Small to medium-sized firms should consider investing more money in their online marketing as they start to prioritise for 2017, a marketing expert says.
Will Scott, chief executive officer of Search Influence, said that even when times are tough, smaller firms should not neglect their marketing spend.
“It’s imperative to remember how important the marketing portion of your budget is for survival,” Scott said in a post for Search Engine Land.
“You should never stop promoting your business, even when resources end up being more limited than expected. When your marketing budget is small, you must make smart choices about your priorities to determine how much money you should devote not only to marketing in general, but specifically to the critical components of online marketing.”
Scott lists three reasons why SMEs should make online marketing an investment priority:
Competition is getting stiff.
More firms are focusing on online marketing as spending on traditional advertising drops. With more businesses switching to digital marketing, the online competition is getting “fierce”.
Online marketing makes business sense.
It offers a number of benefits: “Online marketing can offer a higher return on investment than traditional approaches due to the relatively low cost of online channels like social media, as well as the ability to quickly adapt your strategy based on data available from Google and social media platforms,” Scott said.
More smaller firms want to invest in digital marketing.
Research shows that, if companies had larger budgets, they would definitely put online marketing at the top of their spending list.
“As more SMBs shift their dollars to online marketing, they will find more prospects and more loyal customers who will visit their websites, read about and rate their products and services, and purchase them and give feedback that will be valuable to the rest of the market,” Scott added.