Internet or Online Marketing is the here and now. It is where the majority of marketing dollars are now spent and for good cause.
This piece will walk you through the importance of internet marketing, shocking statistics and much, much more. Enjoy.
The Importance of Marketing your Business Online
The older generations better get on board because there is no stopping the internet now. More and more people get their daily information online, using it as a resource for their daily lives. The best part about this is that the internet can be the simplest and one of the most affordable ways to promote your business. Five important benefits of marketing your business online are listed below:
- Greater Reach – by choosing to market your business online, you are breaking down walls. You are allowing your business to travel further than you probably could have ever imagined. Internet allows you to reach different states and now even countries with far less effort.
- Lower Cost – marketing your products and services online cost substantially less than marketing through retail outlet locations and store fronts. You do not have the reoccurring monthly costs nor the maintenance fees.
- Higher Levels of Engagement – because of the internet and online marketing we now have social media and blogging. Between the two, you can now offer your prospects and clients alike a higher level of engagement between you and them and between them and other clients. It is also faster than ever to communicate and engage with them.
- Lasting Relationships – with a higher level of engagement, you will build lasting relationships. The internet provides you a platform to build these relationships which will only increase retention rates, something every business wants.
- Faster – with online marketing you are able to not only reach your target audience more effectively, but also much faster. The conveniences of marketing your business online are tremendous; you can easily target and get to your audience quicker than ever before.
7 Shocking Online Marketing Statistics
I think by now we all know why online marketing is so important, but I am not sure we all know the possible impact it can have and why. Below are a list of shocking statistics that you may have not known before.
- B2B companies that blog generate 67% more leads than those who don’t. (SOURCE: Hubspot)
- Every month there are more than 10.3 billion Google searches, with 78% of U.S. internet users researching products and services online. (SOURCE: B2B Marketing)
- In 2013, Internet advertising expenditures surpassed newspaper ad spending for the first time. Internet ads now account for 21% of all advertising dollars, second only to television at 40%. (SOURCE: Ad Age)
- The fastest-growing age group on Twitter is 55-to-64 year-olds, up 79% since 2012. And the 45-54 age bracket is the fastest-growing group on both Facebook and Google+. (SOURCE: Fast Company)
- 57% of U.S. online adults read blogs. And of that group, two-thirds “say a brand mention or promotion within context of the blog influences their purchasing decisions.” (SOURCE: New Media and Marketing)
- 71% of tweets are ignored. Only 23% generate a reply, (SOURCE: iMedia Connection) and advertising on Twitter costs almost six times as much as Facebook ads on a CPM (cost per $1000) basis; however, the CTR (click-through-rate) for Twitter ads is 8-24 times higher. (SOURCE: Smart Insights)
- A recent poll shows customer testimonials online have the highest effectiveness rating (89%) when influencing buyers. (SOURCE: Webdamsolutions.com)
With all the pros of internet marketing, there comes some cons as well. There is more risk for slander and maintaining your brand online because it is so easy to say anything about anyone online. To read more about branding your business online, click here to read “Techniques to Brand Your Business Online.”
The Internet is here to stay. Internet marketing, social media and branding methods online will only evolve more. Take the time now to develop an online marketing strategy that will highlight your business and help you stand out among your competitors.