Digital Marketing and How Companies Benefit from It
In recent times there has been a rapid evolution in the technological field. Technology has slowly seeped into all aspects of daily life and work.
With the advent of this digital age, how can one expect marketing to be far behind? This evolution of digital media has created new opportunities and avenues for advertising and marketing. Fueled by the proliferation of devices to access digital media, this has led to the exponential growth of digital advertising.
The key objective of digital marketing is to promote brands through various forms of digital media. Digital marketing includes Internet marketing techniques, such as search engine optimization (SEO), search engine marketing (SEM) and link building.
The advantages of Digital Marketing vs. Traditional Marketing
- Similar opportunities for Businesses, irrespective of their size: These days with the onslaught of digital marketing, what is important is having a solid digital marketing strategy. Now it is possible for any business to compete with any competitor regardless of size. Traditionally a smaller retailer would have to struggle to match the finesse of the fixtures and fittings of its larger competitors, but now, online, a crisp well thought out site with smooth customer interaction and good service is what wins – not size.
- Lower costs: Now it is easy to develop online marketing strategies for very little cost. Earlier advertising and marketing used to be through costly advertising channels such as the yellow pages, television, newspapers, radio and magazines. These days with social media and digital ad spaces, marketing costs have seen a major reduction, which again helps level the playing field for businesses irrespective of their GDPs.
- Simpler Analysis: Unlike traditional methods, it is simpler when people can see in real time what is or is not working for their business online. Based on these results it is easy to adapt quickly and improve the results. Web analytics can also be used to measure the traffic to the site, as well as to measure the specific goals that are to be achieved for the website or blog. Packaged email marketing solutions are also available to provide a good insight into how many people are opening, reading and converting from the sent emails.
- Real-time results: These days it is not necessary to wait for weeks for a boost to businesses. Earlier, results included waiting for a fax or form to be returned by your clients. Now, one can see the number of visitors to business sites, as well as the subscriber increase, peak trading times, conversion rates and a lot more at just the touch of a button.
- Strategy refinement at any point: When everything in the customer journey is being captured and reported, it is very simple to hone and modify the online strategies implemented at any time. Marketing online provides the option to refine and redefine strategies at any point in time and see real time results of improvements or even opportunities for further refinement almost instantaneously.
- Brand development: A well maintained website with quality content that targets the needs and adds value to the target audience provides significant value to the brand. It also helps in generating new opportunities for further brand development. The same is also true for utilizing social media channels and personalized email marketing.
- Greater exposure : Businesses can now be noticed anywhere in the world through one well thought out marketing campaign. Traditionally this would cost businesses an arm and a leg, but now once key word search content has been optimized for websites, long term returns for the investment are guaranteed. Not to mention, maintaining the ranking for businesses is very cost effective.
- Virality: Using social media share buttons on websites, emails and social media channels has enabled users to share content and messages incredibly quickly. Digital marketing hence, has made sharing any news and information relatively easy. Taking a look at averages, if the average Facebook has around 190 friends out of which an average of 12% see their liked posts. This adds up another 15 new prospects seeing the shared information. However, one thing to be kept in mind is that bad news can travel much quicker, hence, it is always a smart idea to have a risk management strategy in place, ready to tackle negative press if any.
- It isn’t intrusive: The most annoying part of traditional marketing has got to be receiving sales mailshots or phone calls at inconvenient times and that too about topics that people mostly have little to no interest in. This is not so for online marketing. Online, people get the choice to opt in or out of communications from whichever brands they prefer. This is also much more relevant as it is the consumers themselves that search for it in the first place. This helps companies as it provides market segmentation and tailored marketing that helps them create a relevant target audience.
- Greater engagement numbers: Not only does digital marketing help companies track their numbers, it also helps in garnering engagement. With digital marketing, it is possible for companies to encourage their prospects, clients and even followers to take action, to visit their website, to read about the products and services provided as well as rating, buying and giving feedback for said products and services. This way it doesn’t take long for companies to get good genuine publicity to enhance their business prospects.
Love it or hate it, digital marketing is here to stay, and in this age of technology, it is better to make friends with it rather than battling on with the age old methods.
As always, feel free to share your experiences, anecdotes and thoughts on digital marketing in the comments section.