These days, you can find many small and medium-sized companies that only conduct marketing online without any offline marketing activities. How do you know if online marketing or digital marketing is essential for your business? There are many factors that influence marketing decisions. Factors like your business, your budget, and your labor resources. We’ve put together five key factors that can influence your online marketing strategy.
1. Nature of the business
The essential nature of your business is the most important factor in determining your online marketing needs. If your business is related to computer software, hardware, or technology, you need to go online without question. So what about food and beverage-related businesses? Do restaurants, cafes, and bars need online marketing activities?
The answer is ‘yes’. Regardless of the size of your business or the nature of your business, online activity is essential to gaining a competitive edge. Therefore, whether or not to engage in online marketing activities is no longer a subject of discussion, but how far the scope of online marketing activities should be expanded is important.
For example, if you are running a small cafe, you don’t need to create a fancy website that offers a mobile user interface with search engine optimization (SEO) in mind. This is because, when considering the return on investment (ROI), the cost spent on website management does not bring that much return. That’s why instead of creating a website, it’s better to create and run social media accounts that are useful for promoting your cafe. Given today’s social media trends, Instagram would be a good choice. Create an Instagram account for your cafe and post photos of cafe menus, latte art, cafe interiors, and other things people are curious about.
2. Marketing budget
The marketing budget is a major limiting element for the majority of firms. To determine whether the time and money needed for each marketing activity are worthwhile, it is necessary to assess the rate of return on investment numerous times if it is thought to be a critical KPI indicator. Online marketing follows the same rules. The majority of small businesses lack the financial resources to pay for website creation, maintenance, and online advertising, such as search ads. Finding a means to utilize your current marketing spend more effectively is crucial in light of this. You don’t even need to spend 100 USD to start marketing online.
The last several years have seen a significant increase in the popularity of inbound marketing. This is due to the fact that giving potential customers good information, might improve traffic and purchases. Unlike traditional or offline promotions, you can get these outcomes without paying any money.
3. The Target market
To choose whether to concentrate your marketing efforts offline or online, it is crucial to have a clear understanding of your target market. Is your company B2C or B2B? Because B2B marketing is mostly influenced by one-on-one customer connections or word-of-mouth, offline activities are more significant in any business or culture. Building a straightforward website with a description of your goods and services is all it takes to market online in this situation and give people the idea that you are a reliable business.
On the other hand, B2C online activity is influenced by the characteristics of the target market. Online marketing is much more crucial in marketplaces that target a young, tech-savvy audience. Offline, traditional strategies can be more effective when target audiences are older.
4. Geographic Limiting Factors
Offline advertising is restricted to the area in which your business is based. Online advertising, however, has a bigger audience. The American and European markets are open to Asian-based companies. The ideal marketing strategy may be online advertising, particularly if your company sells goods rather than services to customers all over the world.
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5. Changing Consumer Expectations
In terms similar to number 3 (your target market), understanding your consumers’ expectations and behaviors is a great guide in determining your marketing approach. Just as consumers expect to drink their favorite drink in a comfortable atmosphere when they think of a cafe, consumers have minimum expectations for any company or business. This, of course, depends on the nature of the business, as mentioned in point 1. A small cafe doesn’t need a website that considers advanced technology, but a company that sells consumer goods or services that doesn’t have an online presence can not only earn customers’ trust, but it can affect the rise and fall of the company’s business.