According to Campaign Monitor, by 2021, marketing leaders will spend 75% of their total marketing budget on digital marketing. When making such an investment, it’s important to carefully assess what you’re doing. A digital strategy can include so many different channels; remember, you don’t have to be across all of them. Select the strategies that work best for your business. Research who your audience is, and that should help you decide. According to Smart Insights, website development, email marketing and social media are the most effective channels for B2B. This is no surprise when we learn that 67% of buyer journeys are digital, according to Sirius Decisions. And, IDC found that 84% of CEOs and VPs use social media to make purchasing decision. Let’s explore some of the pros and cons of online marketing, so you can make an informed choice about your B2B marketing plan.
The pros of digital marketing
Traditional advertising can be expensive, and often it can take a while to see ROI. Digital marketing and digital advertising, however, can be more affordable, drive quick results, and reach wider, more relevant audiences. According to Direct Sales Marketer, email is the most cost-effective marketing form. Digital content marketing costs the price of content creation and distribution — in-house creatives may be more cost-effective than agencies or freelancers. Social media marketing can cost little to nothing, if executed well. In fact, HubSpot found 84% of marketers were able to generate increased traffic by spending as little as six hours per week on social media. Paid adverts, pay-per-click or pay-per-lead marketing can cost a little more — but marketers are able to target specific audiences and edit ads to enhance performance. According to Power Traffick, small businesses earn an average of $3 for every $1.60 they spend on Google AdWords.
Internet marketing is easy to measure
Measuring success is a pivotal part of the marketing process. Digital marketing channels enable marketers to monitor the effectiveness of their campaigns. With easy-to-use analytic and reporting tools, marketers can work out click-through rates, conversion rates, ROI and more. According to Webbiquity, 80% of marketers use engagement as a primary metric, while 56% measure traffic. Although, it is important to note that 60% of marketers state measuring ROI from social media is one of their top three challenges, according to Sprout Social. With the correct metrics and tools in place, you can ensure your campaigns are achieving the most.
Create a loyal customer base: brand visibility and user experience
According to Status Labs, 90% of searchers haven’t made up their mind about a brand before searching. And, Fundera found that 80% of customers are willing to pay more for a better customer experience. So, a positive online experience is crucial. A digital presence can help you develop loyal customers and create an engaged audience. Social media opens up a two way conversation, giving you the opportunity to build relationships with decision-makers, acquire feedback, and gain crucial customer insight. Digital advertising helps raise brand awareness, quietly working to raise your brand’s profile even when direct click-throughs and conversions aren’t being made.
The cons of digital marketing
Executing a great online marketing strategy takes time. You’ll need to identify your marketing objectives and be prepared to make changes when things don’t go to plan. You’ll need to make changes as your business grows, and ensure you’re doing the right thing for your audience. You’ll need to have a team in place to manage campaigns, monitor any technology you use, and keep an eye on overall marketing performance. Ensure you have the resources in place before setting out.
Lots of competition
With so much digital activity in the B2B marketing community, it can be tough to get seen and heard. You’ll be fighting against other organizations to get to the top of search engines, make the most impressions, and run the most effective campaigns. But with an active website, hordes of information about your brand, accessible content and a quality social presence, customers and leads will be able to find you easily. You’ve got to be in it to win it!
Open to negativity
The online sphere is a great way to open up a two-way dialogue — but remember that means you’re open to negative feedback, too. Be prepared to respond to comments, receive reviews, and manage your online reputation. Be responsive and personal to ensure you keep a great online reputation. News spreads fast — so it only takes one poor review, disgruntled customer, or instance of bad service for word to get out. Ensure every digital touchpoint is designed with your user in mind to avoid negativity.
While there are pros and cons to utilizing online platforms for your business, it is crucial to remember the sheer size of digital audiences. If your marketing objectives include reaching larger audiences, then a digital marketing strategy is a must. According to Hosting Facts, there are 4.1 billion internet users world-wide. And, Statista estimates that in 2019, there are 2.82 billion active social media accounts. Ignoring the online market could be detrimental to your business. And, if you have a B2B website, avoiding digital strategies could be a barrier to increasing your traffic. Your website should be an active hub of business information — without digital platforms and strategies moving your site to the top of google and driving traffic to your pages, how are decision makers going to find you?
Webeo is a leading personalization software, creating individual website experiences for your site visitors based on the business they are from. This is revolutionary for B2B marketing — which is traditionally lightyears behind the B2C marketing community. Our online personalization works based on business IP addresses, dynamically changing website appearance, content and messaging in real-time based on the business visiting the site. Users can greet website visitors by organization name, show images that resonate with their brand, use language and present content to meet their business needs and more. Improve CRO, see clear ROI, reduce bounce rate, enhance SEO, and advance customer experience with a personal touch. Discover the power of website personalization with Webeo and book your demonstration today.