The Digital World has led to the emergence of a fast-paced dynamic business environment that startups have to keep up with. Startups may be small companies but they can play a significant role in economic growth. Startups are emerging immensely in underdeveloped countries, and those countries new to entrepreneurship.
Digital marketing can simply be described as an online version of traditional marketing. There are many ways in which a startup can make use of digital marketing for their business growth, however, one must carefully choose the right set of digital marketing tools based on the Business niche they are serving, which can help contribute to one’s success in the business
‘Digital Strategies’ are crucial in setting up any business in today’s date
No one starts a business today without having a proper digital marketing strategy. The reason is that digital marketing today has to be at the epitome of any strategy for businesses of different sizes. One of the main reasons why startups fail is the lack of a proper digital marketing plan. You could have a great product that everybody wants to buy, but if you do not have a proper plan on how to get people to know about your product, few people will buy it.
Importance of Digital Marketing: (in Startups)
Startups are competing with innumerable promotional campaigns from well–established organizations with established customer bases. It is a very difficult task to make them stand out when there is such an immensely experienced competition. However, no task is impossible. Every established organization was once a startup. The only thing that made them successful is that they never gave up. Startups usually fail due to such reasons. But poor marketing strategies are the main factor responsible for startups’ failure.
There are several factors that shed out the importance of Digital Marketing amongst Startups. Some of them are :
- Better understanding of customers:
Every business should seek to understand its customers. Digital marketing imbibes the use of technology to improve customer support by enhancing the customer experience; it puts your business on the map. There’s no reluctance in saying that a true relationship with customers always boosts business success. Digital marketing is not only limited to promoting products and services but also to build a relationship with customers.
The market over the internet is crowded with immense competition. It means retaining the customer’s interest in the brand and creating long-term commitment is necessary. You should be committed to delivering quality products and services to your customers when they want. Every business needs to understand its customers to provide services based on their behavior.
2. Cost-effective:
As stated above that Digital Marketing is cost-efficient. It helps the startups to start their business even with a smaller budget. Compared to traditional marketing, digital marketing is cheaper and has led to better results. However, It is important to have great professionals for the social media of your business. Even a single innovative campaign can transform your business growth immensely.
Earlier, in the olden days we used to do Traditional Marketing which is very typical. But today’s generation is searching for online advertising which is cost-effective and yields way better results than traditional marketing without even leaving your house. This Digital generation expects quick results with low investment. Digital Marketing is the best option providing fast and unexpected results within a very low investment.
3. Creates brand awareness:
Digital marketing, especially social media marketing is big on brand awareness. Even in the event that you do not make money after a marketing campaign, you can be sure that the campaign has increased your brand awareness. A business should pay attention to this and work on their campaigns accordingly so that you can convert the prospective client into a customer.
By use of digital marketing, one will be able to develop a loyal brand and a cohesive marketing strategy around that brand. This will help to attract paying customers. This is helpful on social media where increased engagement mostly leads to higher conversion. A combination of advertisements, email marketing, social media pages, and a website can help you to increase the audience awareness of your brand tremendously. Because a huge chunk of the world is on the internet these days, without digital marketing mediums and tactics, the brand will most likely only reach a small piece of your potential customers.
4. Helps you narrow down your audience:
In 2017, India had 331.77 million internet users. This figure is projected to grow to 511.89 million internet users in 2022. The traditional way of marketing could only narrow down themselves to specific channels and mediums. However, with the help of Digital Marketing campaigns, you can target audience groups as specific based on gender, their device, age group, location, and many more factors.
It’s far more viable and feasible to target the ideal audience or consumers online through the digital platform than the traditional media which costs a lot more than what digital platforms do. Also, you have control over the budget and can change at any time. Increasing Internet usage is a strong signal of why it’s the best approach to have digital marketing for Startups.
5. Helps to track ROI:
Unlike traditional marketing, digital marketing makes it extremely easy to track your return on investment. Instead of waiting for the campaign you had set up to end before you can review it, digital marketing makes it possible to review the campaign as it runs. Through some digital marketing applications and technologies, companies can track the behavior of the customer, their demographics, age, product/service they checked, etc.
Rather than spending millions on a TV advertisement, a startup can go for an inexpensive digital marketing campaign. Earlier, the marketers set up a campaign and invested in it at specific intervals. They were not able to track the progress, which results in waiting for the end of the campaign. In this way, they drain their capital for a failed campaign. With the boom of digital marketing today, and along with it the ease of tracking real-time metrics, it is likely that traditional marketing will soon become obsolete.
Metrics in digital marketing are different from digital marketing in that their availability is almost immediate. You can track website views, social media interaction, and so much more, with updates every second. Instead of, say, a traditional print ad, with online advertisements, you will be able to gauge who read and interact with your advertisement in real-time. But now Digital marketing allows them to review and stop the campaign anytime they want. Before digital marketing, you had to wait for the marketing you had set up to finish & run its course before you could begin to measure your ROI.
Conclusion
You can see that there are many reasons which show us why Digital marketing is important for Startups. Of the 1000 businesses that were surveyed, 78% stated that they would want to invest more in digital marketing, 73% wanted to invest more in their social media and 57% wanted to increase their investment in email marketing.
Setting up a new business may not be as simple as it may appear. However, with Trivayu Infotech you can be assured to have a great kick start by availing of our services. Our experts have more than 5 years of industry experience and can help you with much digital marketing as well as software development services. Hope to be your business partner soon.
