How to Run a Profitable Digital Marketing Business?
Digital marketing has turned out to be a blessing for all businesses around the world. While it was first used somewhere around 1990, it became more popular after the success of companies like Amazon, Apple, Microsoft, and Google. And today we can see the importance of digital marketing business. It is one of the most crucial parts that businesses need to master. Yes, it is an art because you have to use many skills, one of which is understanding the thought process of customers. There are numerous benefits that a digital marketing business possesses over an offline business. To understand it better, suppose you are running a local offline business, where you sell your products or services directly to your customers. In this scenario, you will be restricted to that particular area.
The growth of the business will not happen even if you sell the best quality of products or services. Why what is the reason behind it? The simple and very obvious reason is that people are located far away from the place where your business is located. So, here comes digital marketing which holds the potential to connect you and your business to every corner of the world.
And to use digital media to effect is not easy, it needs some expert skills. Skills like understanding the market, understanding the demand of the customers which keeps changing over some time, and planning out the right strategies to implement so that you can achieve all the marketing goals, etc.
What Is a Digital Marketing Business?
Well, it is a business that makes use of various digital platforms to achieve its goals. Sounds simple right! The marketing platform may be social media, mobile, emailer, affiliate, marketing analytics, content marketing, etc. And these platforms are very helpful to develop and hold a strong presence on the internet.
See, when you run a local business, you deal with your customers physically so it’s easier to maintain a good relationship with the customers. But, it is very arduous and very difficult to expand the business. Because you need more stores at different locations, a more number of employees, it also increases so much stress on the brain.
You can pause for a moment and try to think about the limitations of a local business. And that’s the reason why businesses are turning digital these days. With online marketing, it becomes a lot easier to expand a business.
When it comes to the scope of online marketing, people say that it has no limitations but when we look at it, it is clear to our eyes that we are still not capable of taking the business to the door of every individual on this planet. However, it does provide access to the bulk of the people.
You just need to have the right kind of product or service that people are interested to buy. And the platform provides you with various tools and tactics which you can leverage to target potential customers.
The tools allow you to target potential customers based on their age, gender, site, interests, etc. So, it is a great opportunity for all businesses and one should make use of this platform wisely to reach the hearts of millions.
Read our detailed article on Google Digital Marketing Courses
Register for A Free Demo Class and learn the secret tips behind successful digital campaigns.
Why Do Your Firms Need Digital Marketing?
Now, let me put this clearly in front of you with an example. What will you do if you want to speak to somebody who is in another country? Surely, you will not go and meet that person in his country when you have a device known as a smartphone, right! So, similarly, you should make use of digital marketing business.
However, still many people are not familiar with this amazing facility. And there is a reason behind it. Especially, in a country like India, the beliefs and traditions have become barriers to their growth. But now, somehow things are changing, the younger people are stepping out.
And another important reason why your business needs digital platforms so that everyone is using a smartphone nowadays. According to research, people spend at least 2-3 hours a day using social media. Well, this is just about the usage of social media but in smartphones, many other things can be used to make people aware of the products and services which are offered by your businesses.
Various Digital Marketing Platforms
You guys are already familiar with many of the digital marketing platforms. Of the many available platforms, some of the popular ones are social media, search engines, emails, etc. Some of you might be wondering what is the need for so many channels. Why can’t we just use one channel/platform to achieve all of our business goals?
The question is important and it is going to make our topic more interesting now. So, let’s understand, why does a business need so many platforms? To understand this, let’s take various platforms and study them one by one so that we can know which platforms are more suitable for our business.
Professional Courses from IIM SKILLS
- Digital Marketing Course
- SEO Course
- Technical Writing Course
- GST Course
- Content Writing Course
- Financial Modeling Course
- Business Accounting And Taxation Course
- CAT Coaching
- Investment Banking Course
Digital Marketing Platforms
Well, this term is popular nowadays and doesn’t need much introduction. So, let’s cover it in short. When we use social media applications as a means for marketing then we call it social media marketing. In social media marketing, there are many platforms like Facebook, Instagram, Youtube, Pinterest, LinkedIn, Twitter, Snapchat, Tiktok, etc.
Almost every business uses social media platforms because it is one of the most cost-effective ways of marketing and it is also very versatile compared to other marketing platforms. And it is easier to target potential customers on social media because communication effectively takes place. More people are using social media daily.
And depending upon the type of business that you are doing you can choose the platform. If the message that you want to send your customers is quite complicated then you can use video marketing on a platform like youtube so that the message can be perceived by the customers. If it is very simple and doesn’t need any visual objects then you can use Facebook or Instagram.
● Search Engine Optimization:-
This term has become popular in the past 4 to 5 years. It is the method of optimizing search engines so that your website ranks higher on the search engine results page(SERP). This method of optimizing the content is called an organic way of generating traffic.
This is a time-consuming process, but it is more effective in the long run. It is the most cost-effective way of marketing but it is also the most difficult method of marketing. To do this one needs to know all the search algorithms of Google, so one can use them wisely to rank on google.
● Paid Advertising
For this method of marketing to succeed one has to initially spend some money. It is like, you are running a business and you pay Google so that it allows you to display the ads. These ads are displayed on the websites.
However, this method is not suitable for a start-up business, because it requires some amount of initial investment. And there is no guarantee that your campaign will succeed. You may lose all the money if you don’t have a good product or service with you.
It is believed that Influencer marketing is the most effective form of marketing. In this method of marketing, the business makes use of popular public figures to promote its product. Many of us are already familiar with this right? We have seen many advertisements on television since our childhood.
And the reason why it remains the most effective form of marketing is that the customer’s trust in the product or service offered by the business increases when a popular public figure promotes it. It is also found that businesses spend more than 20% of their budget on Influencer marketing.
But there is a restriction in this method. And this does not affect already grown-up businesses. Because this method of marketing demands a very large sum of money, which probably small businesses cannot afford.
● Content Marketing
This is the most crucial thing without which a business cannot survive. Content marketing is a great way of building up the audience for your business. Websites are the best place to implement this kind of marketing strategy. Content can be in the form of text, images, videos, or only audio.
Businesses use content marketing to make people aware of the business, build trust, grow their number of potential customers. And the reason why this marketing strategy is more reliable is that it allows a business to express their message through various forms of content marketing strategy, which is easily understood by the people.
● Affiliate Marketing
Online Marketing relies largely on affiliate marketing because it is the most successful marketing method. Here, a business makes use of an external affiliate to promote its products or services. And after the successful promotion, the affiliate also earns some amount of money in the form of commission.
This is the easiest way through which a business can generate sales. Because they don’t need to work to promote their products. Affiliates do all the work of promoting a product and generating sales.
When a business targets potential customers, through smartphones, tablets, or any other mobile device, it is said to be mobile marketing. It may be in the form of SMS, email or pop-up, etc. And that’s why there is great potential in mobile marketing to drive sales to a business.
Here are the most useful Digital Marketing Tips for Beginners
Download the Detailed Syllabus for Digital Marketing Course offered by IIM SKILLS here.
Who Can Start a Digital Marketing Business?
Anybody can start a digital marketing business, irrespective of the size of your firm. Search engines like google have made things a lot easier for us. If one wants to, then there is enough guidance available for free on the internet. Even if you don’t have enough experience and want to make use of digital marketing then you can hire a digital marketer to do the job for you.
Today any business needs to have a strong presence online to reach the maximum number of people. And a person who is an expert in this field can make things easy for you. So it doesn’t matter whether you are a startup or a grown-up business, anyone can use this platform to excel in his\her business.
Many large businesses have a whole team of digital marketers who are responsible to contribute to the growth of the business by using their online marketing skills. And if you can’t afford to hire a digital marketer because you are just starting then you can learn the art of digital marketing by joining a course.
It is an important skill and one needs to learn this skill even if you don’t run a business. Today the entire world is business-oriented and businesses determine how strong or developed a nation is. So, it becomes imperative to learn the art of digital marketing business.
Recommended Read: Digital Marketing Courses in India
How to Start a Digital Marketing Business?
Until now we talked about all the theoretical parts of online marketing, now let’s dive deeper into some practical things which are very important for every business that wants to make use of online marketing to reach out to the masses and finally turn out to be a successful business.
Talk to our career expert to know how to start your own digital marketing agency
Alright, Here Is the Step-by-step Guide on How One Can Start a Digital Marketing Business.
01. Select the Right Product or Service
If people are not interested in the product or service offered by you then there is no chance that your business will succeed, Even if you have got the best marketing team with you, it is worthless if your product is not in demand. So, choose your product wisely.
See whether it can survive in the future because with the advent of technology many things are going to change in the future, therefore it is better to keep in mind all the in’s and out’s of a business.
02. Decide the Marketing Budget
This is where you need to be clear-minded. Spend at least 5 to 6 percent of your marketing profit. If you are a start-up then you might need to spend some extra money, because nobody is aware of your business. And Keep expanding your marketing strategy.
03. Decide on the Marketing Platform
Now you have to decide on the marketing platform, this is vital because every platform has a different purpose behind it. Choosing the right kind of platform may help your business achieve great success, at the same time choosing an unsuitable platform may result in the wastage of money.
So, how do choose the right marketing platform? To choose the right platform all you need to do is to have a proper understanding of your business, and what are the long-term goals that you want to achieve through it. Once you are clear with this thing then you will be able to decide which platform suits your business. I hope you will execute your business plan well.
04. Invest in Marketing Periodically
Initially, when you spend your money on hiring a digital marketer, spending on ads, and other marketing stuff, you may feel that you are wasting your money. But don’t let this thought enter your mind because initially, any kind of business marketing effort takes a little more time to manifest its outcomes.
But people take this negatively and stop the marketing of their product. It is true that in the beginning, all the digital marketing that you have done may take a longer time to show the results. But wait think for a moment and keep improving your marketing strategy. If you know that you are offering a very good service or product then you must continue the process.
Recommended Read: SEO Courses in India
05. Build Trust
When you have just started your business it is very important to build trust among your potential audience. Because when you build trust and bond with your customers, they will not only use your product every time they need it, but chances are that they will also tell their friends, and family members about your product or service. This way your business can achieve heights that you can’t even imagine.
06. Enjoy the Outcomes
And when you will follow this approach of marketing, your business will succeed one day. Patience is also a very vital factor, a businessman must have this quality. Many people who want to start a business fail because they want quick outcomes for the efforts they are putting in. Finally, once your digital marketing business is established then you can enjoy the fruit of all the efforts that you had put into the business.
1. How to start a digital marketing business?
To start online marketing for any firm, all you need is a good idea/product and the proper strategy to market your product.
2. Are online businesses profitable?
Yes, when it is implemented with a proper plan, it will be more profitable.
3. Is the digital marketing business good?
Today all the businesses around the world use digital marketing, and they are successful too. So, yes this is good.
4. What are the advantages of digital marketing?
The biggest advantage of online marketing is that it allows the business to reach as many people as possible in a very short time and without any hassle.
If you have read the article till now, you might have understood what online marketing is about. If you are a businessman or an individual who wants to start a business then this post can help you to understand the basics of online marketing. You can make use of all the available digital platforms to promote your business online. I hope you have enjoyed reading the post and are ready to deep dive into the digital platform.