The Best Time to Go Online Was 15 Years Ago. The Second Best Is Now.
Do you often find yourself wondering how things could have been if you had made different choices in the past? Imagine getting that Google or Amazon stock before the companies blew up so much. How about investing in Tesla before it became a powerhouse worth around $450 billion? You and your business might have been in a much different place right now.
To quote Buddha — What you are is what you have been. What you’ll be is what you do now. Many claim the best time to go online was 15 years ago. However, one can argue that today presents equal, if not better opportunities for businesses worldwide.
“It is the idea that too many people wish they can become better, wish they can have this, but they really have to ask themselves … is what they are doing currently serving their future self?” says Gurnavjyot Singh, founder and CEO of Leverage Media (IG: @gurnbusiness).
Nowadays, the field of business is more dynamic and exciting than ever. It is not too late to make smart choices and ensure your financial well-being for the future. However, how can you predict what the next big thing will be?
What Is the Next Gold Mine?
One universal truth in business is that the money goes where the attention flows. You can even say that in this day and age, attention is the new currency. Today, the whole business world has gone online. Even before the COVID-19 pandemic, businesses from all industries were transitioning to the online model. This trend will only increase, now that the coronavirus has made it impossible to conduct business otherwise.
If your business has not yet made the transition to online, the best time to do it is right now. Brand awareness and social growth are key to making sure your business stays afloat and generates you profit. Going online and investing in your online presence is the most effective way to navigate through those interesting times.
Let’s take a look at a few factors that show us why going online now is the best business choice you can make for the future.
COVID-19 Changed Business Forever
The ongoing pandemic has forced companies from all industries to adopt digital technologies at a never-seen-before rate. Given the fact that the business environment has changed so much in such a short amount of time, companies needed to find a way to stay competitive in the long run. Digital technologies have been adopted at both the organizational and industry levels, as the vast majority of consumers have moved to online channels.
Customer needs and expectations have shifted remarkably towards digital. Online purchases and digital services are now in demand more than ever and the trend is not going away anytime soon. As a businessman, you cannot afford to ignore the new reality.
How Digital Marketing Metrics Shifted
Due to the sudden and massive digitalization of businesses from all across the business spectrum, digital marketing activities see a substantial increase. More and more companies shift spending to online ads, as opposed to traditional advertising. As a result, the field of online marketing sees an interesting shift as well. Due to more money coming in, especially on ad platforms like Facebook Ads and Google Ads, some of the key average metrics are changing for all users.
Cost per Conversion & Cost per Acquisition
When it comes to generating leads and getting business online, two of the most important metrics are cost per conversion and cost per acquisition. They reflect the amount of money you spend to generate a lead or a new customer for your business. All online ad platforms clearly present those numbers, so you know exactly how effective your digital marketing activities are.
With the majority of big companies investing heavily in online advertising, the average cost per conversion and cost per acquisition for everyone skyrocket. The benchmark for different industries increases, which can be detrimental for smaller companies. They might find themselves not being able to execute effective campaigns due to their smaller budgets.
Transitioning your business online now is essential. The costs for effective online marketing are only expected to increase further in the future.
Over the last few years, users of various social media platforms see the reach of their posts go steadily down. Even though platforms like Instagram have a constantly increasing user base, posts somehow do not get seen by as many people as before. This occurs exactly because of the increased ad spending by companies and organizations. Since there are so many ads, the overall impressions organic posts have is severely limited. After all, social media like Instagram would like to generate profits, so they prioritize ads before organic content.
When you combine this trend with the overall increase in the average costs for effective online marketing, it makes sense to enter the playing field right now. Otherwise, you might find yourself in an already oversaturated market with extremely high marketing costs.
How Facebook Ads Change During Elections
Here is an example of how companies with massive budgets make it difficult for newcomers to digital advertising. During the 2020 election, political organizations spent a lot on Facebook ads in order to push their agendas. The same goes for the candidates themselves. Joe Biden spent $82.71 million and Donald Trump — $82.38 million on Facebook Ads.
Since the targeting of political campaigns often overlaps with the audiences of some companies, the latter see an increase in the costs of their ads. After all, it’s a system based on bids and few can manage to outbid campaigns with such mind-boggling budgets.
You can imagine a similar situation with huge corporations who discover the full power of social media ads. Once they get fully into social, it will be exceptionally difficult for the average business owner or individual to run a cost-effective online marketing campaign.
Get Your Business Online Today
As you can see, having an active online presence and focusing on digital services is essential for any business. There is no better time to make that transition than now. Once the big corporations go fully online, your market entry costs might be too much to handle.