Why Steering your Business Digitally
To Digital Market or Not to Digital Market?
Everyday there are thousands of new entrants into the business arena, each vying for their share of their markets pie. What might they be doing that you can learn from or leverage? Take for example Business A and Business B. Business A eschews the newer approach to marketing their services and site, but has a superior product. Whereas Business B may have a somewhat ok product, however they look for new opportunities and clever ways to get in front of an audience. Who do you think will be more successful longer term? If you guessed Business B you would absolutely be correct.
While Business A may have the superior product if no one knows you exist who will be there to tout the benefits of what your products offer? Business B will be able to reach a far larger audience and if their product ultimately still solves a concern, they will still win out over a superior product any day of the week.
So as a new business you might think to yourself this is comparing apples to apples, how about more established and entrenched businesses who’ve been around for 70 years? Believe it or not this still applies to those businesses as well and the sooner you act the easier it will be for you to catch up, surpass, and even stay ahead of the game.
Steering Large Ships Away from Icebergs
Digital Marketing didn’t start until the early 90’s but it has grown in popularity ever since its inception and every year more and more people are moving away from traditional marketing methods like television and magazines.
Recently, I attended a conference that helped really solidify this point. It featured several keynote speakers; Kevin Harrington, was among them. You’ll recognize him as one of the original Sharks on Shark Tank and the original creator of the iconic brand As Seen on TV.
Below is a great example that helps to emphasize this point, it incorporates more years and for a once popular program. The Oscars as you’ve come to know them over years used to be a huge draw for viewers around the globe. As of 2018, the audience that is currently paying attention has almost halfed in size, talk about a drop in audience size. This one example can help to illustrate the impact TV viewership has taken over the years.
Source: Chart from Statista.com
Kevin Harringtons’ business as you realize depends on things like how many viewers see his products as that was the lifeblood of the brand. He revealed an interesting survey that saw television and other physical mediums lose 50% of their viewership from 2002 to 2012. As it turns out, the vast bulk of these viewers had all migrated online, and It appeared as though these viewers would not be returning anytime soon.
With revenues dropping yearly a healthy decision was made to finally take the brand online. In the years following they made massive strides and not only fully recovered, but grew and even expanded operations to other countries. Fast forward to 2019, they haven’t looked back and now the company is doing better than ever. In fact, Kevin even made a new Digital Marketing agency to help other companies achieve the same success.
The one key takeaway from this brief story is that you should never be waiting around for your audience to come to you. Make an achievable plan, take massive action by executing it daily (remember this is a marathon and not a sprint), and go to where your audience is!