.
To sum it up, you can learn a whole lot by starting a few steps back from the competition. While it’s true that you’ve got some catching up to do, using their data to better inform your marketing decisions can help you pull ahead.
Internet Marketing Is Inexpensive
Marketing products through a physical retail outlet is much more expensive than marketing them on the Internet. The recurring costs of property maintenance and rental are not relevant to Internet marketing. Plus, for display in the store, you do not need to fill your shelves and windows with stock. Consequently, you can keep your inventory costs low by ordering stock in line with demand, instead of ordering it in anticipation of demand.
Internet Marketing Allows for Convenient Store Hours
Without having to worry about overtime payments to workers or opening hours, Internet marketing gives you the freedom to keep your enterprise open 24 hours a day, seven days a week. Clients will also find it incredibly convenient to shop for your services and products on the Internet on their own schedule. When it is convenient for them, they can browse your eCommerce store at any time of day and place orders.
With online marketing campaigns, one will be advertising their business 24 hours every day. Furthermore, you will not have to worry about staff wages or store hours. Additionally, the time variations in the different parts of the world will not affect your campaigns. Your target customers can access your website and purchase goods and services irrespective of the time or fear of closing hours.
Builds lasting relationships
As long as your business has an online presence, your customers will always find you. With internet marketing, suppliers can easily access the email addresses or contacts of both prospects and buyers. Businesses can use this information to send updates to their customers regarding special discounts, new products or services, new coupons, and products available. Furthermore, businesses can continue interacting with their clients after the sale.
Reaching out to Your Audience
It becomes easy to reach out to a wide audience. When you send out a message, you send out a message to the audience that is already following you, along with people who are searching for the content you post. It is important to keep in mind keyword research and hashtags while marketing online.
In traditional marketing methods, a business cannot reach audiences located miles away. However, in digital marketing, reaching out to a customer who is practically miles away is not at all a challenge.
online marketing improves your conversion rate
Perhaps one of the most notable benefits of digital marketing is the improvement of your conversion rate. When you invest in online marketing strategies, like conversion rate optimization (CRO), you can increase your conversion rate.
This is due to your ability to target more specific leads. When you focus on people more likely to be interested in your business, you increase your chances of earning a conversion. Your company earns more conversions, which helps you grow.
One of the biggest advantages of digital marketing is that it has removed all sorts of geographical barriers.
You can open your doors to foreign countries and offer your services to customers living miles away. You can market to them with just a click and create awareness to people who otherwise had no chances of knowing about your existence.
While we do know that considering a global audience is a very huge number, but that problem can be solved with the next benefit of digital marketing.
Niche targeting means reaching out only to those people who fit your criteria. This can be done with the help of digital marketing. When you advertise on digital platforms, you can filter out the audience as per the qualities that match your target audience and then run ads.
For example, you can filter the location as India, then further filter them as women between the age group of 25-40 and then further go on to filter them as women who are working.
That is how detailed targeting can get and even further. Thus, is the most desirable benefit of digital marketing.
Trackable & Measurable results
In our opinion, any company strategy is a waste of time if you cannot measure your performance. This basically means making efforts in the blind.
Compiling a strong strategy and implementing it is just half the battle. Tracking your performance, measuring your success/failure, and taking corrective steps is the ultimate goal.
With platforms like Google Analytics and Google Search Console, you can track the performance of your digital marketing campaigns end-to-end.
That’s how you decide what works best for you and continue those strategies.
Improved Conversion Rates
As we saw above, with the help of tracking the performance, we can assess where did our maximum sales come in from and accordingly target consumers.
Thus, it simply means higher conversion rates as we investing where we are in demand.
In traditional marketing, it is difficult to impossible to find out where the lead got converted from and thus you may be wasting your time on the wrong leads.
But with digital marketing, this can be solved by targeting a similar audience that had the maximum leads converted.
Easy to adjust:
The knowledge of the performance of an ad will inform a business on how to proceed. For an ad campaign that is performing well, it is easy to invest more in it with just a click. But for an ad that is not delivering as expected, it can be adjusted accordingly or stopped altogether with ease.
In traditional marketing, it is more rigid as a mountain of paperwork must be signed and in most cases, these agreements are on a long or medium-term basis. So even if a campaign is not performing as hoped, subscribers will still have to wait for the expiration of the agreed period.
Marketing your products and services online gives you the ability to target audiences based on demography. This allows you to concentrate your efforts on the audience that you truly want to offer your products or services. With demographic targeting, you can better target your marketing efforts on specific demographic regions. Never has it been easier for you to target an area miles away from your office. With internet marketing, it is possible now to target different demographics.
Demographic targeting gives you the ability to target specific customers you think are likely to purchase your product or hire your services. Every time someone visits your website and fills in a form, it gives you an idea of who your customers really are and lets you discover important details about them such as age and interests, which better shapes your services to match their needs.
Reach out to the Social Media users
Your customers are active on Social Media. Are you? If not then you are missing an opportunity to connect with socially active users. According to the study, there are around 2.4 billion social network users worldwide. Digital Marketing helps you to reach out to these customers not only through posting but also through paid advertising. Social Media Marketing is allowing target-based advertising that will help you to reach out to the users who are most interested in your products and services. Not only advertising, but you can also communicate with the customers and help them out with the queries and difficulties.
Creating a brand is easy but making it popular is equally tough. Digital Marketing not only helps you market your product and business but also aids you to increase your brand awareness and reputation in the market. Reviews and feedback on the online channels help your brand to stay in limelight and connect with the audience easily. Users go through the various online channels to check out the rating, feedback, and reviews before making any decision. Positive reviews and a high rating will not only increase the value of the brand but will also capture the attention of the users, transforming them into permanent customers.
Availability of communication channels:
Effective communication is the number one method in online marketing to grow sales and to promote business online. And it’s possible through many things by doing online marketing.
For example, using chat/click to call/community form/customer support, etc. options on the business website, google my business listing and Facebook business page is the most convenient way for customers. It’s’ a part of an online marketing strategy. But it helps customers to communicate regarding products and services. They can ask questions before and after buying. And customer support can help them in real-time.