January 10, 2011 02:48
For the general public Internet is fast becoming the principle medium of gathering information, especially with regard to purchase decisions. As a result, Internet has become the most powerful selling tool in the marketer’s arsenal, a tool which promises to deliver the goods at the most cost effective rates.
In my view, whether you are looking to introduce a new product/service into an existing market, or an existing product/service into a new market, or start ing a new business venture, Internet can help you succeed at the fraction of the cost of traditional marketing methods. Some of the principle reasons why online presence is important for business growth and survival are as under:
Market Penetration
Basically websites act as an extension of a company’s storefront. They enable you to showcase your products/services in a controlled environment allowing you to stay open 24/7. Internet gives your business greater visibility, thereby creating more opportunities for increasing customers at almost zero cost. This is especially relevant for new businesses; as you can get their message across quickly to millions of prospective customers without the need of investing in expensive ad campaigns.
Enduring Presence
Online promotions are enduring. They work 24 hours a day, 7 days a week without losing their luster. In fact online contents continue to work till “you” decide to take them off, or replace them with something better. No other marketing medium can rival this capability! For instance studies suggest that printed advertisements – in newspapers and magazines - lose their value within two days, while participation in trade fairs loses its impact as quickly as the fair ends. A website on the other hand remains valid year after year at the fraction of the cost of other commercial marketing mediums.
Instant Feedback
Unlike the real world, the digital world is a labyrinth of numbers and figures. You can keep track of every little detail with regard to your market, products or services. Moreover with techniques like Click Through Rates (CTR) and unique and repeat visitor monitoring you can not only keep an eye on the effectiveness of your promotions but also get up-to-the-minute updates on the latest market trends, thus allowing you to better position your product or service against the competition.
Time Saving
One of the greatest advantages of Internet marketing is that it saves both time and money by doing away with customer services, counseling on product uses and benefits, service information and administrative costs. You do not have to hire people to cater to visitors, or worry about wear-and-tear! People can come and go as they please, browsing around your virtual product/service.
Global Reach
Having a website liberates you from the bounds of your local audience. You are able to reach thousands, possibly millions of customers with what you sell. Anyone, from anywhere across the globe can see your product and service online. Such an extended reach can be very handy for people in the real estate business etc.
In short, regardless of your business type, industry or focus, if you want to score big and get more business you have to have an online presence.
Nina Chohan, Sales & Accounts Director, Traffic Online JLT
