Before getting into the implication of Digital Marketing, let’s make a clear picture of Digital Marketing in our minds. Two separate words, “Digital”
Before getting into the implication of Digital Marketing, let’s make a clear picture of Digital Marketing in our minds. Two separate words, “Digital” and “Marketing” come together to constitute the term “Digital Marketing.” As per the definition of the Whatls dictionary, “Digital describes electronic technology that generates, stores, and processes data in terms of two-state: Positive and Non-Positive represented by numbers 1 and 0 respectively.” While Marketing, according to the Oxford language is “The action or business of promoting and selling products or services, including market research and advertising.” Digital Marketing, as a whole, “refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile apps. Through these online media channels, digital marketing is the method by which companies endorse goods, services, and brands.”
The 5Ds of Digital including Digital Devices, Digital Platforms, Digital Media, Digital Data, and Digital Technology contribute to a better understanding of Digital Marketing. From the devices to technology, everything gets covered under these 5Ds. They teach us marketing through an appropriate medium, and efficient techniques can help your business grow.
In simpler words, digital marketing is the process of marketing your business virtually by using modern techniques. This incomplex technique has developed various jargon called Internet Marketing, Web Marketing, and E-marketing in the digital world. When COVID-19 had caused the pandemic, it has also exposed the already established digital world. The technology came as a savior at the times when everyone was confined to their homes. Every industry, including Fashion, Hotels, Business Premises, Institutions, Financial Service providers, etc., was shut and to marketing. Then Digital Marketing has reached its zenith to help the businesses grow even during the pandemic.
Why Digital Marketing is Important?
Digital marketing plays a vital role in the running of a business in this era of technologies. To believe that digital marketing has a prominent place in the industry, it becomes rudimentary to know-how:
Reach the target audience:
“Consumer is the king of the Market,” a well-known phrase in the world of buyers and suppliers. To survive in the market, any organization would need to reach their consumers for maximum consumption of their products and services. In this enormous market, everyone is not your targeted consumer, and the attempts to attract a non-potential audience wastes human resources and financial resources as well. Digital Marketing helps you reach your target audience and engagements with them after the market research. According to some facts explained by Lyfe Marketing, approximately every Internet user has 7 social media accounts in the U.S., while social media is a strongly preferred customer care platform. Over 76% of the American run Facebook daily. And, hence social media is the platform where people are spending their maximum time nowadays. You can directly reach the target audience through better marketing strategies. For example, you may approach some popular websites where millions of users visit daily and get your ads published there to reach those millions of users.
Digital marketing is affordable and a cost-effective way of marketing your brand. It sometimes depends upon your strategies, but digital marketing is comparatively inexpensive. There is no need to engage physically, which is more time and money consuming and hence non-economical. It is beneficial for low-budgeted companies to market their brand successfully without spending huge money. A company can advertise affordably and accessibly through their social media handles without investing huge funds. Instagram, in today’s era, has become the marketing hub where people at smaller levels, somehow involved in marketing.
Helps in expansion:
Advertising can help you increase sales and eventually grow a business. Advertising online also makes a difference by helping your business expanding by enlargement of the audience base online. Sometimes, it is a better medium to reach thousands of users in minimal time. On the contrary, physical methods of marketing might not be that faster. Not only expanding your business, but it helps you survive in the market. If you are online, your audience is present online, and then your competitors are also present online. You can easily keep a check on the strategies and audience of your competitors to make your techniques better.
Impressive Return on Investment:
According to some experts, ROI generated by digital marketing is way far effective in getting a whopping return. According to Lyfe Marketing, over one-fifth American companies are getting approximately $70 to $1 spent. Some brainstorming strategies can be used to build your base with quality subscribers through various mediums, including emails, etc.
Uplifts small businesses:
The smaller businesses are generally the start-ups or businesses investing lesser funds. Digital marketing becomes rudimentary for such organizations to maintain their position in the market by branding themselves online. The affordability of this technique helps smaller businesses to grow faster in the competitive world. The various smaller business has started online and does not have any physical structure or premises. And hence, doing marketing online does not necessarily force you to pay to market agencies.
Despite TV ads, digital ads are more personalized as they reach the consumer directly, and their consumption can be analyzed accordingly. One can switch the TV channel when it comes to an ad but cannot turn the webpage they are scrolling. This analysis would help you in knowing your audience individually, and hence one can post ads accordingly after that. Their liking and disliking can be identified to some extent by analyzing the content they consume willingly on the internet.
The sole purpose of marketing remains the same irrespective of the medium (Virtual or physical). Marketing is done to build goodwill in the organization. But, it is necessary to consider decisions wisely to build the reputation of your company online. One wrong click can open the chances of defamation of your organization.
Digital Marketing has unnoticeably changed the world of marketing. Apart from this, there are several benefits availed by users after using the techniques judiciously. The rational decision in both types of marketing enhances the outcomes. There is a need to invest time and money along with efforts in any business to flourish.