A business is established to produce and provide products and services to meet the needs and wants of the public. They take part in commercial, industrial, or professional activities. A business can be either for-profit, wherein the business earns money from providing the products or services, or non-profit, wherein the business does not obtain money from what they are doing. They do what they are doing for a charitable or social cause. Regardless of what kind of business it is, a company must still make a name for its business in the industry. There are a lot of competitors out there in different industries, and having a business means that the company must be prepared how to compete with them in order to build brand awareness and visibility.
One way to do so is through digital marketing. So what is digital marketing? Digital marketing is the process of using online platforms to market a product or service and reach potential customers. Examples of digital marketing are content marketing, search engine optimization (SEO), email marketing, advertisements, social media marketing, and influencer marketing. Digital marketing makes use of online websites, digital devices, social media accounts, the internet, and search engines to promote a brand and the ability to connect with its customers. Thus, digital marketing can be used for business growth.
What is business growth?
Before talking about how digital marketing can be useful for business growth, let’s first talk about what business growth is. Business growth is the state in which the business wants to expand and reach for additional options to create more profit for the company. It is part of a business life cycle wherein the business learns about industry growth trends to keep up with the other businesses. It is when the business has to think of new products or services to provide their customers in return for their money. A business that does not think of ways to expand remains stagnant and will not grow.
Types of business growth
There are many strategies for a business to grow. Below are types of business growth that a company can apply for their business to expand.
- Organic/Internal– It is the easiest yet the most effective strategy. It is best for startup businesses or those that are just new in the industry. The company uses its own resources and tools to increase its profit.
- Strategic – Involves creating campaigns and other strategies to reach long-term goals. This is best suited for businesses that have already spent an ample amount of time in their industry. They use the money they earn during their organic growth to accomplish their campaigns and strategies.
- Partnership/Cooperation– It is when the company collaborates or merges with other businesses for them to gain mutual benefit or profit. For example, two companies launching a product together or a company indicating they have collaborated with another business in their campaign.
Importance of digital marketing to business growth
Now that you know what business growth is, let’s answer the question: is digital marketing beneficial to business growth? The answer is yes. Digital marketing can help a business grow, especially in this modern digital era. Digital marketing allows brands to reach their specific target market. There are digital tools out there that businesses can use to customize their reach to promote their products and services. Not only that, but digital marketing can also reach thousands to millions of audiences with just a few clicks. And the best part is that most forms of digital marketing are free, which is why it is great for startup businesses even without a digital marketing agency. Social media marketing is one example of free digital marketing. A company can create a social media account for their business and market their products and services – for free! Of course, they have the option to pay for advertisements like Facebook Ads, but free digital marketing is always there. Digital marketing is an essential tool for business growth in today’s modern era, especially in the realm of law firm marketing. It allows law firms to customize their reach and target specific audiences, promoting their services effectively and cost-efficiently. Thus, digital marketing is also a cost-effective way to make a business grow.
However, if a business decides to use paid advertisements, there are tools that they can also use to get an insight regarding their campaign, allowing them to change their plans midway. Additionally, they can track their campaign progress to know how well they are doing. Digital tools for advertisement can give real-time feedback or results. Moreover, digital marketing allows businesses to measure their return on investment (ROI) for each of their campaigns. Additionally, it serves as a way for a business to connect with their existing and potential customers anywhere in the world. All they need is a cellular network or internet access and a digital device. It will then make it easier for their customers as well to reach them because of their online presence. Lastly, they can be more consistent with customer engagement because it is much easier now to communicate with their customer, such as a livestream, wherein they can interact with their customers in real-time. Thus, increasing brand visibility, customer engagement, and customer retention.
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