It has become somewhat obvious in recent years that technology is essential for the advancement of businesses. However, what's the best way to advance? A study recently conducted by Google and Deloitte Surveying, affectionately called, "The Study," found that online advertising and digital business tools have done a lot to improve the productivity of small business across the globe. In most cases the tools increased productivity by 300%.
Deloitte surveyed businesses that implement Facebook, Twitter, YouTube, Instagram, and Pinterest to see if there was any difference in their productivity. This entailed the social media side of the survey. The other side of the survey analyzed the effects of things such as websites, analytics, online marketing, cloud-based communication, and other digital channels.
Before diving into Deloitte's study, it would be a good idea to separate the alternate realities of social media and digital tools. According to the Meriam Webster dictionary, social media consists of:
Deloitte concluded that different results appear based on which method of advertising a business uses. Both digital tools and social media help to reach more customers and markets, create jobs, and cause the business to grow faster.
Advertising has always been a large part of the selling process. Without it, the business owner is waiting for someone to stumble upon their product. Advertising brings the product to the customer in a way that will seem attractive to them and entice them to buy. With the introduction of personalized ads in Facebook and search engines such as Google and Yahoo, business ads are becoming more and more frequent. Carrington College has been implementing online ads in an ragingly successful effort to attract more students. Google, in their Small Business Blog, uses the example of Wichita Furniture, whose website traffic increased by 50% in 2016 alone, attributing the increase to web marketing.
Digital tools help small business to reach potential buyers at any stage. Deloitte's research found that businesses that implement online advertising have reported a 300% increase in customer interest and site traffic. Another helpful digital tool is Hootsuite. This application is famous for managing social media accounts and giving precise analytics. Shopify could also be included in this family of digital tools, as it provides a framework for a small business shopping site.
Markets are where small business can thrive. The web can open up whole new markets to small businesses that previously would have been unreachable. For example, again in Google's article, they spotlight an in-home business based out of south Idaho that make homespun yarn. Through online advertising and marketing, they were able to meet their first international order in 2016. Using digital tools such as Google Ads or Facebook Ads, In-Home businesses can now advertise their products worldwide. Social media can help with this, as relationships continue to develop with various people. Deloitte reported that small businesses who utilize online marketing and communication are 3x as more likely to export internationally.
Job opportunities can also stem from the use of social media and digital tools. Besides the social media marketer position, there positions such as what Deloitte calls, "followups." These jobs are meant specifically to follow up on failed sales. Essentially customer service gurus, they specialize in re-persuading the customer. When a customer enters the door of a business's website, they are immediately given an ID# by a store applications such as Shopify. These numbers will stay with the customer until they are completely finished with their order. But if the customer has items in the cart, but doesn't follow through, these "followups", would be able to interact with the customer and remind them of their waiting purchases. The list of possible positions is endless. The point remains that digital tools can create new jobs and tasks. These new positions can push the business further and create more revenue from the sales they generate.
In conclusion, social media and digital tools reach more customers, new markets, new jobs, and new growth. Social media is becoming the main avenue for online marketing, but applications such as Shopify, ERP solutions, and others are helping in the growth and spread of small businesses.
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Before diving into Deloitte's study, it would be a good idea to separate the alternate realities of social media and digital tools. According to the Meriam Webster dictionary, social media consists of:
forms of electronic communication (such as websites for social networking and microblogging) through which users create online communities to share information, ideas, personal messages, and other content (such as videos).A digital tool on the other hand is, "a virtual application that aids in the development and growth of businesses or foundations." With these two definitions, there can be quite a bit of crossover between the two. But in general, think of social media as a way to network with your customers, and digital tools as a way to grow your business.
Deloitte concluded that different results appear based on which method of advertising a business uses. Both digital tools and social media help to reach more customers and markets, create jobs, and cause the business to grow faster.
Advertising has always been a large part of the selling process. Without it, the business owner is waiting for someone to stumble upon their product. Advertising brings the product to the customer in a way that will seem attractive to them and entice them to buy. With the introduction of personalized ads in Facebook and search engines such as Google and Yahoo, business ads are becoming more and more frequent. Carrington College has been implementing online ads in an ragingly successful effort to attract more students. Google, in their Small Business Blog, uses the example of Wichita Furniture, whose website traffic increased by 50% in 2016 alone, attributing the increase to web marketing.
Markets are where small business can thrive. The web can open up whole new markets to small businesses that previously would have been unreachable. For example, again in Google's article, they spotlight an in-home business based out of south Idaho that make homespun yarn. Through online advertising and marketing, they were able to meet their first international order in 2016. Using digital tools such as Google Ads or Facebook Ads, In-Home businesses can now advertise their products worldwide. Social media can help with this, as relationships continue to develop with various people. Deloitte reported that small businesses who utilize online marketing and communication are 3x as more likely to export internationally.
Job opportunities can also stem from the use of social media and digital tools. Besides the social media marketer position, there positions such as what Deloitte calls, "followups." These jobs are meant specifically to follow up on failed sales. Essentially customer service gurus, they specialize in re-persuading the customer. When a customer enters the door of a business's website, they are immediately given an ID# by a store applications such as Shopify. These numbers will stay with the customer until they are completely finished with their order. But if the customer has items in the cart, but doesn't follow through, these "followups", would be able to interact with the customer and remind them of their waiting purchases. The list of possible positions is endless. The point remains that digital tools can create new jobs and tasks. These new positions can push the business further and create more revenue from the sales they generate.
In conclusion, social media and digital tools reach more customers, new markets, new jobs, and new growth. Social media is becoming the main avenue for online marketing, but applications such as Shopify, ERP solutions, and others are helping in the growth and spread of small businesses.
Enjoy this article? Please like and subscribe!
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