Digital marketing investments are making the difference between businesses failing, barely hanging on, and thriving.
Just this week we consulted with three different businesses who had taken three distinct approaches to their digital marketing, and now have real data we can anonymously share.
All three businesses are in the same consumer good category and in the same geography with relatively similar financial metrics.
The first company has seen an 80% drop in sales as the majority of their business had been driven by onsite purchases at upscale retail locations. They are now investing in a digital strategy to drive growth.
The second company invested early in digital, updating its website, and investing in online advertising. They have already seen a revenue increase of 483% in the last 6 months.
The third company is hanging on and watching competition take an increasing share of their business by out-competing them in search and social presence. This company is taking a conservative approach – just starting to look at what digital marketing can do for them.
These real-world examples clearly illustrate what is happening throughout the business world. Investments in digital have gone from a nice to have, to an absolute essential.
We had predicted this, and now we have solid evidence. The differences could not be more clear. 483% growth for early moves, 80% decline for people getting started, and we will see what happens with those being more conservative.
As we look ahead, the early movers will start to see more competition from those businesses looking to catch up, and those still taking a wait and see, will probably face real struggles.