Digital is powerful while being economical
The success of any business is dependent not just on the business model and market conditions but also on how you do the marketing of your business. There are a plethora of examples in the market where a company has failed to get traction despite having a very strong concept. Two primary reasons for the same are either lack of funds for marketing (or) investing the funds in wrong marketing channels. Usually, the former one is a bigger problem for most of the start-ups. Though in the earlier times it was very difficult to conduct marketing activities on lower budgets, the evolution of internet has made things much easier now. Digital channels are the most powerful one which allows a person to market his business in budgets as low as 100 rupees. You reach out to a limited audience but the things start happening and you are able to generate awareness and get the initial set of customers.
Digital helps in making decisions on what have worked for you
Going digital further helps you measure the complete customer funnel from lead generation to on-boarding to finally converting to sales and thus you can calculate the ROI for each channel and make informed decisions on which channels have worked the best for you. And yes, there are various tools available in the market to help with the data capturing and analytics part of it. So, if you have a limited budget in hand and still want to get the balls rolling, then going digital (aided with the best analytics tool) is the answer for you. Relook at your old marketing strategy of advertising in a newspaper and expecting people to respond. Today, that strategy is like shooting darts in the dark and hoping something will stick.
Presently, when resources are short and you need to ensure more value for the money you invest, the first thing you should know is – your customer acquisition cost. This includes the costs to acquire a customer which should be significantly greater than your lifetime customer value, how much does he add to the budget top line and bottom line and so, according to your calculation which should be clearly defined, you can understand how much are you willing to pay for a customer acquisition.Considering this,you can use tools like Google AdWords, Facebook, Social Media Marketing, SEO and Content Marketing, to get to where your customer is. So, when your customer is trying to search for products or services which you offer, you should be highly visible. If you’re a local business, try and understand your customers’ movements and preferences to convert them at a cost effective price.