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Digital Marketing - The lingo breakdown.
You don't need to be a genius to understand that in today's era, moving your business online (if it's not a solely physical location-based business) is a no-brainer. But, the ride doesn't stop there. Once on the internet, business owners should ensure they are on all platforms that customers are likely to operate on, i.e. Social Media, Blogs, etc. This is exactly where digital marketing comes into play.
Below we discuss a few technical terms that new-comers to the digital age may find along the path of their new journey. As well as a few benefits to operating online.
Conversion: A conversion is simply the act a customer or site visitor takes that you would like them to take. Usually, this is set up prior to running an advertising campaign or online sale. A conversion doesn't have to be the sale of a service or good, it can refer to the act of signing up to your newsletter or even clicking on a specific link. The point is; A conversion can be whatever action you deem a customer takes to be significant.
Conversion Rate: If you don't like maths, look away now. Just kidding. A conversion rate is the number of people that have taken your specific action, over (divided by) the number of people that have seen your offer/advertisement/page. If my advert was shown to 100 people and only 5 purchased (which was my conversion event) I'd have a conversion rate of 5%.
On the web, the conversion ratio is higher compared to physical forms of advertising, e.g. billboards, catalogues, flyers, etc. Meaning, individuals are more likely to take a specific action. In the marketing industry, this is often referred to as being "further down the buying funnel". As an example, if an individual wants shoes, then they'll start by typing shoes in the internet search engine and after the internet search, they'll be met with associated outcomes, or sites to purchase from. They're already actively looking for shoes to buy. On the flip side, if somebody is on the market for shoes and is searching through physical stores, they certainly may buy some, but the statistical probability of them purchasing shoes would be lower than online buyers due to the lack of buyer-intent. Thus, with the aid of digital online advertising, the failures of conversion reduce and increases the probability of sales. Check out this article by Backlinko on buyer-intent keywords.
Cost Effective: It is certainly not unheard of to see businesses make 10x ROI when using digital marketing. Online advertising is among the most cost-efficient way of promoting products and services. Marketing online is not at all pricey, so long as you know what you're doing, or have someone helping you along the way. This might be done by a trained electronic marketer with the aid of organic SEO, social media advertising, search engine advertising, online media, and so on. Online marketing usually involves two main costs; the marketer & the advertising budget. Unlike standard advertising that incorporates printing cost, distribution cost, etc. This quickly adds up.
Easy to Communicate: With the help of digital online marketing it becomes easy for businesses to communicate with prospective buyers. This allows companies the ability to improve their conversion ratio, since they may directly communicate with clients and resolve any doubts that the customer has in their mind.
Higher Earnings: With individuals becoming interested in buying online, as opposed to heading out for everything, this offers companies a possibility to sell their products more readily to potential customers. As mentioned earlier, the promotion by means of this platform is less expensive than that of traditional form, making it a higher earning platform (increased ROI) for all businesses.
Solving important questions is the perfect way to advertise your product. Consumers want answers to their needs! List your merchandise's info, advantages. Make sure you spell this out. Clear the minds of the customer and they will purchase merchandise with ease.
We hope the aforementioned info was useful to improve your skills and knowledge.
Thanks for reading.
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