How Can Digital Marketing Help a Business Grow？ [+8 Benefits]

U.S. enterprises are poised to allocate nearly $150 billion towards digital marketing by 2024. The rationale? Simply put, digital marketing is a catalyst for business growth. In this article, we delve into the myriad ways digital marketing can propel your business forward. Additionally, we’ve included an exclusive video that debunks several digital marketing misconceptions.

At WebFX, we’ve generated over 24 million leads and $10 billion in revenue for our clients over the past five years.

Continue reading or reach out to us to discover how our digital marketing solutions can fuel your business’s growth.

What is digital marketing? It encompasses marketing activities conducted through web-based platforms, contrasting with traditional marketing channels like print, television, and radio.

Key digital marketing strategies include:

SEO services

Pay-per-click (PPC) advertising

Social media marketing

Content marketing

Email marketing

Why should your business invest in digital marketing? As consumers increasingly spend time and money online, the Internet has become the central hub for purchase decisions.

Explore the following statistics for further insights into the significance of digital marketing in 2024:

Over 5 billion individuals are active online.

Approximately 71% of business buyers initiate product research with a search engine.

By 2023, it’s projected that 90% of Americans will purchase goods and services online.

As online activity and spending surge, businesses can harness the Internet to engage with new customers, generate more leads, and increase revenue.

How can digital marketing facilitate business growth? There are numerous advantages, but here are the most notable benefits:

Let’s delve deeper into each of these advantages of digital marketing:

1. Global Reach

Digital marketing transcends geographical limitations. The vast number of Internet users worldwide makes digital marketing a pivotal strategy for businesses in 2024 and beyond. It empowers you to connect with a broader audience, regardless of their location.

The Internet’s expansive customer base offers immense growth potential. Even small, emerging businesses can access a global audience. Moreover, niche product and service providers can identify sufficient customers to sustain their operations.

2. Precision Targeting

Digital marketing enables precise audience targeting for your ads and content. You can tailor your campaigns based on:

Demographics

Location

Previous purchase behavior

Interests

And more

Moreover, you can easily refine your targeting throughout a campaign. In contrast, traditional marketing’s targeting capabilities are limited or non-existent. You often have to rely on chance for your ads to reach the right audience.

3. Accurate Performance Tracking

Marketing through digital channels allows for comprehensive campaign feedback. You can readily access detailed insights into who clicks on your ads, visits your website, and follows your social media profiles. For instance, Google Analytics, a popular web analytics tool, provides age demographic data on website visitors:     With digital marketing tracking tools, you can monitor campaign performance in real-time and adjust them to enhance outcomes.

For example, you can test various PPC ad variations and identify the most effective ones. This enables you to concentrate your efforts on the most successful ad types. You can also track ROI metrics to evaluate campaign performance.

MarketingCloudFX, our exclusive digital marketing platform, is another tool that can help you monitor the growth of your digital marketing initiatives. This robust tool tracks your performance and offers AI-driven recommendations to optimize your strategies.

4. Inbound Marketing

While traditional marketing is typically outbound, digital marketing excels in inbound marketing.

Outbound marketing involves reaching out to customers to promote your business, service, or product. Often considered intrusive, examples include TV commercials, cold calls, and direct mail.

Inbound marketing attracts potential customers or leads through content discovery, research, or shopping. For example, a customer might stumble upon your blog post after a Google search.

With inbound marketing, customers actively seeking information are more likely to be genuinely interested in your business and inclined to make a purchase. In addition to generating more qualified leads, inbound marketing yields more leads overall. Inbound marketing outperforms outbound marketing by 54%.

5. Enhanced Brand Awareness

Digital marketing is a powerful tool for increasing brand awareness, reflecting the familiarity of your audience with your brand. In fact, online ads can boost brand awareness by up to 80%. Awareness is the first step in the marketing funnel, illustrating the customer journey.

The greater the number of people aware of your company, the higher the likelihood of converting leads into customers. Digital marketing provides numerous opportunities to raise brand awareness in a seamless, non-intrusive manner. Options include blog posts, videos, social media posts, PPC ads, and infographics.

6. Sales Improvement

Digital marketing generates leads more likely to convert, thereby boosting sales and revenue. How does digital marketing contribute to business revenue growth? Look at the following statistics:

SEO leads have a close rate of nearly 15%, compared to the less than 2% close rate of outbound leads.

Local searches, including those with “near me” phrases, convert 80% of the time.

Content marketing can double your website’s conversion rates.

7. Cost-Effective Solutions

Digital marketing enhances sales in a cost-effective manner. Smart, data-driven digital marketing strategies, such as those provided by WebFX, yield a remarkable return on investment (ROI) that justifies their investment. Explore these examples:

PPC advertising offers an average ROI of $2 for every $1 spent.

E-commerce SEO provides an average ROI of about $2.75 for every $1 spent.

Bloggers are 13 times more likely to achieve positive ROI.

Partnering with an experienced digital marketing agency like WebFX can maximize your investment. We can also assist you in selecting the most suitable digital marketing services for your business needs.

8. Future-Proofing Your Business

As mentioned earlier, people are increasingly using the Internet for product and service research and purchases. Failing to leverage the benefits of digital marketing means missing out on numerous opportunities, particularly as competitors are likely utilizing digital marketing. The projected growth of digital marketing underscores the importance of investing in it now, if not already.

By investing in digital marketing now, you can capitalize on the opportunities that modern Internet technologies offer businesses. It will also position you to seize new opportunities as technologies and consumer habits continue to evolve.

At WebFX, we have witnessed time and time again how digital marketing can drive business growth for our clients. Our focus on delivering results has resulted in 24 million leads and $10 billion in revenue for our clients over the past five years.

We offer a comprehensive suite of digital marketing services, including:

SEO

PPC

Social media marketing

Web design and development

Content marketing

Email marketing

And more

Additionally, we have a global presence! For instance, we provide London digital marketing solutions, along with services in cities such as:

Jacksonville digital marketing agency

Dallas digital marketing agency

Denver digital marketing agency

For more information on how digital marketing can improve sales, brand awareness, and other key metrics, explore our free resources or contact us today to speak with a digital marketing expert.