When it comes to spending, Australian corporations and big businesses are prioritising digital over traditional media. Long-held concepts of how to grow businesses are shattered due to the digital world and every business must embrace the digital world to become competitive.
Social Networking Platforms
The first step for most businesses is merely to have an online presence. First-time entrepreneurs and small businesses can take advantage of the wide reach of social networking platforms like Facebook, Instagram, and Twitter to promote their businesses and connect with more people. Businesses get to tell a wider audience about their products or services, even opening one-to-one transactions through direct messaging. 2020 proved almost anyone could do business over social networks, as home bakers, online sellers, and even influencers made full use of social media platforms to generate income.
Serious businesses should consider investing in a dedicated website. Every major company and corporation has one, and securing a domain name is a mark of heading to the big leagues. Through website optimisation, you can ensure that your site comes up on top (or at least the first page) of searches related to it or its products/services. A dedicated website allows companies to control the design and content without the ads that come with social networking sites (that could even come from a competitor).
Digital transactions are slowly becoming the norm in buying and selling non-essential goods. Buyers will happily stay in front of their PCs, laptops, tablets, or phones instead of lining up in physical stores where the stock could be unavailable. Online sales in Australia amounted to $30 billion in 2019, and that number could only rise with the lockdowns of 2020. More than 80 percent of residents have tried their hand at online shopping, and online sales amount to more than 10 percent of the country’s total sales revenue.
With a dedicated website, any company can open its own online store through e-commerce platforms like Shopify, 3dcart, Ecwid, Volusion, and Magento. Most of these services can be accessed for less than US$20 a month. Maintaining an online store is more cost-efficient than opening an additional store. There are no costly overheads or the need to procure and train new personnel. Everything transaction is done through online banking or digital payment processors. Businesses only need to choose what to sell as well as the size of their store.
An online store can also be accessed from anywhere in the world as long as one has an internet collection, allowing people from far beyond your community to get to know, or even have transactions, with your business. Going digital can increase your profits exponentially, as your customers and clients are provided with more avenues of the transaction and an easier option to buy your goods.
Corporations and companies in Australia spent more than $9 billion in digital ads in 2019. Digital ads and promotions on social media platforms can go as low as $10 per promotion. However, prices can rise if it involves advertising in some of the most popular channels or pages. Big corporations have spent millions to corner particular spots during big launches, especially when targeting younger demographics. Ads in online radio shows in Spotify command higher prices than actual radio spots, and the increased prices reflect the efficacy of the ads.
Unlike traditional media (where ads run on schedule, whether someone is tuned to it or not), digital ads run only when a particular video or page is accessed. Complex algorithms can tune in to particular demographics through their interactions, customizing ads to reach their target market. Digital ads can introduce your business to people unaware of it, increasing your brand recognition and prestige.
The average person spends four to six hours on their phones. A phone app is a great way to connect with these people, especially ones who have already taken a liking to your company. A custom phone app can serve as a privilege card, giving its users discounts, additional perks, and announcements on special events and promotions. A phone app can even connect to an online store, adding another avenue of transaction. Phone apps also serve as advertising platforms, as having your brand logo on someone else’s phone serves as a legitimate endorsement.
The digital world has opened whole new ways to connect, advertise, and transact with potential customers or clients. Grow your brand exponentially without costly overheads by making full use of social media networks, digital ads, and a dedicated website.