Why you need to think of marketing as an investment
With the cost of living rising, many businesses are looking to cut costs. This has prompted a discussion about whether businesses should continue investing in digital marketing.
Some businesses are tightening their belts and cutting marketing costs, whereas others are investing more than ever in digital marketing.
We look at why you should be thinking of marketing spends as an investment and not just a cost.
Reasons for marketing your business
There is more competition online than ever before, with many industries becoming saturated with competing businesses. This is exactly why it’s worthwhile to invest in digital marketing.
Push traffic to your website
You might have the best business, the greatest products, and a fantastic team, but if nobody knows who you are, none of it matters.
You can only sell to customers who know you exist. They need to be able to easily find you online, and that won’t happen without investing in digital marketing.
Using digital marketing channels like search engine optimisation, paid advertising and social media marketing are effective ways of driving traffic back to your website!
Increase sales with digital marketing
The average conversion rate for websites is around 2%. So, to get 10 people to convert, you need to drive 500 users to your website.
Very few websites online will drive 500 users without digital marketing. So, investing in digital marketing is the key to making this happen.
Utilising a Google Ads strategy is very effective at targeting people who are already looking for your products. This is a smart way to invest in your marketing to drive conversions.
Keep customers engaged
Depending on your business and sales cycle, it on average takes anywhere from 5 to 100’s of touchpoints before a buyer is ready to purchase.
So, with this in mind, it’s critical for your brand to be seen by both new potential customers and existing ones regularly. This helps keep your brand fresh in their minds so that when they are ready to buy, you’re their obvious choice.
Social media marketing, content writing, marketing automation, and email marketing are excellent digital marketing channels to invest in to engage customers.
Retarget existing customers
The easiest sales you’ll make are to customers who have already bought from you. They already know the value your product/services add, and they also understand the quality of your item.
One of the biggest marketing mistakes you can make is forgetting about your customers once they’ve converted. You’ve already spent time and money investing in that customer. You should be looking for opportunities to reconvert them.
Email marketing and social media paid ads are excellent tools for retargeting existing customers. You can target them with personalised offers to draw them back to your website.
Real examples of why investing in digital marketing is so valuable
If you’re a start-up looking to take a chunk of your industry, then you need to have a robust and thorough business marketing strategy in place. To compete with existing businesses that already have a customer base you need to make sure that people understand the value you add.
Even if you’re a long-standing business, investing in your marketing helps keep the business growing. This is even more relevant when you’re in an economic crisis. When your competitors are lowering their marketing spends, it’s an opportunity for you to grow your slice of the market.
Although investing in your digital marketing costs money, doing nothing could cost you even more! Especially if you’re working with a reputable digital marketing agency like Copper Bay Digital which can help get you a healthy ROI (return on investment).