If you offer a high-quality product, good service, and a fair price, you don't really need good marketing strategies, right? Wrong. Many entrepreneurs believe that the right customers will find their store without help, but unfortunately, this is not the case. Successful entrepreneur Tom Moyal explains why digital marketing, in particular, is increasingly critical to the success of growing businesses.
"All businesses have two main types of customers," says Moyal. "New ones and returning ones. A successful business has a strategy for attracting new customers and a plan in place for retaining those customers." According to Moyal, a sound digital marketing strategy helps you do both. He says it used to be that after customers used your service, you would have to simply hope that they would choose to return to your store a second time. "But digital marketing allows you to cement a relationship with them. Email campaigns and newsletters are great ways to achieve customer retention."
In addition to retaining clients, Moyal says digital marketing also helps you attract new customers. "It's a science," says Moyal. "Once you determine who your target customer is, you can pay social media platforms to feature your ads on the newsfeeds of people who fit that demographic." In this way, Moyal says you are literally placing your information in the hands of the exact people who will want it. "One of the best things about digital marketing is it allows you to find your customers before they even know that they need you."
You may have someone skilled in social media and digital marketing within your business. But if not, Moyal says it is worth hiring a consultant or bringing someone new onto your team. "The average digital marketing manager salary in the U.S. is $67K per year," says Moyal. "But you can also hire consultants or marketing agencies to help you increase flow to your website or grow your online following."
In short, there are many ways to go about meeting your digital marketing needs. But Moyal says that it is crucial to incorporate a digital marketing strategy into your business plan: "Based on my experience as an entrepreneur, I believe that digital marketing is the key to success in the future of business."