Why SMEs in Singapore Should Go Digital?

What is Digital Marketing?

Digital marketing is an umbrella term for all of your online marketing efforts. It is about marketing of products or services using electronic media such as the web, email, mobile phones, display advertising and any other digital medium in conjunction with digital data about customers’ characteristics and behaviors.

The term is predominant today as the usage of internet increases over the years. In 2016, the total population in Singapore is 5,781,728 and there 4,699,204 internet users which means almost everyone access the web. But, not all users know the benefits of digital marketing and the current digital marketing trends.

With the change and evolution of modern technologies, the market is going through dynamic changes and many large companies are expanding and reshaping their marketing strategies from traditional marketing to digital marketing. For that reason, Small and medium-sized enterprises (SMEs), as the backbone of the economy, must go digital to be able to adhere with the dynamic changes. The Government of Singapore is committed to help and support SMEs to keep up with the changes in digital culture which makes it easier for them to keep up with these changes.

The rise of the Internet offers a golden opportunity for small and medium enterprises (SMEs) to level the playing ground against their bigger competitors. But, what really are the benefits of digital marketing for SMEs?

Cost-effective

Not all SMEs have a lot of resources and capitalization but digital marketing allows them to overcome the challenge of tight budgets and limited resources as well which helps them to compete with its bigger competitors. Digital marketing has a higher ROI when compared to traditional marketing since the latter acquires in a lot of expensive costs, which vary depending on the platform. This is why digital marketing provide SMEs with a better and much more cost-effective marketing channel that delivers better results.A poll conducted by UOB this month found that 88% of SMEs in Singapore believe that their business will benefit from the adoption of digital technology. In particular, more than half felt that it would help them save costs and reduce reliance on manpower.

Builds brand awareness

Digital marketing campaigns allow you to build substantial brand awareness and to constantly be in engaged with your potential customers, gaining their trust and loyalty by leaving long-lasting, positive impressions on them.

Provides better ROI

With the right execution of digital marketing techniques, it can generate a steady flow of targeted traffic that converts into higher conversion rates and revenues. The more your business generates this kind of traffic, the faster you can comprehend your ROI which help you stay ahead of the competition

Build better relationship with targeted audience

Building strong relationships with customers is a key part of your brand's long-term success. Digital marketing reaches out to your target audience and is a valuable asset for developing good customer relations. Through different marketing channels, businesses can improve customer service and reduce customer agitate.

Sam Walton, founder of Walmart was famously quoted as saying,

“The goal as a company is to have customer service that is not just the best, but LEGENDARY.” – Sam Walton

Reach out local and international customers

Digital marketing is rapidly transforming and is so pervasive that most consumers worldwide have access to information through the web any time and place they want, using their smart phones, tablets or laptops. According to a study, 61% of online searches are about products or services. Therefore, an optimized website with the right SEO practices, engaging content and relevant social media posts can do a lot of opportunities for your business. Interestingly enough, content marketing can generate up to 3 times more leads than traditional marketing strategies, at one third of the cost.

Conclusion

Digital marketing is one of the best marketing options out there for SMEs and is truly a dynamic marketing strategy that can be used by any business types. Ignoring the benefits which your business can get from investing in digital marketing is a big lost. Whether you have a limited or big marketing budget you can still use this promising strategy to promote your business in the most efficient and effective way.