Digital is the norm of the day in today’s world. The robust technological advancements that have dictated the most part of the last decade along with the recent advent of the Covid pandemic has led technology to infest even the smallest parts of the global industries.
In such a scenario, marketing is no exception, as digital marketing has now emerged as the new normal of the industry. All businesses, big or small, are embracing virtual means of marketing and advertising as an absolute necessity for their sustenance and growth.
However, the factor of inconsistent resources amongst different businesses comes into play here, and the adoption of digitization has thus not been uniform throughout the industry.
Paradoxically the unavailability of resources does not reduce the growing importance of digital marketing, and thus, even the small businesses with comparatively lesser resources have to accommodate the virtual norms. Some reasons that highlight the increasing importance of digital marketing for SMEs are discussed below-
Growing competition- As established, competing with the big fishes while sustaining themselves on the surface can prove to be very tough for SMEs. Advertising needs to be comprehensive and widespread to bring in substantial results. However, to advertise to a large and varied group, a business needs to shell out a significant amount in a usual scenario.
By bringing in a wide audience at a much lesser cost compared to other forms of media, digital marketing acts to aid small businesses in achieving the same level of audience reach and visibility as their larger counterparts.
Need to upgrade and innovate- The mediums of virtual advertising that are prominently used in today’s date usually come with easy-to-understand, user-friendly tools that display the results of the advertising campaign in measurable and comparable terms. This helps small businesses to gain insight based on the results and translate it into changes without the need for them to hire specialized staff to do the same.
As businesses receive feedback and measurable insights, it becomes easier for them to understand the market wants and needs and innovate accordingly. In today's world of immense competition, innovation and up-gradation is the only way for businesses to stay afloat. As they enhance the quality and variety of their offerings, they are bound to receive the results.
Higher ROI at lesser expense- Earning profits is the prime reason for a business’s existence. Any opportunity that a business gets to increase its revenue and ROI, it will strive to take. Naturally, as the visibility of an enterprise increases online, so will its actual and potential customers. With a rise in sales and revenue, the profits will surge too. Thus, the benefits as derived from the advertising campaigns far outweigh its costs and give an enhanced ROI.
The rise of technology has indeed helped in uplifting small and medium-sized businesses. By allowing small businesses to market at virtually the same visibility levels as the larger conglomerates at a much lesser comparative cost, digital marketing has helped businesses to rise.
Rakesh R, is business head & director, Deepsese digital.