Introduction
In the ever-changing world of digital marketing, small businesses always have to figure out how to grow and change. The purpose of this study is to look into smart ways for Canadian digital marketing shop Innovate Marketing to grow its business. Since it started two years ago, Innovate Marketing has stood out in a very competitive market by using new technologies and a unique approach to personalized digital marketing. When Innovate Marketing first started out, it was a small business with just a few dedicated digital marketers. The agency was able to find a spot in a market that was already full by providing services that were specifically designed to meet the needs of small and medium-sized businesses (SMEs). Notable accomplishments include a 30% rise in the number of clients who stay with the business and the success of programs that made clients’ online presences much stronger (Adewale & Popoola, 2022). There have been some problems along the way, like figuring out how to deal with the changing rules of digital marketing and how to adapt to changes in how people behaved because of the COVID-19 pandemic. We want to take Innovate Marketing to new heights, so this study looks at possible growth plans that would work with a made-up $100,000 business grant. The goal is to look at good choices for how to use this grant to grow operations, improve services, and eventually generate long-term business success.
Infographic Explanation
The Pega infographic gives comprehensive statistics on the influence of COVID-19 on digital transformation, which is particularly relevant to the digital marketing business. As a result of the epidemic, 56% of firms have boosted their investment in digital transformation. This trend is especially important for a digital marketing firm like ours since it indicates a larger move toward digital channels in corporate operations and customer involvement (Pega, 2020). Our company’s focus on offering new digital marketing solutions is aligned with the rising emphasis on digital platforms. This information emphasizes the rising necessity of digital marketing tactics in adjusting to changes in customer behavior and corporate operations throughout the pandemic age.
Facts and Findings
When thinking about expansion ideas, adding additional employees to the team and improving marketing initiatives stand out as the best ways to spend the $100,000 award.
Option 1: Hiring More Staff
The first approach involves adding more data analysts, content producers, and digital marketing experts to our staff. The purpose of this expansion is to increase our ability to serve a wider range of customers and broaden our service offerings.
- Labor Investment: recruiting additional team members would need a one-time expenditure on training and recruiting procedures. Long-term advantages, however, come from the agency’s enhanced ability to manage a wider clientele and the introduction of fresh ideas and abilities.
- Immediate Return on Investment (ROI): Although the initial expenditures of hiring and training may prevent large financial returns right away, it is anticipated that customer happiness and service quality will rise, opening the door for more income streams in the months that follow.
- Feasibility and Long-Term ROI: Eventually, having a bigger staff would enable Innovate Marketing to take on more challenging projects and draw in larger clientele with the assurance of a sizable ROI (Michael, 2022). This strategy has a high probability of success because of the agency’s current infrastructure and track record of successful team management.
Option 2: Expanding Marketing Efforts
The second strategy is on making investments in cutting-edge marketing strategies and technologies to raise brand awareness and draw in a larger customer base.
- Labor expenditure: Compared to recruiting new employees, this strategy calls for a less upfront labor expenditure. The emphasis would be on using the team’s current experience to plan and carry out sophisticated marketing initiatives.
- Instant ROI: Marketing expenditures are probably going to produce noticeable outcomes more quickly. Increased inquiries and possible customer interactions may occur immediately as a result of improved brand exposure.
- Long-term ROI and Feasibility: By building a stronger brand over time, Innovate Marketing may become recognized as a pioneer in the field of digital marketing, which will guarantee steady expansion. This option’s viability depends on how well the firm uses the newest marketing trends and techniques, an area in which it currently excels.
Conclusions/Recommendations
Both of the choices being considered show potential for growth after careful research. Still, given how important it is to take advantage of the rising demand for digital marketing services caused by the ongoing pandemic, focusing on expanding marketing efforts seems like the better course of action (Radhika Dadhich, 2020). This strategy method fits perfectly with the agency’s current goals of increasing brand awareness and getting more clients.
In light of these points of view, the following suggestions are made:
Of all the grant funds that are available, it is best to put a big chunk of them toward a full marketing effort. This effort should use digital media in a smart way to get the most people to see and interact with it. To successfully reach the growing market, you will need to use a diverse digital marketing plan that includes social media, search engine optimization, and focused online ads.
It is highly suggested that you buy both advanced marketing tools and data software at the same time. Adding more computer tools to the office will help it improve the services it provides and run more smoothly (Solutions, 2021). Using cutting-edge tools, the business can learn a lot about market trends, customer behavior, and marketing success. This lets them make smart decisions and get the best results.
Even though expanding marketing efforts should be the main focus of the grant, it would be smart to use some of it to hold classes and training sessions for the current staff. With this focused investment, the company wants to make sure that its employees know about the newest digital marketing trends and skills. Helping workers grow professionally not only makes them better at their jobs, but it also makes the business a leader in providing modern and effective digital marketing solutions.
Finally, the suggested plan includes a fair distribution of resources, with a main focus on growing digital marketing efforts. This method is likely to lead to instant growth by meeting current needs, and it will also strengthen the agency’s abilities for long-term success in the constantly changing digital world.
References
Adewale, A., & Popoola, O. (2022). Impact of Covid-19 Pandemic on the Digital Marketing Strategies of Businesses in the United States: A Case of Selected Multinationals. European Journal of Business and Management, 14(12), 9–18. https://iiste.org/Journals/index.php/EJBM/article/view/58939
Michael. (2022). 5 Effective Strategies for Boosting Small Business Growth in the Digital Age. Www.markercontent.com. https://www.markercontent.com/articles/business/5-effective-strategies-for-boosting-small-business-growth-in-the-digital-age-268393
Pega. (2020). COVID-19’s impact on digital transformation infographic | Pega. Www.pega.com. https://www.pega.com/insights/resources/covid-19s-impact-digital-transformation-infographic
Radhika Dadhich. (2020). The Impact of COVID-19 on Digital Marketing. Www.tutorialspoint.com. https://www.tutorialspoint.com/the-impact-of-covid-19-on-digital-marketing
Solutions, P. G. M. (2021). How COVID-19 Impacted Digital Marketing + What’s Next for Marketers. Www.prismglobalmarketing.com. https://www.prismglobalmarketing.com/blog/how-covid-19-pandemic-impacted-digital-marketing
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