Why does Marketing matter for your business in 2023? Marketing is the process of creating, communicating, and delivering a message to potential customers. Marketing can be defined as the art and science of persuasion. It is the process of identifying customer needs, wants, and desires through research and then matching those needs with products or services that are offered to meet those needs. The definition of marketing has changed over time due to technological advancements in communication methods such as television, radio, internet etc. In earlier days people used to market their products by walking on streets with banners shouting out loud ‘buy my product’ which was called street marketing. Now a days, marketing is done in a much more simple manner.
There are a myriad of different ways you can market your business these days but the easiest form would be Social Media Marketing. With the invention of social media in the early 2000s, after the internet became popular, it made it much easier to reach new people that had never heard of your business. This allowed you the opportunity to sell to new people and display your products and services for a much more affordable rate.
Skip to today, 2023, Digital Marketing is the #1 way that businesses reach new customers. Sure, radio advertising, and commercials are still popular but the most effective way to show people how awesome your business is, would have to be through digital avenues like Facebook, Instagram, Tik Tok, Twitter, and Google!
According to an article written by Wordstream.com, digital marketing is a $460 Billion industry making it one of the fastest growing avenues for growing your business. It is also expected that 55% of all advertising and marketing comes from Digital Marketing avenues. Wordstream also shared some statistics about Digital Marketing and the growth rate of social media marketing:
- The compound annual growth rate of digital marketing from 2020-2026 is projected at 9%.
- Digital display is projected to grow at a 15.5% CAGR, while search is projected to grow at 12.2%. Search accounts for 40.9% of the global digital advertising and marketing market.
- 63% of businesses have increased their digital marketing budgets just this past year.
- Between 2020 and 2021, there was a 14% growth rate in digital marketing budget spending across businesses.
- PPC returns $2 for every $1 spent—resulting in a 200% ROI.
- Paid ad channels with the highest reported ROI rate are Facebook Ads and Google Ads.
- 49% of businesses say that organic search brings them the best marketing ROI.
- Email marketing returns $36 for every $1 spent.
- Small businesses claim that email marketing is the marketing channel that brings them the highest return on investment.
- Over 20% of businesses say that the number of leads generated is the primary factor they base the success of their marketing channels.
- Content marketing and SEO provides the best ROI according to marketers in this Databox.
With these statistics in mind, you can clearly see that through Digital Marketing, growing your business in this day and age is a lot easier than it was 15-20 years ago!
According to another source, it is expected that businesses that have a strong online presence generate 50% more business than competitors that lack a digital presence.
With the ease that Social Media brings for growing your brand online, it makes it almost more important to have a strong online presence than pay for commercial space on TV or radio! There are so many free techniques you can use to grow your business online especially with Facebook and Instagram. One thing we recommend doing is joining local business groups and posting about your business for other entrepreneurs to see and learn about. It is likely that you will end up picking up new clients or customers through these avenues and it’s a completely FREE way to promote your business!
There are some additional ways you can promote your business online and we decided to write a few short form guides on ways to grow your business online! Check out our Guides section of the website to snag your FREE copies today!
We have two local groups here in Utah that are great resources for promoting and posting about your business to!
One of them is the Utah CONNECT Group which features over 30k businesses and entrepreneurs looking to connect with other locals, share ideas, and promotes each others businesses!
The other is the Herriman Local Businesses group which is where us at Impact Marketing Solutions are based out of! This group allows businesses in the South Salt Lake area the ability to freely market their business to others in the area.
Both groups are amazing in their own right and deserve recognition for helping so many local Utah businesses increase their digital footprint.
All-in-all, Marketing, especially Digital Marketing, is one of, if not THE most crucial things that a business in 2023 needs in order to grow online!
If you are looking for ways to grow your business online, follow along with our blog posts and daily free marketing tips and tricks we post on our social media’s! Want to schedule a free marketing consultation and discuss ways you can grow your business online or have someone manage it for you? Send us an email or click here for more information!