You have started a business and you are still striving to compete. Do not underestimate your small business because it can become a multi-million business in the future. But of course, you have to do the hard work first before you can achieve that success.
Remember as well that it’s the modern time, a digital era and it is the time when online marketing for a small business becomes an important addition.
When entrepreneurs say that they have a small business, they are often hesitant of trying new strategies to make their business known to other people. Most of the time, they will resort to the traditional form of marketing such as advertising, handing out leaflets, discounts and newspaper ads. They may still work (particularly in your type of business) but hopefully, with this article, you will also consider venturing into online marketing in addition to your other marketing strategies.
Before we look into the benefits of online marketing for a small business, let’s quickly look at what online marketing is.
As the phrase states, ‘Online Marketing’ is basically your business’s marketing and advertising strategies that you implement online (including mobile phones).
There are many different online marketing strategies available and here are some of them:
- Having a website (and ultimately, an online presence)
- Content marketing and SEO
- Social Media Marketing
- Email Marketing
- Online Video Marketing
(If you’d like to learn more about these different online marketing strategies, click on the links above.)
It’s important to know that not all marketing strategies might be relevant / convenient for your business, so pick out the ones that you think are relevant and worth giving a try.
So let’s now look at the benefits of online marketing for a small business.
1. Reach a Worldwide Market
If you run your business in a traditional method, you will reach a few prospects and few customers, often locally and nationally. In addition, a traditional method of advertising and marketing is very likely not land you a place in the global market, and this is one of the best advantages that online marketing offers.
If you have a business and you want to extend your reach, you need to consider having an online marketing strategy.
The global market is connected to the digital world. Every business that is operating digitally is recognized in the global market, and when we say global, it’s worldwide.
Your business can reach the market of other countries and other continents and can give you the chance to land a client from another part of the globe.
2. Provides an Additional Platform for Communication with Your (Potential) Customers
One of the many advantages you can get from online marketing is the chance to interact with prospects. This is very important because the competition is based on the audience and customers you can gather and sales you can make.
If your business is running online, you have the opportunity to showcase your products and services. You will be able to interact with your followers and probably close a deal with a client.
Interaction, especially with your future clients, is important to build rapport and relationship.
It also gives customers and clients a more convenient and less expensive avenue to communicate with you, particularly if they reside in another country or different time zone.
3. Your Prospective Clients Are Online
In this digital era, most people are online; and your audience and customers are most likely online, too. In order to grow your business and to remain successful and thriving, add the online audience to your target audience.
While you can reach a global market through online marketing, as discussed above, more and more people also search for local businesses online (incl. opening times, services, products, etc.).
If you haven’t implemented an online marketing strategy for your business yet, start thinking about it today.
4. Establish Your Brand Online
One of the reasons you should start online marketing is for you to establish your brand online. Brand loyalty is when you become known to your audience and customers. It means you started to make a name. It happens when you are becoming known for your products and services.
When your customer thinks of a product similar to yours, they think of your brand first. You have established a brand loyalty that enables them to know you better and on a more personal level.
5. Online Marketing is Cost-Effective
If you are implementing the traditional method of marketing, have you evaluated how much it costs you? Have you checked whether your traditional method is still efficient based on how much you spend?
Traditional marketing may still be a very powerful method, especially if you are a local business but if you are applying online marketing to your business, you can reach more customers and potential clients.
You are likely to spend less as the online marketing method is usually cheaper than the traditional methods of advertising.
6. Compete on the Same Level as Your Competitors
A lot of businesses are on board the digital world. If you are not yet implementing an online marketing method, you are likely to lose to your competitors. Check whether your competitors are online and if so, it is even more important to invest into online marketing. If they aren’t, this can be your competitive advantage.
7. Online Marketing is Measurable
One of the many advantages you can get from online marketing is that it can be measured as it has metrics. In applying the traditional method, it is often difficult to measure the success of each individual strategy, unless you ask every single new costumer how they learned about your business.
With the digital marketing methods, you will have a lot of the data and you can measure which method has been most successful. Since internet marketing is measurable, you can determine at an early stage if your strategy is working or not. This is often difficult to accomplish with the traditional methods.
The market has evolved and a lot of customers are now found online. It is important to consider online marketing strategies and finding the best one/s for your business.