Today, we live in a digital age where everything has gone digital. Now thanks to COVID-19, even conferences and meetings are being held virtually; and stores are offering an increasing number of contact-less purchasing. Even fund-raising and auction activities have gone digital.
In the coming months and years, only those firms that show flexibility and foresight to go digital to meet demand will have the upper hand. The more firms go digital, the more crowded the digital environment will become. In such a situation, only nuanced marketing solutions can best attract audiences.
What Makes Digital Marketing Necessary?
There are six main reasons why digital marketing is necessary for firms.
Customers Are Online
Modern customers are online today. They prefer a digital experience when researching a product/service and making purchases.
A market study by Blue Nile Research reveals that between 79% and 82% of consumers today use search engines, websites of notable brands, and customer reviews for conducting their research.
Similarly, between 14% and 25% of people use social media channels, mobile phones, and blogs to find new products and brands.
To be where the consumers are, firms need to be online. This will help them deliver information that the consumers want for making informed decisions. To reach out to them, firms need to leverage digital marketing strategies else they risk missing an opportunity to influence their purchasing decisions.
Makes Strategies Cost-Effective
Marketing a business can require a big budget. This can be a problem at times for even big companies that otherwise tend to be wary about their marketing expenditure.
With digital marketing, they can stay assured that their marketing budget will be cost-effective. At the same time, they can also expect better outcomes. They can leverage various modes of digital marketing like social media, content marketing, email marketing, etc, at a fraction of the cost that otherwise will entail a bigger amount if they place an advertisement in print or television media or radio channels.
For instance, content marketing when compared to traditional print marketing costs 3 times less. Similarly, email marketing can obtain 30 times more positive return on investment than marketing done vide postal letters.
By saving money, firms can use the same on other activities or campaigns that need or demand higher investment allocation.
Makes It Easy To Track And Monitor Progress
With Digital Marketing, it becomes easy for firms to track and monitor their digital campaigns. By tracking the progress and growth of the campaign at every digital touch-point in real time, firms can get to understand what aspect of the campaign tactics is working and what is not.
The gathered insights and inputs will help firms to evaluate the quality of their campaign and measure ROI. In addition, they will also be able to identify areas of improvement and failures and accordingly fine-tune campaign tactics to create improved and more successful future campaigns.
Digital Marketing also helps firms eliminate guesswork and leverage sophisticated analytics tools and software to analyze the campaign results in-depth and then test varied tactics and ad content to judge which among the lot resonates the best with the target audience. By reviewing the campaign tactics and methodologies at periodic intervals, firms can also optimize their marketing budget for the best results and save money.
Deliver More Immersive & Interactive Experiences
Digital Marketing facilitates the usage of interactive video ads and customized product suggestions. Firms will be able to provide their existing and potential customers, with enriching immersive and interactive user experiences.
Digital mediums like online video provide scope for the personalization of user experiences. This will allow firms to better inform, entertain, and engage their target audience and garner repeat sales.
Online video today is a part of most consumers’ daily lives. According to a survey, 94% of consumers confirmed that watching a video helps them make a purchase decision, at least once; while 72% of them said they were swayed by a product demonstration video. The same survey reveals that 99% of consumers enjoy watching video content of brands online.
Likewise, 53% of people say the personalized experience and access to product ratings and reviews, make them more likely to buy from a brand.
Both provide a wealth of data that can be used for accessing user behavior and refining marketing tactics. Firms can then target their audience through email and social ads, ensuring personalized suggestions based on their browsing habits or past purchases track records.
Become a Part Of Conversation
A popular Digital Marketing tactic – social media marketing allows firms to become a part of online conversation about their brand. Research shows that more people than ever today have social media profiles. This makes it attractive for firms to reach out to them and orchestrate a conversation on social media platforms.
The power of social media is such that around 93% of the consumers confirm that their buying decisions are influenced by social media.
Through consistent and continual customer engagement, firms can build a stronger relationship with current and potential customers.
Respond To Trends in Real-Time
Digital Marketing helps firms to stay in tune with the latest consumers’ views about current events, topics, and trends. By staying abreast with their impressions, firms will be better able to respond to consumers’ expectations and market trends, in real-time.
This can be done by delivering targeted ad content through blogs and social media channels to the audience. Firms will be thus able to better address their concerns, increase their visibility online, and eventually lure more leads and customers into their fold.
Traditional marketing materials can be effective only for reaching a targeted audience or a particular demographic, within specific geographical boundaries. But to move beyond the targeted audiences or geographical boundaries, and reach out to newer audiences and areas, then digital marketing can help firms achieve the same.
It will also ensure two-way communication in real-time. This will make it easier for firms to effectively address their audiences’ concerns without delay, foster quality consumer engagement, and build brand relationships.
According to Internet World Stats, there are currently about 4.66 billion active internet users worldwide, out of the world’s population of 7.83 billion people. Of this, around 93% access the internet using mobile devices.
The stats should give firms an idea that there are more people to reach out to. That is however possible only through Digital Marketing, and not otherwise.
Your firm will also need exposure to find new customers. For that, only the online market through Digital Marketing will give it a leg up and stay competitive.