Why B2B Businesses Need Digital Marketing
Digital marketing isn’t a tool merely used by B2C companies – they’re also leveraged by B2B businesses. With the radical change changes in the digital space, companies from all industries today are using digital media to accelerate their businesses growth. Whether it’s using Twitter to listen to online conversations, Salesforces to track sales activities, or Google Analytics to measure web presence, brands are relying on digital media to boost their performance. Surely, B2B companies are no exception. Just like B2C companies, B2B businesses need digital marketing to gain global reach, minimize advertising costs, and bolster competitiveness. Without it, B2B companies would lag far behind their competition. Here are 3 reasons why B2B businesses to use need digital marketing:
Combat globalization and competitionBusinesses today are no longer competing with only local companies. They’re combating competition from companies worldwide. With the rapid adoption of the Internet and digital devices, local companies are at the risk of losing clients to businesses overseas. In Vancouver, for instance, more and more companies are losing their clients to American businesses as a result of digital communication channels that allow Canadian and American companies to do business together conveniently. To rise to the challenge, local companies also have to leverage digital media to expand their networks. They have to use digital tools such as Google AdWords, Compete, and Sprout Social to explore new markets and connect with foreign clients. If local companies fail to do so, their market share will continue to shrink and erode due to global competition.
Reduce advertising costDigital marketing can minimize businesses’ advertising spending tremendously. By using digital tools such as Twitter, LinkedIn, and Google AdWords, companies can control and reduce their advertising expense at their own will. They can allocate a specific advertising budget per day and only incur cost when their ad has been clicked on or viewed. For example, with AdWords, you can select different advertising strategies to fit your financial budget. You can select options such as target cost-per-acquisition (CPA) to acquire gain maximum conversions while minimizing your advertising expense. This lessens the advertising expense racked up from traditional marketing tactics such as direct mail, brochures, and newspaper ads as these outlets not only have limited reach but are more expensive than digital advertising. Traditional media such as newspaper require advertisers to pay a lump sum before in order to publish the advertising content. This is an ineffective usage of advertising dollars as advertisers can’t determine the outcome precisely. By using digital media, brands can optimize their ad campaigns while maintaining their ad expense at a very low level. This ultimately removes any wasted advertising dollars and allows brands to accurately identify if they’re getting a bang for their advertising buck.
Meet the future trendThrow away your brochure, digital marketing is here to stay. With the continued advent of digital devices and media such as Samsung’s Smartwatch, digital media is undoubtedly continuing to grow. This as a result will force all B2B companies to become more digital-savvy because if they don’t, they won’t be able to communicate effectively in the future. The business world will become an incredibly digital-driven place where a majority of transactions, meetings, and prospect searching will be conducted online. Hence, in order to connect with prospective clients and keep in touch with current customers conveniently, B2B companies need to have a variety of prolific digital tools such as a responsive website, a Google Analytics account, and a Sprout Social account. It’s only by investing in digital media today will B2B be able to remain competitive in the future.
Digital media is inevitably the future of business. It will be how companies disseminate their brand, provide customer service, and foray foreign markets. By utilizing digital tools, local companies can protect their market share, reduce their advertising costs, and most importantly, continue to grow their presence in the international scale.