Marketing has changed drastically. Most people now have a smartphone and access to the internet, spending the majority of their time online. Due to this, businesses are noticing a greater need for digital marketing spending and a strong online presence. But there are various platforms to navigate, so how do you get your business noticed? A digital marketing strategy can help you tell your story in a way that is engaging and effective, enabling your business to reach a wider audience. But with that comes a digital marketing cost. Let’s take a deeper look to see what the current cost of digital marketing is and if it’s worth it.
What Exactly is Digital Marketing?
In general, marketing is how companies, large and small, promote their products and services to attract customers. When we refer to digital marketing specifically, we mean marketing that is taking place online, including social media, email campaigns, SEO, website design, and company-specific apps. All these outlets are great tools to spread awareness for your company, generate leads, create conversions, and increase your market share.
Digital marketing also allows for many opportunities to collect data on your customers. This valuable information can help your business improve its marketing campaigns immensely.
Current Digital Marketing Spend Trends
According to eCommerce Fast Lane, there are 1.5 billion social media users across the globe, so it is no surprise that spending on social media marketing has steadily increased for years. Email marketing campaigns will continue to be a strong contender for generating leads and encouraging purchases as well.
Getting creative with your marketing to stand out from the swarm on social platforms is definitely going to be necessary for 2023, as every company continues to increase its digital market spending. Influencer and affiliate marketing will continue to boom. This type of marketing can have a big effect on your bottom line if you choose the right influencers. Outsourcing to digital marketing agencies will increase as it becomes more difficult to navigate the multitude of platforms and algorithms, meaning businesses will continue to seek the help of experts.
Digital Marketing Cost
The cost of digital marketing varies widely depending on a few factors. A car dealership in New York City is going to pay more for digital marketing than a car dealership in a small town simply because of the amount of competition. But there are a few general rules for each type of marketing:
Is Digital Marketing Worth the Cost?
So, does every company need a digital marketing strategy? 100%! Digital marketing is worth the cost and it doesn’t have to be that expensive. A general rule, according to Expert Market, is that small businesses should spend 10%-20% of revenue on marketing. Of course, costs vary depending on the type of digital marketing and the scope of work. Content marketing especially offers a great return on investment because nowadays it earns about 50% more leads than traditional marketing. We believe that digital marketing is the way of the future.
The Value of Investing in Digital Marketing
1. Greater Audience Reach
With the rise of online activity and the improvement of social media algorithms comes an opportunity for businesses to ensure they reach their target audience. Now more than ever, consumers find products and services they didn’t even know they were looking for because of algorithms. Your company can use this advantage to increase your reach and find exactly the audience you’re looking for, leading to serious growth.
2. Enhanced Customer Loyalty and Communication
Organic content and direct communication are key to attracting your perfect customer. Digital marketing can open the door to consistent and timely communication with your clients and increase customer loyalty by providing instant gratification consumers are looking for. Being available to your clients via social media and posting organic content increases brand loyalty.
3. Consistent Lead Generation
Having a plan for social platforms, website content, and maintaining consistency builds trust from potential leads. According to Forbes, “Having a good website and an active social media profile can significantly help prospects discover and learn about your business.”
4. Optimized Conversions
Conversions can happen all over your website — on the landing page, pricing page, contact page, etc. To maximize the potential of turning website visitors into paying customers, you should ensure each page is optimized. This goes for social media platforms as well. The last thing a customer wants to see is an abandoned website or platform, as that does not send a good message.
5. Build Brand Credibility
Many consumers check out a brand’s social media activity or search for a company online before committing to a purchase. Having a consistent, unbiased, and attractive social media presence improves brand credibility. And ensuring your content is optimized for search engines gives your company a greater chance of visibility, meaning potential customers can learn everything they want to know about your brand.
How to Tell if You Need to Strengthen Your Digital Marketing Efforts
Every company has a website but if your website is outdated, it’s time for an overhaul. Or maybe your site gets a lot of traffic but doesn’t generate enough sales; it could be your content that needs work. Don’t have a blog? Then you’re missing out on tons of lead generation. Is your company ranking on Google, showing up near the top of the list? If not, it’s time for some SEO work. And if your company doesn’t have a solid social media presence, you’re just not being seen. These are all indicators that you could benefit from some improved digital marketing strategies.
Digital Marketing is our Jam
At Clash Creative, we have a team of digital marketing experts, SEO ninjas, and amazing editors, graphic designers, and copywriters. Our team will work with your company to build or refresh your digital presence, ensuring more leads, more conversions, and more brand loyalty. Digital marketing spending is worth the cost because of its great return on investment. Book a call today to strengthen your digital marketing strategy and online presence.