MARKETING
Does Marketing Really Matter? (8 Benefits That Show It’s Critical)
Many small businesses don’t think they “do marketing,” or need to “do marketing.” In fact, around 37% of small businesses in a survey of 500 small businesses don’t have a website to market their products and services.
The basis for this line of argument for many of them is that they’re too busy trying to get customers through the door to be bothered about “fancy marketing.”
However, marketing is a more effortless and surer way to bring in the business they want. This article will reveal some benefits of digital marketing for small businesses and show that marketing truly matters regardless of the business you run.
Does Marketing Really Matter?
Marketing absolutely matters for businesses of any size. However, building a digital marketing strategy is the last thing on the minds of business owners. They are more concerned with what they consider to be tangible stuff, like, for example, getting the number of customers up.
They believe that customers would inevitably find their way to them since they have a great product or service. But unfortunately, although this strategy might bring some customers (after all, who doesn’t love great products and service?), its results pale compared to what they’ll get if they use digital marketing.
The global pandemic and measures to curb its effects have changed the business and retail landscape. Many people have integrated online reviews and searching online into their decision to purchase a product or service. This reveals just how much digital marketing helps small businesses and why it’s in their benefit to take advantage of this new situation.
The market out there is simply too big and important to be ignored. According to the Global Overview Report, more than 4.6 billion people worldwide use the internet, and 46.3% of them use the internet to research products and brands.
So, what does this mean? Having a great product or service is essential, but it’s ultimately futile if nobody knows about it. Digital marketing is how you get your product out there and should be part of every small business’s strategy for growth.
Why some small businesses don’t invest in digital marketing
Since marketing offers many benefits, it’s bewildering to see small businesses fail to invest in it.
However, it’s important to note that these owners have their reasons. Some of the common reasons include:
Service-based companies don’t need to do marketing.
On the surface, this looks like a genuine reason, but it turns out to be smoke and mirrors. As long as you’re a business selling something, you can benefit from a sound digital marketing strategy.
The business has tried marketing before and it didn’t work.
Just because you’ve tried something before and it failed doesn’t mean it can’t ever work. Have you tried something else? Sometimes, some businesses have started on the right marketing path but fall off because of a lack of patience.
It’s essential to measure the right metrics in any marketing campaign to judge whether it’s working or not accurately.
There is plenty of help available to small business owners who want to improve their marketing strategy.
The business is small and plans to stay small.
Growth isn’t for everyone and small businesses that say this can’t really be faulted. However, just because you don’t want to grow bigger doesn’t mean you can’t benefit from marketing.
For example, marketing can help you increase your retention rate and even improve the quality of customers or clients you attract.
Free Guide: Digital Marketing For Small Business
Why Digital Marketing is Important for Small Businesses
Relying solely on traditional marketing methods will not achieve the desired results, so small businesses should adopt digital marketing.
With so many people connected to the internet, online searches have increased in volume and frequency over the past year. 79% of consumers currently use the internet to find information about local businesses, and a digital marketing strategy makes it possible to be found easily by searchers.
Another reason why digital marketing is excellent for small businesses is that it can turn customers into brand ambassadors. Using digital testimonials can complement the “word of mouth” way of marketing and since 89% of consumers read reviews before buying products, integrating such testimonials is a no-brainer.
Digital marketing widens your reach. By using multichannel, you can increase conversions and reach potential customers where they are. Social media is a gem, with 4.20 billion people using it. So by tailoring your message on the different channels, you can boost your reach over time.
Benefits of Digital Marketing for Small Businesses
- It increases your reach
- You can target your audience at the right time
- It improves communication at all stages of the buying process
- It’s cost-effective
- It’s easy to tack and monitor
- Marketing allows you to know customers better
- It lets the customer come to you
- Digital marketing increases your revenue
1. It increases your reach
Considering that people today are spending more time than ever before in front of their screen, digital marketing offers small businesses a great chance to reach new audiences.
Small businesses can use either organic or paid digital efforts to reach these new audiences.
2. You can target your audience at the right time
Most digital marketing channels have personalization and segmentation features that allow you to reach your audience with the right message at the right time.
For instance, you can send time-limited offers to subscribers on your email list. Or run Twitter ads during specific holidays to target your audience at the right time.
3. It improves communication at all stages of the buying process
People rarely go from being unaware of your brand to become customers. There’s typically a buying process they go through, and digital marketing channels help you guide your audience through this process.
For instance, you can create valuable content that answers questions your audience might have with your blog. Also, you can use social media to drive conversations and engagement among your audience.
4. It’s cost-effective
Compared to traditional marketing, digital marketing offers a low-cost method to reach your audience. Sometimes, with channels like social media and email marketing, you might not even have to pay to market your products and services to potential customers.
5. It’s easy to tack and monitor
Most digital channels come with analytics that help you quickly identify what elements work within your marketing strategy.
Once you identify an under-performing area of your strategy, you can quickly switch things up and monitor how well the new elements are working.
6. Marketing allows you to know customers better
Before starting your business, you likely had an idea of your ideal customer. However, marketing helps you even get to know this ideal customer more.
How they interact with your campaigns and marketing messages helps you identify what’s important to them and how you can connect better with them.
7. It lets the customer come to you
Consistently creating valuable content for your audience helps you build authority and subject matter expertise (SME) in your industry. When people have problems concerning the topics you talk about, it’s easy for them to turn to you.
8. Digital marketing can increase your revenue.
Assuming your conversion rates are constant, it goes without saying that you’ll make more money if you reach more people — and that’s exactly what digital marketing helps you do.
Using social media, a website, email marketing, and more digital channels, you’ll have more avenues to reach more people through at a marginal cost difference than you would if you used traditional or in-person marketing methods.
Use Digital Marketing for Small Businesses
Digital marketing can have a huge, positive effect on your business. Developing a marketing strategy might take some time, but it’s time well worth it. No business, big or small, new or old, should overlook the opportunity to generate leads and improve conversions that digital marketing offers.
Editor’s note: This post was originally published in November 2006 and has been updated for comprehensiveness.
MARKETING
Tinuiti Marketing Analytics Recognized by Forrester
Rapid Media Mix Modeling and Proprietary Tech Transform Brand Performance
Tinuiti, the largest independent full-funnel performance marketing agency, has been included in a recent Forrester Research report titled, “The Marketing Analytics Landscape, Q2 2024.” This report comprehensively overviews marketing analytics markets, use cases, and capabilities. B2C marketing leaders can use this research by Principal Analyst Tina Moffett to understand the intersection of marketing analytics capabilities and use cases to determine the vendor or service provider best positioned for their analytics and insights needs. Moffett describes the top marketing analytics markets as advertising agencies, marketing dashboards and business intelligence tools, marketing measurement and optimization platforms and service providers, and media analytics tools.
As an advertising agency, we believe Tinuiti is uniquely positioned to manage advertising campaigns for brands including buying, targeting, and measurement. Our proprietary measurement technology, Bliss Point by Tinuiti, allows us to measure the optimal level of investment to maximize impact and efficiency. According to the Forrester report, “only 30% of B2C marketing decision-makers say their organization uses marketing or media mix modeling (MMM),” so having a partner that knows, embraces, and utilizes MMM is important. As Tina astutely explains, data-driven agencies have amplified their marketing analytics competencies with data science expertise; and proprietary tools; and tailored their marketing analytics techniques based on industry, business, and data challenges.
Our Rapid Media Mix Modeling sets a new standard in the market with its exceptional speed, precision, and transparency. Our patented tech includes Rapid Media Mix Modeling, Always-on Incrementality, Brand Equity, Creative Insights, and Forecasting – it will get you to your Marketing Bliss Point in each channel, across your entire media mix, and your overall brand performance.
As a marketing leader you may ask yourself:
- How much of our marketing budget should we allocate to driving store traffic versus e-commerce traffic?
- How should we allocate our budget by channel to generate the most traffic and revenue possible?
- How many customers did we acquire in a specific region with our media spend?
- What is the impact of seasonality on our media mix?
- How should we adjust our budget accordingly?
- What is the optimal marketing channel mix to maximize brand awareness?
These are just a few of the questions that Bliss Point by Tinuiti can help you answer.
Learn more about our customer-obsessed, product-enabled, and fully integrated approach and how we’ve helped fuel full-funnel outcomes for the world’s most digital-forward brands like Poppi & Toms.
The Landscape report is available online to Forrester customers or for purchase here.
MARKETING
Ecommerce evolution: Blurring the lines between B2B and B2C
Understanding convergence
B2B and B2C ecommerce are two distinct models of online selling. B2B ecommerce is between businesses, such as wholesalers, distributors, and manufacturers. B2C ecommerce refers to transactions between businesses like retailers and consumer brands, directly to individual shoppers.
However, in recent years, the boundaries between these two models have started to fade. This is known as the convergence between B2B and B2C ecommerce and how they are becoming more similar and integrated.
Source: White Paper: The evolution of the B2B Consumer Buyer (ClientPoint, Jan 2024)
What’s driving this change?
Ever increasing customer expectations
Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels.
Forrester, 68% of buyers prefer to research on their own, online . Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels
Technology and omnichannel strategies
Technology enables B2B and B2C ecommerce platforms to offer more features and functionalities, such as mobile optimization, chatbots, AI, and augmented reality. Omnichannel strategies allow B2B and B2C ecommerce businesses to provide a seamless and consistent customer experience across different touchpoints, such as websites, social media, email, and physical stores.
However, with every great leap forward comes its own set of challenges. The convergence of B2B and B2C markets means increased competition. Businesses now not only have to compete with their traditional rivals, but also with new entrants and disruptors from different sectors. For example, Amazon Business, a B2B ecommerce platform, has become a major threat to many B2B ecommerce businesses, as it offers a wide range of products, low prices, and fast delivery
“Amazon Business has proven that B2B ecommerce can leverage popular B2C-like functionality” argues Joe Albrecht, CEO / Managing Partner, Xngage. . With features like Subscribe-and-Save (auto-replenishment), one-click buying, and curated assortments by job role or work location, they make it easy for B2B buyers to go to their website and never leave. Plus, with exceptional customer service and promotional incentives like Amazon Business Prime Days, they have created a reinforcing loyalty loop.
And yet, according to Barron’s, Amazon Business is only expected to capture 1.5% of the $5.7 Trillion addressable business market by 2025. If other B2B companies can truly become digital-first organizations, they can compete and win in this fragmented space, too.”
If other B2B companies can truly become digital-first organizations, they can also compete and win in this fragmented space
Joe AlbrechtCEO/Managing Partner, XNGAGE
Increasing complexity
Another challenge is the increased complexity and cost of managing a converging ecommerce business. Businesses have to deal with different customer segments, requirements, and expectations, which may require different strategies, processes, and systems. For instance, B2B ecommerce businesses may have to handle more complex transactions, such as bulk orders, contract negotiations, and invoicing, while B2C ecommerce businesses may have to handle more customer service, returns, and loyalty programs. Moreover, B2B and B2C ecommerce businesses must invest in technology and infrastructure to support their convergence efforts, which may increase their operational and maintenance costs.
How to win
Here are a few ways companies can get ahead of the game:
Adopt B2C-like features in B2B platforms
User-friendly design, easy navigation, product reviews, personalization, recommendations, and ratings can help B2B ecommerce businesses to attract and retain more customers, as well as to increase their conversion and retention rates.
According to McKinsey, ecommerce businesses that offer B2C-like features like personalization can increase their revenues by 15% and reduce their costs by 20%. You can do this through personalization of your website with tools like Product Recommendations that help suggest related products to increase sales.
Focus on personalization and customer experience
B2B and B2C ecommerce businesses need to understand their customers’ needs, preferences, and behaviors, and tailor their offerings and interactions accordingly. Personalization and customer experience can help B2B and B2C ecommerce businesses to increase customer satisfaction, loyalty, and advocacy, as well as to improve their brand reputation and competitive advantage. According to a Salesforce report, 88% of customers say that the experience a company provides is as important as its products or services.
Market based on customer insights
Data and analytics can help B2B and B2C ecommerce businesses to gain insights into their customers, markets, competitors, and performance, and to optimize their strategies and operations accordingly. Data and analytics can also help B2B and B2C ecommerce businesses to identify new opportunities, trends, and innovations, and to anticipate and respond to customer needs and expectations. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable.
What’s next?
The convergence of B2B and B2C ecommerce is not a temporary phenomenon, but a long-term trend that will continue to shape the future of ecommerce. According to Statista, the global B2B ecommerce market is expected to reach $20.9 trillion by 2027, surpassing the B2C ecommerce market, which is expected to reach $10.5 trillion by 2027. Moreover, the report predicts that the convergence of B2B and B2C ecommerce will create new business models, such as B2B2C, B2A (business to anyone), and C2B (consumer to business).
Therefore, B2B and B2C ecommerce businesses need to prepare for the converging ecommerce landscape and take advantage of the opportunities and challenges it presents. Here are some recommendations for B2B and B2C ecommerce businesses to navigate the converging landscape:
- Conduct a thorough analysis of your customers, competitors, and market, and identify the gaps and opportunities for convergence.
- Develop a clear vision and strategy for convergence, and align your goals, objectives, and metrics with it.
- Invest in technology and infrastructure that can support your convergence efforts, such as cloud, mobile, AI, and omnichannel platforms.
- Implement B2C-like features in your B2B platforms, and vice versa, to enhance your customer experience and satisfaction.
- Personalize your offerings and interactions with your customers, and provide them with relevant and valuable content and solutions.
- Leverage data and analytics to optimize your performance and decision making, and to innovate and differentiate your business.
- Collaborate and partner with other B2B and B2C ecommerce businesses, as well as with other stakeholders, such as suppliers, distributors, and customers, to create value and synergy.
- Monitor and evaluate your convergence efforts, and adapt and improve them as needed.
By following these recommendations, B2B and B2C ecommerce businesses can bridge the gap between their models and create a more integrated and seamless ecommerce experience for their customers and themselves.
MARKETING
Streamlining Processes for Increased Efficiency and Results
How can businesses succeed nowadays when technology rules? With competition getting tougher and customers changing their preferences often, it’s a challenge. But using marketing automation can help make things easier and get better results. And in the future, it’s going to be even more important for all kinds of businesses.
So, let’s discuss how businesses can leverage marketing automation to stay ahead and thrive.
Benefits of automation marketing automation to boost your efforts
First, let’s explore the benefits of marketing automation to supercharge your efforts:
Marketing automation simplifies repetitive tasks, saving time and effort.
With automated workflows, processes become more efficient, leading to better productivity. For instance, automation not only streamlines tasks like email campaigns but also optimizes website speed, ensuring a seamless user experience. A faster website not only enhances customer satisfaction but also positively impacts search engine rankings, driving more organic traffic and ultimately boosting conversions.
Automation allows for precise targeting, reaching the right audience with personalized messages.
With automated workflows, processes become more efficient, leading to better productivity. A great example of automated workflow is Pipedrive & WhatsApp Integration in which an automated welcome message pops up on their WhatsApp
within seconds once a potential customer expresses interest in your business.
Increases ROI
By optimizing campaigns and reducing manual labor, automation can significantly improve return on investment.
Leveraging automation enables businesses to scale their marketing efforts effectively, driving growth and success. Additionally, incorporating lead scoring into automated marketing processes can streamline the identification of high-potential prospects, further optimizing resource allocation and maximizing conversion rates.
Harnessing the power of marketing automation can revolutionize your marketing strategy, leading to increased efficiency, higher returns, and sustainable growth in today’s competitive market. So, why wait? Start automating your marketing efforts today and propel your business to new heights, moreover if you have just learned ways on how to create an online business
How marketing automation can simplify operations and increase efficiency
Understanding the Change
Marketing automation has evolved significantly over time, from basic email marketing campaigns to sophisticated platforms that can manage entire marketing strategies. This progress has been fueled by advances in technology, particularly artificial intelligence (AI) and machine learning, making automation smarter and more adaptable.
One of the main reasons for this shift is the vast amount of data available to marketers today. From understanding customer demographics to analyzing behavior, the sheer volume of data is staggering. Marketing automation platforms use this data to create highly personalized and targeted campaigns, allowing businesses to connect with their audience on a deeper level.
The Emergence of AI-Powered Automation
In the future, AI-powered automation will play an even bigger role in marketing strategies. AI algorithms can analyze huge amounts of data in real-time, helping marketers identify trends, predict consumer behavior, and optimize campaigns as they go. This agility and responsiveness are crucial in today’s fast-moving digital world, where opportunities come and go in the blink of an eye. For example, we’re witnessing the rise of AI-based tools from AI website builders, to AI logo generators and even more, showing that we’re competing with time and efficiency.
Combining AI-powered automation with WordPress management services streamlines marketing efforts, enabling quick adaptation to changing trends and efficient management of online presence.
Moreover, AI can take care of routine tasks like content creation, scheduling, and testing, giving marketers more time to focus on strategic activities. By automating these repetitive tasks, businesses can work more efficiently, leading to better outcomes. AI can create social media ads tailored to specific demographics and preferences, ensuring that the content resonates with the target audience. With the help of an AI ad maker tool, businesses can efficiently produce high-quality advertisements that drive engagement and conversions across various social media platforms.
Personalization on a Large Scale
Personalization has always been important in marketing, and automation is making it possible on a larger scale. By using AI and machine learning, marketers can create tailored experiences for each customer based on their preferences, behaviors, and past interactions with the brand.
This level of personalization not only boosts customer satisfaction but also increases engagement and loyalty. When consumers feel understood and valued, they are more likely to become loyal customers and brand advocates. As automation technology continues to evolve, we can expect personalization to become even more advanced, enabling businesses to forge deeper connections with their audience. As your company has tiny homes for sale California, personalized experiences will ensure each customer finds their perfect fit, fostering lasting connections.
Integration Across Channels
Another trend shaping the future of marketing automation is the integration of multiple channels into a cohesive strategy. Today’s consumers interact with brands across various touchpoints, from social media and email to websites and mobile apps. Marketing automation platforms that can seamlessly integrate these channels and deliver consistent messaging will have a competitive edge. When creating a comparison website it’s important to ensure that the platform effectively aggregates data from diverse sources and presents it in a user-friendly manner, empowering consumers to make informed decisions.
Omni-channel integration not only betters the customer experience but also provides marketers with a comprehensive view of the customer journey. By tracking interactions across channels, businesses can gain valuable insights into how consumers engage with their brand, allowing them to refine their marketing strategies for maximum impact. Lastly, integrating SEO services into omni-channel strategies boosts visibility and helps businesses better understand and engage with their customers across different platforms.
The Human Element
While automation offers many benefits, it’s crucial not to overlook the human aspect of marketing. Despite advances in AI and machine learning, there are still elements of marketing that require human creativity, empathy, and strategic thinking.
Successful marketing automation strikes a balance between technology and human expertise. By using automation to handle routine tasks and data analysis, marketers can focus on what they do best – storytelling, building relationships, and driving innovation.
Conclusion
The future of marketing automation looks promising, offering improved efficiency and results for businesses of all sizes.
As AI continues to advance and consumer expectations change, automation will play an increasingly vital role in keeping businesses competitive.
By embracing automation technologies, marketers can simplify processes, deliver more personalized experiences, and ultimately, achieve their business goals more effectively than ever before.
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