Introduction
It is no secret that digital platforms have provided noteworthy benefits to businesses. Online advertising makes up an increasing portion of the total advertising spent in Australia, with Google and Facebook capturing more than 80 per cent of growth in online advertising in the past three years. These technological developments have allowed businesses to efficiently and effectively connect with consumers who want to purchase their products and services. Therefore, implementing a digital marketing strategy is essential for any business owner. In this article, we’ll outline the current trends in advertising and the benefits of developing a digital marketing strategy. Then we’ll provide you with some useful tips in incorporating various online platforms in order to meet your business objectives.
Current trends
The 2019 Digital Platforms Inquiry Final Report (DPI Report) highlighted the rapid changes for both consumers and businesses as a result of digital platforms. No longer are the days where advertisers would implement a traditional long-term strategy that would target wide audiences. Instead, advertisers recognise the benefit of taking into account real time factors such as individual user interests, browsing history, time, location and website content. The most significant advantage to using these services is the ability for businesses to target consumers more specifically, resulting in a potentially higher return on advertising expenditure. This comes from the algorithm-based and the data-driven nature of advertising services that digital platforms have to offer.
Furthermore, digital platforms have provided new advertising channels for small to medium businesses. This is particularly beneficial for those businesses who may not have been able to afford the traditional forms of advertising such as newspapers or commercial television. Not only has online advertising helped reduce costs, but it also has the potential to reach prospective customers globally. The DPI Report found that more than half of all Australian small to medium businesses have a Facebook Page, where an estimated 8.2 million Australians have purchased or visited the business after seeing content advertised on the social media platform. From these findings, it is clear that digital marketing has changed the way businesses interact with their customers.
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Get startedBenefits of implementing a digital marketing strategy
Having a digital marketing strategy allows you to clarify your online goals and formulate a plan for how you’re going to use the various online marketing tools. Benefits of having a strategy include:
- Staying competitive online.
- Ability to target specific audiences.
- Free or low-cost.
- Potentially increase your customer base on a global scale.
- Strengthening your business’ relationship with its customers.
- Ability to connect and receive real time feedback.
- 24/7 sales.
Next steps
Whether you’re at the beginning stages of your business or are in the process of building your online presence, the various forms of digital technology can be quite daunting. We’ve provided you with a basic guide to developing your digital marketing strategy. This framework is merely a guide to build upon according to your business’ particular needs.
1. Create a website
A website is considered the digital shopfront. This means that at any time, customers can access the site and undertake an online decision before making a decision to purchase your products and services. Since the main objective is to optimise consumer engagement, having a website as the main channel can be used to connect to other digital platforms.
2. Emailing system
The most common form of email marketing is electronic newsletters (e-newsletters). This is a great opportunity for business owners to send targeted messages or blog updates to their customers to keep them engaged and can even be a valuable source of feedback. It can also be a way to promote competitions or giveaways. Keep in mind that there are certain laws governing email marketing. You can read more here.
3. Social media
The use of social media can be particularly daunting, especially in choosing which platform suits your business’ particular needs. Key social media services include: Facebook, Instagram, YouTube, Twitter and TikTok. Providing quality and consistent content is key to promoting your business’ brand and attracting new customers.
4. SEO
Search engine optimisation (SEO) is the process of getting your website listed on the first page of major search engines such as Google, Yahoo! and Bing. This has the aim to provide users with the most relevant information by ranking the most trusted, functional, and informative sites first. SEO is particularly important in increasing website traffic and customer engagement. You can read more about SEO here.
Final thoughts
In conclusion, successful businesses recognise the dynamic and evolving market which requires a flexible and experimental approach to advertising. The development of technology has allowed for the increase of connectivity and new channels in accessing information. So why not take advantage of it? We may not know the future of technology, but we can utilise today’s tools to experiment with our marketing approach to connect with our customers and provide solutions to their needs.
