Starting and running a successful small business is an exciting and rewarding experience. Yet, according to the Small Business Administration, nearly 22% of small businesses fail within the first year. That number skyrockets to over 50% within a five-year window. Statistics like these are exactly why you need to understand how and why digital marketing for small business works.
Why Digital Marketing is Effective
Now more than ever, digital marketing is an important component of your growth and sustainability plans. Those businesses that fail to implement a well-thought-out and expertly implemented digital marketing strategy will quickly find themselves at a significant competitive disadvantage.
Ensure Your Company is Where Your Customers Are: ONLINE
Research by AdWeek reveals that over 81% of shoppers begin their buying journey with an online search. This is true even if those same prospective customers eventually visit your physical store location to make a purchase.
Regardless of whether you sell online or off, a digital marketing platform is crucial. If your business isn’t optimized, visible, and readily accessible to prospective customers, you’re missing out on up to 81% of ALL potential sales.
Not only that, 100% of those “potential” sales are now going directly to your COMPETITORS. This is providing them with capital that will no doubt be used as ammunition against you in your industry.
The Importance of Small Business Online Marketing: By the Data
- 58% of individuals conduct localized searches on a daily basis before visiting a storefront (HubSpot).
- 89% of consumers make searches with purchase intent at least once weekly.
- 72% of those that make a localized search will VISIT a store within 5 miles of that search.
- Google claims over 90% of the total market share for mobile searches.
- 87% of consumers check and read online reviews before buying (BrightLocal, 2020).
- According to Google, 50% of individuals who made a local search on their smartphone visited a physical store within 24 hours of the search.
- In the same study, 34% of individuals making a local search on their phone visited a local business in person within 24 hours.
- According to Google, over 50% of all searches on Google have “local intent”.
- Search Engine Land states that 71% of individuals will search for the location of a business online in order to confirm details. This includes hours of operation, reviews, and if it exists before visiting for the first time.
- In 2017, a large study revealed that 97% of consumers search online for local businesses regularly, with 12% searching daily
- In another study published by Forbes, 95% of smartphone users search local on their phones. 61% call local businesses as a result of that search, and 59% physically visit the business as a result.
More Marketing for Less Money
When measured against ‘old school’ offline and non-digital marketing channels, online marketing wins (by a long shot).
Although your mileage may vary (based on niche, business, offers, etc.), the following represents average ROI backed by data:
- Email Marketing: 3,600% average ROI (ConstantContact)
- Content Marketing: 13X more likely to generate a positive ROI (HubSpot)
- Google / PPC Ads: 2X average ROI for every dollar spent (MainStreet ROI)
- Conversion Rate Optimization: 223% ROI (VentureBeat)
- Retargeted Ads: 64% boost in ROI
- Dynamic Video: 49% increase in ROI
And that’s just the tip of the online marketing iceberg. For savvy small businesses that opt to leverage the power of digital marketing, results can be extraordinary.
Digital Marketing for Small Business
Ready to learn more about online marketing for small businesses and how digital marketing can help your business outpace and outperform the competition?
Contact Boosted Lab today. We are a fully accredited digital marketing company with a proven track record. Our goal is to help small businesses thrive and prosper in some of the most competitive markets worldwide.