Digital Marketing in 2021
Updated: Mar 15, 2021
We all do it, spend countless hours during the week looking up reviews. Whether it is for the best laptop, which hair salon to go to, where to get the best massage, or which business is best suited to fix your leaky sink, reviews are important. They are important to everyone, especially the consumer, which, in turn, should mean that they are considered a top priority for business owners. And why wouldn’t they be? Don’t we all want the best service? Don’t we want a piece of what everyone is talking about?
If you are a business owner, you probably know that obtaining a five star review is not as simple as just providing great service. The disheartening fact is that customers who have negative experiences are more likely to post a negative review than those with positive experiences. Research has found that it takes 40 positive reviews just to make up for one negative review. In fact, the marketing industry refers to this as “the secret ratio”. In a study conducted by Harvard University, it was found that an increase of even one star can increase a business's revenue by up to 10%. On the flip side, negative reviews are beyond damaging for a business's reputation. As an example, 40% of consumers will not even consider hiring a business with negative reviews. The very foundation of a business is reliant on having a positive reputation. One study found that businesses with a bad reputation end up spending 10% more on hiring. Not only does a positive reputation bring in new leads, mantain high conversions, and increase their ROI (return on investment), but it also saves money down the road.
Reviews are just one of the ways a business's reputation can be either positively or negatively affected. Another key contributor is a business's presence on social media and online platforms, and this is where digital marketing can help. The fact of the matter is that most people are now making their shopping decisions online. It is vital, now more than ever, for businesses to transition their marketing strategies to online platforms.
Right now, the survival of every business depends on their ability to market themselves strategically and utilize evidence-based data. Incorporating these tools will help to improve negative reviews and refine their business model. Positive reviews are just the beginning. A solid foundation of reviews as well as a strong online presence must be in place for a business to thrive in the 21st century, which is projected to soon be entirely digital.
Here is a list of the top 11 reasons why small businesses need digital marketing:
1) Businesses can reach out to consumers online, regardless of their location
2) Builds brand reputation and visibility
3) Helps level the playing field with competitors
4) More cost-efficient than offline marketing solutions
5) Generates leads
6) Leads to higher revenue
7) Boosts overall ROI
8) Engages target audiences on a daily basis
9) Can be easily customized to meet the needs of specific demographics
10) Instills trust and confidence in consumers
11) Provides measurable results
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