Why is Digital Marketing Important for Startups?
Launching and Sustaining a Startup isn’t easy. As exciting as it may sound, it is equally daunting and challenging. You need to create a name for yourself in this already busy business space and need to compete with the already established names in the business. Any startup, therefore, needs to heavily promote themselves for people to know about them and the products or services that they offer. A great idea in itself is not enough, you need to divert traffic to your business and convert the leads into customers to get sales for your business to grow. You need to identify and reach out to your relevant audience and grab their attention in order to register your presence in their minds.
However, most Startups usually have a very shoestring marketing budget. Using Traditional Marketing can prove very expensive and this is where Digital Marketing becomes important. It is important for your business to grab maximum attention from your relevant audience for it to become commercially viable and Digital marketing helps you do that. As a startup, you want to plan marketing strategies that can be done with minimum investment but give you the maximum impact and digital marketing can be an effective tool in doing that.
Digital Marketing simply refers to advertising or reaching out to your target audience through Digital Channels like e-mailers, social networking sites, mobile platforms and much more. The Digital Mediums become important for advertising as this is where your audience is. People are spending more and more time on electronic devices. They are using it not just for social networking, but also to know and research about various products and services. Therefore, having a strong Digital Presence is of paramount importance for any start up.
Let us delve deeper into understanding how Digital Marketing is suited for Startups
- As already mentioned above, startups have a limited budget and need to find ways to promote their brand and product in a way that it reaches to maximum people in minimum time & investment. When it comes to traditional marketing, it is difficult for startups to compete with large and established businesses for ad space as there is a huge disparity in marketing budgets for them both. What gives digital marketing an edge over traditional marketing is that it can be done at a much Lower Cost and can help you reach a much wider audience. It does not require huge investments.
2. Secondly, as you are relatively new in this business, it is important for you to tell people what you are doing. Establishing awareness for your brand is very important for promoting your company and its products, especially if you are in the nascent stages of your business. It helps build trust and credibility for your Brand. Building awareness for your Brand can be a tough exercise for a lot of Startups but Digital marketing helps you achieve this Goal. Through varied Digital Marketing Techniques, you can make your Brand more visible. Over a period of time, your Brand gets registered in the Customer’s mind. So, the next time, they want a product that you offer, they are more likely to consider you or recommend you to others.
3. Another advantage of digital marketing is its flexibility. Since the results of digital marketing are easier to track, it also makes it easier to maximize the results. You do not need to wait for a campaign to end before tracking its results. Instead of waiting for the campaign to end and then check its effectiveness, digital marketing allows you to track it while it is on, giving you the flexibility to make changes in case a particular campaign is not giving you the desired results. For a Startup, this is even more important as the budget is limited and you would want to spend money on a campaign that works and not incur losses over failed campaigns.
- Again, Customer Relations are very important for any business to sustain and prosper. It is your customers that make or break your business. A Large Customer Base means more business and therefore more revenues. This becomes all the more important for a Startup which is trying to build a long-term loyal customer base. A happy customer will recommend you to others, helping to bring more business. Digital marketing helps you connect with your customers to build and nurture a long-term relationship. It helps them engage with your brand and make them come back to you over and over again.
5. Digital marketing also makes it easy for you to track your conversion rate by monitoring the traffic on your website and seeing the actual sales it is resulting in. Having a large number of leads that are not converting into sales, is a problem that needs to be addressed and Digital Marketing helps you identify and rectify this. It makes it easy for you to change or improve your strategies, in case you have a low conversion rate. Again, this helps Startups in getting higher conversion rates, resulting in more sales.
However, it is also important to understand that not all strategies are equally effective. You need to see and understand what works best for your business needs and choose the right tools accordingly. A Good Digital marketing Agency helps you do just that. They understand your business goals and needs, conduct in-depth research, come up with a detailed analysis and then suggest the right Digital Marketing Strategies for Your Business. Email Marketing, Social Marketing, Search Engine Optimization, Content Marketing & Video Marketing have proven to be some of the most effective marketing strategies for Startups..