Additionally, companies can expect an increase in retention. According to a report by Invesp, companies with strong omnichannel customer engagement strategies retain an average of 89% of their customers. Compare that to companies with weak omnichannel programs and they have a retention rate of just 33%.
Digital marketing continues to evolve. For example, the increasing variety of wearable devices available to consumers affords new opportunities to market to them. Forbes also forecasts that social media will become increasingly conversational in the B2B space, video content will be refined for search engine optimization (SEO) purposes, and email marketing will become even more personalized.
“Digital is at the core of everything in marketing today — it has gone from ‘one of the things marketing does’ to ‘THE thing that marketing does.’”
Sanjay Dholakia, Former Chief Marketing Officer, Marketo
The differences between B2B and B2C marketing.
You’ve almost certainly heard of B2B and B2C, but do you know the differences between them? B2B is business-to-business, while B2C is business-to-consumer, so your marketing activity needs to be adjusted for and targeted to each audience.
Language and messaging.
With B2B marketing, you’re focused on reaching out to other businesses directly and trading with them, while with B2C you’re marketing to consumers and customers instead.
For example, with B2B marketing you’re more likely to focus on messaging to educate your potential prospects, with language that is professional and uses industry terms — you can be formal and direct. With B2C marketing, the focus may be on enticing customers, creating brand awareness and telling a story.
Decision-making.
Another key difference is the decision-making process. With B2C, the customer could make a relatively quick decision to buy from you. Of course, you first need to earn their trust through your digital marketing strategy.
But one person is often the sole decision-maker, especially if you’re retailing an item like clothing or kitchen gadgets. Things can become more complex with bigger ticket items like vacations. But the purchase journey is quicker and less complicated.
With B2B marketing, a business may have to convince several stakeholders — you could be selling building materials directly to large construction companies and in competition with similar providers.
Ultimately, it’s all about knowing your target customers, and tailoring your marketing accordingly.
The benefits of digital marketing.
Digital marketing can help you get to know your audience, learn important information about them, and provide metrics that will give your marketing team credibility. The benefits of digital marketing include:
1. You will get to know your audience.
Digital marketing offers the perfect way to get to know and connect with your audience. You can test offers and messages and get an insight into the peak times they visit your website. If you have a social media strategy — and you really should — you can build relationships with them faster and more easily. Attune yourself to your audience and you’ll build credibility that can set you apart from the competition.
2. It doesn’t cost much.
Compared to traditional marketing methods, digital marketing is cheap. There are fewer overheads. You can create a slick, professional website for a relatively small cost, using one of the many templated systems or paying more for a bespoke creation. You can create social media accounts for free, and partner with an email newsletter provider for a competitive price. Relatively cost-effective, digital marketing is suitable for even the smallest of businesses.
3. You can market to anyone, anywhere.
With digital marketing, your potential reach is huge. You can connect with customers on the other side of the world, in multiple time zones, as seamlessly as though you were taking out an ad in the local newspaper (easier, in fact). You can expand your market reach and grow your business in ways that would have seemed impossible before.
4. Digital marketing is adaptable.
Withdigital marketing, you can be fast, fluid and nimble in your approach. Trial different strategies, assess the results, and try something different the following month — or week. Get access to real-time data to help inform your business decisions — there’s no need to wait weeks to see the results of a campaign.
5. You can personalize by channel.
Your marketing must deploy cross-channel functionality from teams with multiple skillsets to engage customers where they are in that precise moment. For example, each social media platform includes different audiences and expectations, so marketing may look different for each. This includes tone, imagery, offers, and scheduling of your posts.
6. You can measure campaigns and set KPIs.
Digital marketing supports a vast universe of metrics that can be utilized to determine the effectiveness of your marketing. Start by setting your goals for each channel and the metrics you want to see for them. You can track the number of conversions and leads, visits to your website, and much more — giving you plenty of valuable insight to help grow your business.