Each year, companies spend billions on advertising alone.
Just last year, experts pegged total global advertising spending at an incredible $576 billion.
That’s a lot of money!
While advertising is an extremely important part of business, it often places a strain on a company’s budget, especially if said company is a small to medium-sized business. That said, business owners and brand managers ought to be critical of where they put their advertising dollars. After all, advertising should be a means to acquire more business, not a black hole that eats up time and money.
Advertisers and marketers are in constant pursuit of less expensive and more efficient ways to promote products and services. Because people are moving towards the Internet and other digital outlets, digital marketing has been the best way for marketers to save more money and reach more people.
What Is Digital Marketing?
Digital marketing is the “promotion of products or brands via one or more forms of electronic media” (Business Dictionary). It includes advertising and marketing done on websites, mobile devices, apps, and other similar media.
As of late, digital marketing has supplanted traditional marketing both in popularity and reach. Statistics show that the retail industry spent an estimated $15 billion on digital advertising in 2016 alone (up $2 billion from 2015). The trend isn’t expected to slow anytime soon. More and more, marketers all over the world are refocusing their efforts on digital marketing.
Looking for ways to slash your advertising budget, here are some reasons digital marketing saves your business time and money.
1. Cheaper Platform
Statistics show that digital marketing is significantly less expensive than other marketing mediums. A cross-channel study tracking cost per thousand impressions (CPM) showed that social media marketing ($2.50) costs much less than billboards ($5), radio ($10), newspaper ($16), magazine ($16), television ($28), and direct mail ($57).
Going digital allows your business to reach more people at the fraction of the cost. What is more, it allows you to reach audiences all over the world through the Internet. Not only is it cost efficient, it’s also more effective and wider-reaching.
2. Multiple Platforms All At Once
Digital mediums provide marketers a plethora of platforms to choose from. Brands can reach their audiences through blogs, videos, apps, images, social media, websites, podcasts, broadcasts, and many others.
This gives marketers the opportunity to utilize different strategies and channels throughout a marketing campaign.
Not sure which platforms to use? Integrated media companies like Sherwood Integrated Solutions can help your brand advertise more efficiently and more effectively.
3. Easier To Measure
How do you measure the effectiveness of a billboard? Or a TV commercial? Or flyers?
Quantifying traditional marketing strategies is extremely difficult. It can take months of surveys, studies, and other efforts just to get an idea on how effective a particular campaign is. With digital marketing, the data is available at your fingertips. Internet based tools such as Facebook Analytics and Google Analytics allow you to see how customers respond to your ads in real-time.
4. Better ROI
A survey of 200 US retail marketing executives showed that digital channels gave better returns than offline channels in 2016. Given the growth of e-commerce and social media marketing, the future looks even more promising.
Sherwood Integrated Solutions can help your company navigate the complex space of digital marketing, all while saving money. If you’re looking to get the best bang for your buck, digital marketing is definitely the way to go!