The hard and blek truth is that it takes a lot of work for new businesses to withstand the test of time. Bureau of Labor Statistics (BLS) data shows that about 20% of new businesses fail during the initial 2 years, 45% during the initial 5 years and 65% during the initial 10 years. It is only around 25% new business that makes it to more than 15 years and more. 

 In this blog, we will discuss the reasons for new business failures, why digital marketing is good for new businesses and how new businesses can continue sailing their ship with the help of a digital marketing agency.  

Reasons For Failure Of New Business 

In the section below, we have mentioned three common reasons that lead to the failure of new businesses. 

• Firstly, not having enough experience managing a business or being stringent in delegation has a negative impact on new businesses. As a business owner, you can overlook operations thoroughly and consequently delegate tasks to the experts in their respective fields for a smooth transition. 
• Marketing campaigns that are poorly planned or executed is one of the commonly cited reasons that bring down the fort for new business. Not understanding the market, and the potential customers before pulling the marketing trigger.  
• Last but not the least is Competition. In any field, Competition is inevitable, and new businesses opt out of the race because of heavy Competition. However, a digital marketing agency can help immensely with handling competition which we have mentioned in detail further in the blog. 

Why Is Digital Marketing Good For New Business  

Digital Marketing companies have been game changers recently and have entirely changed businesses’ marketing goals. Entrepreneurs across the world rely on digital marketing. To put it across in numbers.

SEO leads to about a 15% close rate; 49% of businesses have confirmed that organic search gets them the best marketing ROI.

Moving over to social media marketing – The market size of social media is estimated to be about $72.2 billion. Over 91% of businesses use huge social media marketing. Hence, your marketing needs to be smart, with advanced tools, if you intend to attract more customers and business. 

Thirdly it is about the website; 75% of the consumers say they look at the website to decide the business’s credibility. This is where new business falters, as 72% of new businesses do not have a website, whereas 70% of new businesses have missed the call to action field on the website. 

Email marketing is another crucial and low-cost part of digital marketing used in specific fields. 

 64% of businesses have confirmed that email marketing has helped them reach their ideal customers, whereas 80% of marketers have mentioned giving up social media marketing rather than email marketing.

5 Reasons Why New Business Needs A Digital Marketing Agency

The world has become an oyster for new businesses as there is no geographical boundary with digital. You can reach your customers anywhere, anytime, and connecting with customers is the best strategy to develop your business. 

Below are the reasons why you need experts to utilize the complete potential of digital marketing for your new business

Building Your Product 

The primary objective of your new business is to achieve its goals and reach its intended customer. Especially during the initial stages of your business, you cannot afford to make mistakes. Instead,if you hire a digital marketing agency it will help prospect your business strategically according to your niche and the industry that you are in. Helping you channel your money in the right direction through the right prospects.  

Competitor Analysis 

As mentioned earlier, competition is one of the reasons why new businesses fail. Hence, Competitor Analysis is a critical aspect of business growth. It involves identifying strengths and weaknesses and understanding the strategies that helped your competition. 

Subsequently, a digital marketing agency, while doing competitor analysis, will look at competitors’ total number of keywords and their monthly organic traffic with those keywords. 

Digital agencies can provide you with the most successful competitors’ keywords, SEO strategy, etc. Consequently, applying all this in order to make your campaigns successful within a shorter amount of time. 

Uncover Opportunities

Having had the experience of working with various brands from various industries, a digital marketing company can apply the strategies and tactics which may have worked for companies in another niche, unraveling your new business the hidden opportunities which you could not have deciphered. 

Creativity Helps To Make It Big 

 Unlike traditional marketing, digital marketing is not about the number of funds pitched in marketing. Online marketing is about creativity and marketing tactics used smartly. When you hire a digital marketing agency for your new business, they will help you create innovative and creative content to set your base in the digital world. With this good quality content, you can not only grab eyeballs but also compete with big businesses in your field.  

Give Measurable Results

 You can measure the success of marketing campaigns set by your digital marketing agency. There is complete transparency from both ends, and at the end of each campaign, you can evaluate the performance of your new business, helping you further marketing, product research and decision-making for the betterment of your business in a short span of time because of which the growth and revenue of your business is accelerated. 

If you’re interested in outsourcing your business marketing, then DMC is the right digital marketing agency for you. DMC is a well-known digital marketing agency based out of Hyderabad. We have worked with more than 800+ businesses from all genres and have helped improve their online business presence by driving traffic through both social and local marketing channels with our trusted, time-tested and skillfully planned Digital Marketing strategies garnering business more revenues and leads. 

You can fill in the details at digitalmarketingconsulting.in/contact-us.php, and our team will get back to you.