Digital marketing is an effective and convenient way to do a business, whether big or small, be more known and invite more customers. However, because of how expensive it is to start a business, business owners tend to be hesitant to invest in digital marketing and sometimes opt to stick to the traditional marketing strategies.
However, there are cost-effective strategies businesses can use to support and attract more clients to the products and services the business has to offer. It may be through social media postings, websites or any skilful and clever digital marketing tactics. It can give that significant change in the market and profit of a business.
Cost-Effective Strategies in Digital Marketing
With the pandemic around businesses in every industry are thriving to get more customers to survive. Just like Liox, it is making its way into the industry through digital marketing.
1. Retargeting Ads
Retargeting ads campaigns to bring back previous customers to the business’ website. Retargeting builds and promotes visibility of the brand, making it able to reach visitors that have expressed interest in the products and services of the company.
As visitors visit the business’ website without purchasing or availing anything, retargeting ads allow relevant ads and visuals while browsing the web. It targets clients who showed previous interests in the product and services offered that it promotes sales.
Retargeting ads can be done with the help of many advertising platforms on the internet as of today. Therefore, it is considered a vital tool to increase sales and encourage customer loyalty and product promotion.
2. Social selling
Nowadays, social media has a significant influence on most people and using social media for digital marketing somehow increases the consumption rate of the products and services of a particular business.
People are fond of researching products available on the market to make an intelligent buying decision. Thus, businesses must use social media for marketing to put up exciting and meaningful eye-catching contents to invite more consumers into the business.
The social media team should connect with clients through the clients’ profiles to value their interests and engage clients for their continuity of purchases.
3. Tracking and making adjustments
With digital marketing, the growth and performance of a business can be monitored regularly through the return of investments, incremental sales, returning visitors and many others.
With this, the team can easily monitor and track the sales efficacy of the products or services of the business and can observe current issues and trends. Knowing these, the team can efficiently address these particular concerns and improve the brand strategies.
4. High Return on Investments
Return on Investments is an approximate measure of the investment’s profitability. It is a ratio that sees the gain or loss of an asset to its cost. Thus, Return on Investments is an excellent tool for evaluating the potential return and profit from an investment and comparing returns from several investments.
Measuring the return on investment can be done by dividing the investment by sales. But to be able to calculate it thoroughly, it is crucial to reassess the business’ aims and goals through its budget, and sales needed and the purpose of one’s digital marketing.
Key Performance Indicators are helpful to get accurate measurements. Key Performance Indicators are leads, reach, channel-based indicators such as social networks, blogs and many more and source-based indicators like referrals and direct traffic. With these indicators, it is easy to get performance reports to be able to calculate the ROI.
A collaborative relationship is needed between the marketing and sales specialists to track and improve investments.
Measuring ROI helps track the business’s profitability and aids in improving strategies and implementing them on business plans and projects.
5. Pay per Click Advertising
Pay per Click is a type of advertising model wherein advertisers pay a user to click on specific online ads. Businesses’ ads are only charged when a user clicks the ad itself, thus its name. With ads containing a value, it would pick the interest of the target audiences.
A lot of small businesses use this type of advertising to be able to maximize their marketing budget. Using pay-per-click campaigns, businesses develop instant brand awareness and visibility to consumers, which would take a long time on other advertising times like search engine optimization.
But when using PPC, one should be mindful of the keywords and phrases used because these aspects have a sensitive effect on the target group’s attraction. Hence, affecting the number of clicks.
6. Customer Acquisition Cost
Customer Acquisition Cost is an essential element in any valuation of a company. It helps you identify how much it costs for you to get a new customer. It is calculated by dividing the total spending in acquiring new customers by the total number of new customers. This is important to be able to guide the sales and marketing team to make beneficial decisions.
As a company uses digital marketing, the costs are low. Advertising campaigns like websites, social media interactions or posts, and many more would cost a minimum to nothing. Thus, CAC is negligible.
7. Customer Engagement
Advertising one’s business does not necessarily need to spend a considerable amount of money to do it successfully. With the use of social media and incorporating the business campaigns to the latest trends and current interests of the target customers, it would contribute to increasing and much easier sales.
Keeping tabs on what the best customers have in the business’s best interest is necessary to produce a valuable marketing plan. One can keep tabs by handing out surveys to customers to acquire honest feedback from them and using this gathered feedbacks to better the services provided by the company.
Interacting with customers gives that significant connection to create and improve a better foundation and a better campaign in terms of advertising.
8. Brand Awareness
The go-to strategy of most businesses is increasing their brand awareness in digital marketing. It is inexpensive, and at the same time, a considered effective strategy. The things that are needed to be focused on with this type of strategy are persuasive and engaging content, an appealing invitation and a call to action.
Some businesses would use anyone on their team who knows how to write great content, while others would invest in outsourcing writers.
9. Use of Social Media Influence
Involving well known social media influencers to help promote and advertise products or services of what the business offers in a way to increase the brand’s visibility and as well as to encourage more customers.
In large businesses, they would exchange their products in return for the influencers to promote and recommend the products and services to their followers. Having this kind of strategy would help escalate the sales.
These are some of the cost-effective strategies businesses, big or small, can use for their marketing and sales campaigns. It does not need to be expensive to be able to promote the business effectively. All that is required is the right talent that can take advantage of the opportunity.