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What Advertising Budget Should A Small Business Spend
It’s understandable why many small businesses yet to make the switch to digital marketing are reluctant to do so. In times of such economic uncertainty, avoiding all non-essential expenses seems sensible.
Unfortunately, to delay the transition to digital is to place an immense obstacle in your path to profitability. Right now, it’s estimated that at least 75% of all new customers find smaller and local businesses exclusively through online channels – not by way of conventional advertising.
In which case, to sidestep digital is to effectively turn your back on 75% of potential customers. Which is, from an economic perspective, a mistake you simply cannot afford to make.
For small business owners still on the fence and yet to make the switch, here are 7 compelling reasons why going digital is a no-brainer:
- It costs way less than conventional advertising
If minimising outgoings is a priority, digital is the way to go. Across the board, digital advertising is exponentially more cost-effective than any comparative form of traditional advertising. Along with spending less to get things up and running, you’re also more or less guaranteed a stronger ROI long-term.
- It’s comprehensively scalable
Another benefit to digital is the way in which you can spend as much for as little as you like. You invest a modest amount in a basic strategy, you assess its effectiveness and you expand or scale it down as you see fit. No binding contracts or huge up-front payment – you remain in control of your spend at all times.
- You can track performance in real-time
Conventional advertising has a tendency to be something of a ‘set it and forget it’ investment. It is what it is – your campaign either gets the job done or it doesn’t. With digital advertising, you can track, edit and optimise every aspect of your strategy in real-time. If something isn’t working quite as well as you’d like, you can tweak or modify it until it does.
- You can target customers with pinpoint precision
Digital also provides you with the opportunity to target extremely precise audiences, in accordance with age, location, gender, online behaviours and even income levels. Way more effective and efficient than casting your net broadly and hoping to snag a few leads along the way.
- It’s surprisingly easy to get to grips with
Most fundamental digital marketing activities are not nearly as complicated as they may appear on the surface. Email marketing, social media marketing, search engine optimisation, PPC advertising – all well within the capabilities of most small business owners. Outsourcing is an option, but is by no means mandatory.
- It’s a future-proof investment
Digital represents the future of almost all marketing and advertising activities. Hence, to invest in an effective digital strategy is to make a future-proof investment in the long-term performance and profitability of your business. All while conventional marketing continues its gradual decline in impact and appeal.
- It helps build brand recognition and authority
Reaching to new and existing customers online is the best (and often the only) way to encourage reviews and referrals. Both of which play a huge role in the development of brand recognition and authority. Most happy customers don’t instinctively review and recommend the brands they do business with, though are usually more than happy to do so when prompted