Defense contractors who fully embrace digital marketing can grow faster and have higher profits.
Firms that embrace online marketing grow faster, according to a study by Hinge Research Institute. The study surveyed 500 firms and 20 online marketing experts.
Key findings about the faster growing companies include:
Firms generating 40% or more of their leads online grow 4x faster than those with no online leads
High growth firms obtain 63% of leads online while average firms obtain 12%
In terms of profitability, the report states:
The greater a firm's online lead generation, the greater its total profitability
Firms generating 60% or more of their leads online are 2x more profitable than those generating less than 20% of their leads online
Digital Marketing: High Growth Firms vs. Average Growth Firms
The high growth firms are more focused on nearly every online technique:
When analyzing digital marketing by industry group, government contractors had the lowest levels of online leads. This could indicate an opportunity for defense contractors.
Digital marketing is here to stay and will grow in importance:
- Over 77% of firms are generating at least some new business leads online.
- Around 66% of companies are planning to increase digital marketing in the next year, with an average anticipated increase of 56%.
- Just less than 50% of companies have redesigned their website in the last year.
Where Should Defense Contractors Focus?
Based on the recommendations of the experts polled in the study, as well as what works for high growth firms, the study points to the following action steps:
- Build a Solid Foundation - Two techniques that are fundamental to any success in digital marketing and should be implemented before any other steps: 1) search engine optimization, and 2) web analytics.
- Create Valuable Content - Build a library of valuable information so that you can attract more visitors and put more leads in the top of the sales funnel. Examples of valuable content include blogs, white papers, ebooks and articles.
- Nurture Your Audience - Periodically email your audience with educational content such as company e-newsletters. Webinars are another means of providing useful information to cultivate customers and prospects.
- Promote Your Activities with Online Networking - Using social media, you can interact with people online to deliver your message and generate interest in your company. Effective tools include LinkedIn, Twitter, Facebook and YouTube.
Click here to download a copy of the 60-page research study "How Digital Marketing Delivers Faster Growth and Higher Profits," or view the SlideShare presentation below.