The pace of business is moving at a breakneck speed and competition is more stringent than ever before. More than four million applications for new businesses were registered in the United States in 2020. That number has grown by nearly seventy-five percent in the last ten years.
In order to compete with new and emerging businesses, many companies are taking full advantage of digital trends. Online marketing strategies for any brand, business, individual, or product have accelerated at a drastic pace. Digital marketing is now a non-negotiable expense if you want your brand to succeed and stand out amongst your competitors.
Cement Your Brand’s Identity
One of the largest obstacles for brands in advertising online and creating new and exciting marketing campaigns is simply knowing who they are and what they stand for. Your brand identity is your essence distilled in just a few words or sentences, but it’s absolutely essential to your selling strategy.
Consumers today put far more of their trust in companies with a set of well-spoken values, clear vision, and transparent messaging. Companies are moving online and leaning on social media and other digital tools to espouse these values to their customer base and optimize their brand by growing their community. For example, nearly every brand today has a website with blogs and articles discussing key topics in their industry, and position those companies in a positive light. Start with discovery and reflection, move to messaging, and then apply and grow.
The digital realm has opened up communication channels between businesses and their customer bases. Knowing your consumer and their decisions allows you to navigate your objective when interacting with customers, and encourages full transparency in your brand message. Online spaces can be formed on websites and using the help of search engines.
These spaces help customers give important feedback to business owners and allow them to make improvements based on the comments provided. You can read through by positive and negative feedback on your site and take all of the advice given to heart, acting upon it in order to give your customers a more satisfactory experience. Respond, don’t react.
Smarter Investments and Improved Customer Interaction
There are nearly three and a half billion people online on any given day. This explosion has presented businesses with a chance to reach billions of customers with minimum resources. As a result, many companies today are eschewing traditional, physical marketing campaigns to focus on online campaigns, reaching a greater number of people for less money. With the digital landscape comes more creative ideation and community management to keep the conversation going vs a traditional set and forget it, tangible advertising strategy.
Customer interactions are another large part driving the digital marketing philosophy. It’s far cheaper to retain customers and ensure they’re satisfied with your service than to acquire new customers. Couple this fact with the fact that adults use social media for a flat average of six hours daily, and you have no choice but to tailor your customer response and service to social platforms in order to better serve your client base
LEVERAGE THE ANALYTICS APPROACH
Despite public opinion, technology, and the digital landscape changing frequently…one of the greatest resource’s companies have is the ability to monitor and predict consumer behavior frequently and consistently. Services like Google Analytics provide statistical analysis of a range of elements, such as your click-through volume and bounce rate. These data points can tell you just how effective your digital marketing strategy is, including your website and advertisement success rate. There are dozens of elements you can measure and report on to improve your digital campaigns and keep your traffic flowing and satisfied. 81% of organizations use social media publishing/analytics tools. Once you’ve covered the basics you can assess what other online resources you might need in your backpocket to maintain a health brand and social presence.
EXCEED YOUR GOALS
Traditional brick and mortar stores are restricted to local customers and local sales, unlike digital companies. More than two billion people purchased items by digital means in 2020, and sales of digital goods and services cracked the four trillion-dollar mark, adding another two hundred billion as the year ended.
Keeping up with trends, fresh perspectives, and innovative ideas is just half of the battle. The other half is maintaining a strong consistent presence and keeping up with social media maintenance and other routine maintenance on your website, ensuring that there are no bugs or speed issues that would keep customers away from your site. You want a healthy balance of keeping your current community satisfied while prioritizing potential audiences and new consumers. In short, digital marketing can help you raise profits and increase your margins at a comfortable and quick rate. This can only be accomplished once your brand spectrum is mapped out and deployed authentically and extensively. Try incorporating a Brand Identity Assessment to start communicating with the client on where there’s need for improvement and new creative strategy.
Need help finding and implementing your KPIs? Visit www.vanquishmediagroup.com for our hands on expertise to help identify, track, and optimize critical campaigns for your brand and business. Check our portfolio and see for yourself some of our top performing campaigns.