Advertisers around the world are abandoning traditional advertising methods in favour of the more modern, digital marketing. Banners, leaflets and business cards are being abandoned, and websites, social media, search engines and digital marketing agencies are stealing the limelight.
93% of marketers say they generate more money from digital marketing efforts like content marketing, compared to traditional approaches.
Let’s take a look at why digital marketing has evolved to become the number 1 source of attracting customers and making money, so we can determine if that’s the only approach businesses need to take.
Cost & speed
Online marketing is either free, or at least, cheaper than most forms of offline marketing. Small businesses aren’t likely to be able to afford television campaign or billboard space, but they can afford social media and PPC campaigns. Advertisers can usually implement online marketing instantly, compared to offline marketing that requires submission, approval and execution from a third party.
The best way to guide your marketing is with the use of data. Digital marketing is measurable. It shows exactly which avenues are bringing in the most revenue for you, and provides a clear structure for the best ways for you to focus your budget and efforts. On the other hand, it’s impossible for you to measure how many people heard your radio ad, so there’s no way of knowing how effective it was.
Return on investment (ROI)
Impressive digital marketing can get you better, faster ROI. Particular campaigns will bring about almost instant results and you’ll get to see your money working for you. With older methods, you might have to wait for longer to see any profit from your advertising, which can be frustrating for business owners.
Marketing on the internet has no limits - the internet runs 24/7. You can gain exposure and build brand awareness every day without even needing to pay. Using a marketing channel like the TV, radio or newspaper means your brand only gets exposed when those channels choose to promote you.
Digital Marketing Vs. Offline Marketing
Overall, it’s clear that online marketing should be your primary approach in the modern marketplace, for its ability to make more money and drive your advertising efforts with data. To get the full range of return on your marketing, try balancing both approaches.
Tailor your overall advertising to your unique business. Many people will find that face-to-face methods are still some of the most effective in some industries, especially where you’re selling high-value products that customers are reluctant to buy online.