“There has never been a better time to be in advertising, and there has never been the worst time.“
Aaron Rutkoff, the global chairman of MullenLowe Profero, the digital transformation vertical of the universal advertising platform of MullenLowe Group, hints at the role played by digital marketing in the current scenario of the advertising business where TV and traditional media aren’t catching many eyeballs.
Especially in these days of the pandemic, the usage of digital platforms has increased rapidly and reached a peak. Today, they form the marketing backbone of any business that tries to address the needs and demands of an evolving consumer base.
According to Interactive Advertising Bureau (IAB), there has been a decline of 24% in traditional TV advertising budget in 2020, as compared to 2019. The global internet/digital advertising industry was worth $319 billion in 2019 and might grow to $1089 billion by 2027, with a CAGR (compound annual growth rate) of 17.2% from 2020 to 2027. The trend at which digital marketing had gained pace in the past decade and the exponential growth it has shown is remarkable and highlights the changing appetite of consumers with regards to how they wish to be served marketing content.
Today, when any firm aims at advertising its products through an efficacious yet under shoestring budget, the first option on the table is through digital platforms. Digital marketing can cost up to 75% lower than traditional marketing. No costly customer research is involved in digital marketing. The reason is that the responses of the customers are automatically registered. The business can easily observe the feedback and make necessary changes rapidly with no unnecessary wastage of time. Such speed in responses will avoid unnecessary losses, and the next step in advertising can be more precise and to the point by addressing the responses effectively and effortlessly. With a plethora of digital platforms, the choices and opportunities are almost limitless.
Another advantage of digital marketing is that it helps in micro targeting. The basis of advertisements is on the individual interests of the customers. More importantly, there is no need for additional research, as its basis is SEO, or search engine optimization. It understands what people seek, the words people use to search for content, and the content they wish to see. This powerful data can then guide your marketing efforts.
One other key feature of the digital platform is that it addresses a massive customer group from which the filtration for the desired sort can be done with high efficiency and in terms of the interest of any business. This enormous audience availability is the grounds for which the digital platforms are dependent for the rapid introduction of any product to the most diverse demography available.
By implementing an omni-channelled digital marketing strategy, marketers can collect precious insights from target audiences by opening new doors to engage the customers.
On careful observation of the characteristics of digital marketing, it is readily apparent that the resources required to address the diverse marketing needs are minimal.
Digital marketing strategies not just help provide information about a business’s products and services, but also encompasses customer service that can be effectively done through the judicious use of social media.
Digital marketing plays a crucial role not only in sales but also in the operational aspect of any business. Effective handling of outlying services thus contributes to the reputation of the brand itself. In addition to these, digital marketing plays its part in areas like brand building, loyalty, outflow management, customer satisfaction, and retention. All these factors, in turn, highlight the pros that digital marketing platform boast of in the present day marketing arena.
While we abundantly enlist the advantages of digital advertising practices doesn’t mean that there are downsides to it. There have been quite a few instances where digital platforms have turned into massacre grounds of business reputation. Anything we say on a digital platform is not a targeted one but a blind shot. Thus, it is not surprising to see that numerous negative reviews may also rise along with all the boom that we may enjoy from such platforms.
It is necessary to be cautious while using digital marketing as a mode of growth rate changer to abstain from any controversial issues that may arise from wild hay-makers or wild-jabs. This highlights the importance of reputation management where content marketing and social media management sense can come in very handy.
While the service (product or solution) any business provides to its customers is of utmost importance, and it decides the lifespan of that business, if it is not marketed effectively, it can only remain known to a few. While the essential factor that influences customer retention for any business is the quality and level of service, which in turn contributes generously to the momentum of overall growth, to attract a loyal customer base that believes in the company can be done through digital marketing strategies.
The digital platform is the key to the massive demographically diverse audiences to whom any firm deserves access. Hence for the foreseeable future, at least, digital marketing remains the most dynamic, cost-effective, and potentially efficient way of advertising.
Digital marketing can boost your business growth. Data shows that about 61% of the total population of the world are internet users. The number is still growing at a rate of 5.7% per annum, i.e., almost 7,00,000 users per day. Thus, there is a guaranteed target audience ready to consume targeted content that you produce.
Digital marketing makes use of effective marketing strategies to make the business productive. An investment in digital marketing can promise long term sustainable results.
As Sanjay Dholakia, Former Chief Marketing Officer, Marketo thinks “Digital is at the core of everything in marketing today—it has gone from ‘one of the things marketing does’ to ‘THE thing that marketing does.’”