What is the Role of Digital Marketing in business development? Before analyzing that, let us begin with understanding what business development is and it’s relationship with sales and marketing.
Business development may be defined as the creation of long-term value for an organization from customers, markets, and relationships. It is an ongoing exercise for a company irrespective of its age or position in the industry vis-à-vis other competitors.
Business development is all about creating relationships. Building upon a brand that has been established through digital marketing efforts to connect the audience with the products and services.
Besides the four P’s of traditional marketing (product, price, place and promotion), digital business development incorporates a fifth P – people.
Relationship Between Sales, Marketing and Business Development
Many people might think that sales, marketing and business development are the same terms, and use them interchangeably. They are not the same. However, they all have one thing in common. They help you grow your business, even though the approach might differ.
Simply stated, the function of sales is to sell directly to the end customer. The sales process isn’t restricted to promoting and selling a product but often includes other tasks, such as product demonstrations, handling objections and creating drafts of contracts. A sales person might get qualified leads from a sales development representative, from their own efforts, from existing customers or new ones. The ultimate goal in sales is about closing deals, but not always does it turns out to be a straightforward activity.
The function of business development is to work through partners to sell to the end customer, in a salable way.
Marketing is the activity and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. It’s basically about interacting with prospects and customers to generating leads.
Business development is the process of pursuing strategic opportunities by developing new products, entering into new markets and forming business partnerships with other companies.
If you were to think about business development on a sliding scale between a pure function of sales or marketing, it would wind up somewhere around here.
The reason being that typical business development goals include brand strategy, market expansion, increase awareness, increase web traffic, lead generation, new customer acquisition, reducing churn, improve customer satisfaction, refine marketing strategy, — all of which are shared goals of marketing.
What is Digital Marketing?
Marketing has always been about connecting with your audience in the right place and at the right time. Today, that means connecting with them where they are already spend much of their time: online — websites, forums, blogs, email, social media, radio, television and mobile devices.
Digital marketing is an umbrella term for the marketing of products or services using digital technologies, mainly on the internet, but also including mobile phones, display advertising, and any other digital medium. It also extends to non-Internet channels that provide digital media, such as radio, television, smartphones, tablets and other mobile devices.
The mass adoption of three technologies (broadband Internet, mobile Internet and social media) all happening simultaneously have created the perfect storm — a rare combination of circumstances that has forever changed the way we buy, sell and live.
In the digital age, people can discover anything and everything online within seconds. They no longer need to be sold to, they need to be engaged. Then they might buy from you. Recent studies indicate that for B2B companies, 80 percent of the time the buyer finds the seller, and it is much higher than that for B2C companies.
Making your voice heard is a huge challenge for solopreneurs, startups and small businesses without a significant brand presence. However, the easy availability and widespread consumption of digital marketing has leveled the playing field for companies of all sizes.
Digital Marketing is Key to Businesses Growth.
Your digital marketing strategy plays an integral part in the success and growth of your business online. Here are 12 ways that digital marketing can substantially helps your business survive, compete and grow:
- Digital Marketing Levels The Online Playing Field
Digital marketing provides solopreneurs, startups, small and medium businesses the chance to compete and attract their share of targeted traffic. They now have the resources to perform sales and marketing processes that were previously available only to large corporations.Lead generations and conversions through digital marketing are way better than other comparable methods of marketing and advertising.
- Digital Marketing Is More Cost Effective
Startups and SMEs have little resources and capitalization. Digital marketing provides them with better and more cost effective channel that delivers results.Around 40% of the respondents of Gardner’s Digital Marketing Spend Report claimed that they were making considerable saving via the digital methods of marketing and advertising. 28% business owners said they would shift marketing budget allocations from traditional media channels to digital marketing tools and techniques.
HubSpot also attested that digital advertisers improved Cost-Per-Lead (CPL) compared to other ways of marketing.
- Digital Marketing facilitates interaction with targeted audiences
Digital marketing is taking over traditional marketing channels due to its ability to interact with targeted audiences in real time. Engagement in any form is what your customers expect to receive when interacting with your brand or business. How your business handles such engagements and interactions will spell the difference between business success and failure.Interacting and providing your customers with proper engagement points can give you an insight of what your targeted audiences want. This vital information will steer you towards making the right set of next moves, provide your customers with an even better experience, develop good relationships with them – gaining their loyalty and trust that you will need when your business begins to grow.
- Digital Marketing Delivers Conversions
The success of a business is measured by the percentage of incoming traffic that gets converted into leads or sales. All your traffic and marketing campaigns are meaningless if your visitors don’t convert the way you want them to.Digital Marketing practices like Search Engine Optimization, email marketing and social media marketing, and conversion optimization tools can significantly improve your digital marketing campaigns.
- Digital Marketing Generates Better Revenues
High conversion rates brought by a good digital marketing campaign are bound to benefit a business in terms of better and higher revenues. Businesses using digital marketing strategies have 2.8 better revenue growth expectancy.Small and medium businesses benefit greatly from digital marketing techniques, as better revenue growth expectancy provides them 3.3 times better chances to expand their business and workforce.
- Digital Marketing provides better return on investment
As digital marketing improves your revenues and branding, it will provide a better ROI than traditional marketing channels can. Digital marketing is easy to track and monitor, so you can measure your results as soon as your targeted audience takes the desired action, such as providing you with contact information, subscribing or purchasing something.Digital marketing generates a steady flow of convertible traffic. The more traffic converted by your business, the faster you realize your return on investment.
- Digital Marketing caters for multiple devices
It’s essential for businesses to create a seamless experience across all devices. India had 337 million smartphone users (26% of the population) by the end of 2018.Mobile internet has eclipsed desktop users in terms of being the main source of information and an essential form of communication. Thus, it is important now more than ever to have a digital marketing campaign that is focused on mobile consumers.
Digital marketing can create targeted campaigns relevant to the appropriate device and demographics, reaching the right consumers at the right time on the right device, influencing purchasing decision and increasing conversion rates.
- Digital Marketing earns people’s trust
Digital Marketing focuses more on social media signals resulting from direct and more personalized interaction between a business and their targeted audiences. People trust information about a particular brand, product or service if it comes from people they know.Digital Marketing leverages social media signals, social proof and testimonials from actual consumers who have previously purchased, joined, or availed of a product or service marketed by a particular brand or business.
The more reliable these social signals are, the higher the trust rate it can generate from targeted audiences — most of which can be potential customers.
- Digital Marketing builds brand reputation
Delivering what you promised empowers you to build your brand reputation and increases your customer base. It will help in gaining the trust of customers and develop better relationships with the targeted audience.Clients who are satisfied with your action will definitely share their experience with others. This will open up new possibilities to grow and reach bigger markets.
- Digital Marketing entices people to take favorable action
While social signals and testimonials help earn trust from targeted audiences, Digital Marketing makes use of effective strategies that will entice people to take a favorable action your brand or business intends them to take. Conversion to leads or sales is still initiated and under full control by the website visitor. They are not compelled to do so but digital marketers can make use of clever and innovative ways to entice conversion using Calls-To-Action.Calls-To-Action specifies what your web visitors should do next — either to sign up, like, download something, call or buy — specific steps that will entice them to perform a favorable action. Innovative forms, buttons and texts are optimized according to copy, color scheme, graphics and even positioning on the page to generate the best results in terms of generating favorable action.
- Digital Marketing prepares you for IoT (Internet of Things)
The “Internet of Things” is a global ecosystem of interconnected devices — tablets, smartphones, gadgets, appliances and more — that can interact with each other through the Internet. Sounds like something from a Sci-Fi thriller, but this is what the projected 24 billion gadgets by the year 2020 will actually head to.Digital Marketing will prepare your business towards this eventuality, an interconnected ecosystem that will permeate through every aspect of people’s lives. Survival for your business in the era of the “Internet of Things” means inclusion in this interconnected grid – giving you an access window to reach out to targeted audiences belonging to this online grid.
- Digital Marketing ensures business survival
Brick-and-mortar business establishments normally encounter visitors entering their store, skimming through and inspecting products, then leave without buying anything. Many kinds of people like these come and go, but a targeted few will actually make a purchase and if satisfied, will come back for more at a later date. If you get less of the later and more of the former, sooner or later your brick-and-mortar business will cease to exist.Your business can be likened to this. Even if you have tons of website visitors but none of them ever convert, your business will also cease to exist. Digital Marketing helps you make use of proven strategies and techniques that attract not necessarily more traffic — but highly targeted traffic that delivers results. Targeting the right kind of people that delivers the right kind of results is what Digital Marketing is all about — ensuring survival for your business.
Regardless of company size and budget, whether you are a B2B or B2C business, you can easily measure and analyse your digital marketing efforts. This helps even the newest and smallest businesses to compete neck-and-neck against the well-established and larger ones.
Globalization and digitization have led to the growth of both, omnipresent opportunities and omnipresent competition. Other than effective digital marketing ideas, businesses need to come up with strategies to make an abiding impact on their audience. The only way to survive today’s cut-throat competition is to ace that competition, and adopting an effective digital marketing strategy gets you a step closer to achieving it.
We at iEntrepreneur create customized digital marketing strategies that build authority into your web presence, help you dominate the competition and transform your business into a digital powerhouse. We take on the full spectrum of your digital marketing efforts to provide you with a complete end-to-end solution. We work within your budget and formulate a marketing strategy unique to your business, making sure that you get as much out of our services as possible.