Cash crunch being one of the major problems with Small and Medium Sized businesses (SMBs) that make the business owners reluctant to spend in the expansion. Due to this, SMBs have to take an alternate approach in which they can spend less and get more ROI. That’s one area where they can save a few bucks. We all know how imperative it is to choose the best marketing options when you are too tight on the budget.
1. TV/Radio Marketing too Expensive
Digital marketing is online marketing plus television and radio advertisements. The competition in all the mediums is getting fierce. Let’s be honest, if you are to save a few bucks and get more exposure, sticking only to online marketing is the better option. CMO survey reports tell us that companies are spending less on traditional media channels, and opting for online marketing more. It’s simple logic, promote your product where people are and people are online 24 hrs a day.
2. Direct Interaction & Tracking
Traditional ways of marketing whether it is television, radio, hoardings, pamphlets don’t give you two-way communication channel. In traditional media, you don’t receive anything from the user’s end. But, in online marketing, you get to know what people are thinking about your product and services. So, in half of the price of traditional media, you get a double benefit.
With each channel comes the analytic metrics from where you can track your progress of each move you make.
3. SMBs are Already Planning to Invest in Online Marketing
An LSA survey was conducted in which many SMBs were asked that if they had double the market budget where would they spend it? And, online marketing won the race. SEO being the leader followed by PPC, Social Media, and CRM tools.
4 key internet marketing channels where SMBs are likely to spend more are
1. Email Marketing: Once the companies have the contact list data with them, and a killer email template pitch, they can get good responses via email marketing campaign.
2. Social Media Marketing: Social Media channels are good to maintain goodwill among your potential customers and people interested in your product. But the catch here is to regularly maintain a communication flow between you and the fans/followers.
3. Online Advertisements: This is where you pay for the person handling online advertisement and also Search engines such as Google, Bing to run your ads. So, it’s a double investment, but very effective when you want to sell products straight away.
4. Mobile Marketing: Here also you invest in the ads as well as in the resource handling your mobile marketing. This separate entity from Online advertisements because here you optimize ads according to the phone.
Before the year begins, plan how you are going to spend your marketing budget. Take a look at our internet marketing services and consult our internet marketing experts now if you wish to make a killer internet marketing plan for 2017.