The world of business is continuously changing, and our culture’s obsession with technology demands that entrepreneurs evolve, too. In many ways, there’s never been a better time to start a business. With the rise of the internet, opportunities abound through digital marketing to reach new and ever-expanding markets.
So how do you navigate the digital era when the goal isn’t just to survive as an entrepreneur but to thrive? At Your Entrepreneur Society, we spend a lot of time helping Small to Medium Businesses (SMBs) grow, and digital marketing is a significant part of that effort.
Whether you’re a new startup or an established local business, digital marketing is essential to the long-term success of your brand. When it comes to staying competitive, any entrepreneurs unwilling to adapt to digital trends get left behind. That’s why we’ve compiled a list of five top reasons why entrepreneurs should use digital marketing. Let’s jump right in!
1. Expand Your Reach
Think of digital marketing as your go-to toolkit for entrepreneurial outreach. Inside your toolbox, you’ll find the nuts and bolts required to build a business — and it never comes down to just one tool.
The internet offers unique, unparalleled access to myriads of local and international audiences. Businesses can use a strategic combination of digital marketing practices, like web pages, blogging, email marketing, and social media, to reach heaps of new customers online. After all, how can you make a sale on your products or services if nobody knows you’re in business?
2. Grow Your Brand
Let’s talk about entrepreneurial growing pains — yes, we all get them at some point! Building brand awareness and maintaining relevance are two of the most difficult ongoing challenges SMBs face. Fortunately, building your online presence is a great way to get your business out into the world and convert new audiences into paid customers.
Social media is a great place to start. According to this 2018 Facebook study, 86% of Canadian consumers use social media to discover new products and services online. Talk about a huge market! Consistently posting relevant, targeted content across the social media channels most suitable to your customer helps increase brand awareness.
3. Stay Competitive
You might be reading this and wondering, “Okay, so without digital marketing, we fall behind, but if every business uses digital marketing, how is it possible to get ahead?” The truth is, not all businesses use digital marketing yet. For those that do implement a digital marketing strategy, you get a sneak peek right into their playbook.
It used to be that you had to covertly keep an eye on your competition from secluded street corners or through tedious market research. Nowadays, you can track competitor success straight across their social media channels. Keep an eye out for what types of content they post and tweak your own strategy based on how their content performs.
4. Improve Your Marketing ROI
Traditional marketing tactics like offline ad campaigns, billboards, or T.V. commercials are notoriously expensive. Digital marketing, on the other hand, is an affordable alternative with powerful results.
Consider social media ads. Let’s say you’ve posted some brilliant blog content on Facebook that performs well with your followers, so you decide to boost the post. Even at rates as low as $3, you can get your content — an extension of your brand — in front of thousands of people uniquely targeted based on their personal details and activity within the social media platform. You can’t buy that kind of precision just anywhere!
5. Enhance Your Entrepreneurial Network
Digital marketing isn’t just about connecting with your direct customers; it’s also a fantastic way to network with other SMBs, both locally and abroad. Digital marketing empowers you to present your business as an industry leader, too, which is particularly vital in the business-to-business (B2B) industry. Sharing highly valuable content that your fellow entrepreneurs relate to, just the same as your customers, is a win-win.
Despite the various benefits of digital marketing, many businesses remain resistant to adaptation. While there’s certainly still merit in implementing traditional marketing methods, companies should take advantage of modern digital alternatives. With even the smallest digital shifts, you’ll be pleasantly surprised by the results. Trust us — entrepreneurship is what we do!