Business trends are changing rapidly, making it impossible for market players to survive when they don’t adapt. Part of this evolution is the trend towards online sales and marketing. There are about 1.5 billion Internet users worldwide, and 85% of this number represents how many people actually buy online. When business competition is tough in the offline world, there is nothing that makes sense more than spending considerable time online where an nearly infinite market awaits a tapping.
Online marketing is a way of promoting a business using the Internet as opposed to more conventional marketing which makes use of TV, radio and print. As any successful online entrepreneur would claim, advertising on the Internet offers great advantage to businesses that no other medium can offer. In fact, there is not one or two but a myriad of benefits that taking a shop online can bring, the following being the top five:
With Internet advertising, a businessman can target potential customers and promote his business only to this specific market. For example, those who sell a variety of consumer products can advertise on Yahoo and other portals, while those who are marketing products under a specific niche can find sites and promote such niche products there.
The average cost of producing a television commercial is $350000, and that’s excluding money paid for airtime. With Internet marketing, a businessman only has to buy online ad space, create banners, etc. Even if all online marketing avenues were to be explored, the cost would still not come near what it would take to advertise in traditional media.
With online promotions, a businessman can keep track of how many views his ads have earned, or how many times his ads have been viewed and followed up with a purchase. Obviously, this is not possible with traditional media, but with online advertising, it is simply part of the whole package. Being able to track the performance of ads allows the advertiser to improve certain aspects of such ads so they can earn more views and convince more people to proceed to a purchase.
Traditional media does not allow the advertiser to interact with his market, but the Internet does. For example, a businessman can put an ad and have a button which an online user can click if he decides to learn more information about a particular product or would like to purchase it. There is interaction between the advertiser and the potential customer, and this speeds things up when it comes to sales.
5. Unlimited Time and Space
Advertising a product or service on TV gives the advertiser limited time to spend for each ad, but online, there are practically no restrictions. Actually, unless the ad is actually taken out, it will continue to be there and work for the advertiser. There is also more space online where a businessman can present all information he thinks consumers need. This is not possible with radio or tv ads which are seen or heard by people for a limited time.
Thriving today’s business world requires exploring newer and more effective marketing methods in order to keep up with rivals, and promoting online is certainly one of the best steps any businessman can make to weather the tightening competition, regardless of the industry involved.