Digital Marketing is the new buzz word.
But the truth is all brands no matter big or small are investing in marketing their products online.
Everyone wants to grab a piece of the pie, while they can.
There was a study done and I will let the result speak for themselves.
The digital ad spend will rise year by year.
You will understand the reason behind this, once you read the complete article.
The question is should you invest in Digital Marketing?
I can’t answer that for you, but yes I can equip you with correct knowledge and leave it on you to take a sound and rationale decision.
Lets dive in.
What is Digital Marketing?
What do you think is the basic function of Marketing?
->The basic function of marketing is to make the customer aware of the product or solution which you are providing and deliver it in the cheapest possible way.
The purpose of digital marketing is also the same.
Only that the mediums involved are different.
When we use mediums such as mobile, social media, podcasts, blog or any such medium to create awareness in our target audience, it comes under the purview of Digital Marketing.
Our current generation has increased awareness and the number of alternatives he has at any given point of time has lead to the evolution of marketing.Philip Kotler
Marketing is not as it used to be.
Digital Marketing is the new way of Marketing.
Not that the old methods don’t work anymore but this new approach to marketing is way better and more sophisticated.
Importance of Digital Marketing
Marketing will become more and more expensive and competitive year by year. The technologies are getting more advanced and complex.
Marketing through the digital medium is just starting and whatever we will witness in the next few decades will be a more complex version of it.
See this graph which shows the ad revenue of Google, which is a proof that competition in online world is rising day by day and you need to do something right now.
There are number of benefits of digital marketing but here are some of the very important and very direct benefits of Digital Marketing.
- Levels the playing ground
- Can measure conversion
- Direct interaction with your target audience
- Helps in creating a funnel
Levels the playing ground
This is probably the single benefit which weighs heavier than all other benefits, for me at least.
But what do I mean by this.
Suppose your friend has opened a new Burger Joint in the city.
But the majority of the population is already going to KFC and McDonald’s.
What should he do? Be optimistic and wait for someone to (hopefully) come into his shop.
Old days are gone.
Digital marketing levels the playing ground for big as well as small brands.
Here is what he can do with the help of Digital Marketing:
Step 1- Create a website which has the ‘MENU’ and the USP of his store.
Step 2- Create an offer which people can’t reject (discount, extra meal anything).
Step 3- Run targeted fb ads.
(If he wants to target only people within 2 km radius of his store, he has that option too.)
Step 4- When people come into his store, collect emails for future communication.
This is the best strategy which I can think of at the moment for any local store to compete with KFC and McDonald’s.
PS: The success of this strategy is largely dependent on the quality of service you provide and the way in which you implement your digital efforts.
Last time I checked the cost of printing 1000 pamphlets was approx. rs 3000.
If your friend is an advocate of traditional marketing he would say 3rs/pamphlet is not a bad deal.
I agree but how do you measure what is the conversion rate of that pamphlet or the banner ad or your radio ad.
How do you know what people liked in your pamphlet to come to you as a customer?
Sure you can ask them personally, but it would be super awkward is someone comes into your shop and you ask them the reason for coming.
Tell your friend, that in case of digital marketing everything is trackable.
Not only he will know the conversion but also what people liked.
Let’s take an example of Email Marketing;
For every 1$ that you spend on emails will give you a 38$. This is a 3800% return on investment.
Digital Marketing would not have been as successful as it is today if not for the credible data and analytics it provides.
It is all about understanding your data and then optimizing your future campaigns based on the data.
Read about important metrics to track.
If you have a website, the single most powerful tool to measure any type of conversion will be the dashboard of your Google Search Console.
This is what your dashboard will look like, if you have visitors on your website.
Direct interaction with your target audience
One thing that you need to understand in the digital world is that you do not ‘talk to’ your audience, you ‘talk with’ your audience.
They are the reason why you exist and not vice versa.
Social media marketing gives you an option to interact directly with your customer.
These interactions should not be done with a purpose to sell, but to understand your audience in a better way and to form a connection sort of thing with them.
Helps in creating a funnel
I am sure you must be aware of a funnel.
Not this one.
The sales funnel… where you device a strategy to attract, engage and covert your audience into your customer.
Funnels are very important.
In simple words, here is how funnels work:
- Try to analyze the problems faced by your audience.
- Find a medium where your audience exists.
- Create the content on the medium, which explains how they can solve their problem; this is the attraction phase.
- Niche down your audience and trying to create content that gives them clear value.
- Build goodwill and authority; it takes time but this is where people start engaging with your content.
- Eventually, you offer them a paid service or product.
Using digital marketing for your brand, business or product is something which you should not ignore.
Are these reasons enough for you to consider digital marketing?