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You must have often come across a term called ‘Digital Marketing’ among your peers or you must have heard about it on the internet because it has hyped up so much now that you can easily find almost everyone talking about Digital Marketing. But the question is why is it so? What is its relevance ? Why has Digital Marketing become so Important for every business in the current scenario? And Does Digital Marketing still have any future with the constantly increasing competition? Don’t worry, all your queries will be answered here today!
Before proceeding further, I would like to share some stats with you!
Everyday approximately 3.5 Billion searches are made on google search, and Facebook now serves over 2.38 Billion monthly active users , that’s approximately 1/3rd of the world’s population, whereas Instagram has surpassed 1 Billion active users. According to 2019 stats, approximately 1.8 Billion+ people worldwide purchased goods online.
The reason you are reading this blog post is because you want answers to your questions, so first you have to understand what Digital Marketing actually is. Digital Marketing is basically the process or activity of using online tools or platforms to advertise your business, brand, products or services online.
DIGITAL MARKETING OVER TRADITIONAL MARKETING
Rather than using traditional methods like Radio, Television, Newspaper and Billboards for advertising, Digital Marketing takes advantage of the tools and strategies available online, which includes social media, video marketing, content marketing, google search engine marketing, email marketing, Search Engine Optimisation(SEO) and much more. There has been a powerful shift in marketing experiences that has been happening since the last few years. Companies have reduced their investing in the traditional marketing activities to leverage the growing activities of Digital Marketing.
Even in the last year Traditional marketing has fallen nearly 160% while expenses for Digital Marketing have increased by approximately 14%. All these stats clearly state that Digital Marketing is in the rise while traditional marketing is experiencing a high decline. To truly see how Digital Marketing has been trending over a few years, one can easily check the Google Trends results. Since the past 6 years the global interest in digital marketing has been significant. Therefore, the importance of digital marketing in the current scenario becomes very clear and another fact becomes clear that every type and size of niche should be involved in some form of Digital Marketing activity in current and coming years.
Digital Marketing also provides accurate analysis to help you measure and analyse your ROI( Return on Investment) as well as other key metrics. You can measure and analyse what platforms/ channels are performing best based on your campaign goals. With the accurate measures in Digital Marketing, you can easily take account of who sees your ads(impression), who buys your product after clicking on your ad which is called a conversion, and you can also measure the amount of clicks and leads generated by your digital marketing activities and more.
Key Benefits of Digital Marketing:
1. Low entry resistance
This means that there is no such resistance to enter in digital marketing. For example, if you have a small business and you are willing to start digital marketing for your business, then it doesn’t necessarily mean that you will have to have a huge budget for that. There are many strategies that can be carried out for your digital marketing with or without budget as well for your initial entry stage.
2. Measurable and Real Time
Suppose that you have run an Ad Campaign. Now when it appears in front of an audience you’ll start getting the data. You can easily take account of what kind of traffic is coming to your website, where your traffic is coming from, how many people have seen your ad, how many have clicked on it, how many visited the website after that, which means you can easily monitor each and every activity of your audience. All this information is provided in Real Time and every detail is measurable as compared to the traditional marketing activities. It is a very big advantage of Digital Marketing.
3. High Return On Investment(ROI)
Digital Marketing can give you a very High ROI if done properly.
4. It’s a 24*7 Marketing Approach
Let’s take an example that you wanna distribute Leaflets or pamphlets regarding your business. So, can we distribute Leaflets at night time? The answer is probably NO. Generally this work is done in the day time only, if you are going for a traditional marketing approach. It would be a bit difficult to find a distributor as well as your audience at night. But generally, it is true that mostly, people are available on their phones at night, scrolling down social media or surfing the net through laptops or other devices.
If you want, you can easily show your ads to them at night through a digital approach, which would in turn reduce the cost of manual labour as well. You can show your presence, your ads to your targeted audience whenever you want.
5. Global Customer Approach
It's common that everyone would want to expand their business in every aspect that they can. But with the expansion, comes the high expenses and headache. And if someone wants to expand customers globally, it's not so simple. But you have a solution for it now. Digital Marketing allows you to reach your customers and expand your business globally as well, just sitting at your own home.
6. Precise Targeting
Digital Marketing allows you to select your audience, their interests, their demographics much more precisely with known statistics and quantitative approach.
7. Effective in Brand Awareness
It allows you to make your audience get aware about your brand much more effectively.
8. Higher Conversion rates
This is because we are able to show up to highly targeted traffic/audience. The chances of conversions increase when you know most of the details of your target market and show up to them precisely avoiding irrelevant traffic.
Is it worthy to do Digital Marketing for small businesses?
The answer to this question is pretty simple and straightforward. Your prospects and competitors , both are online. No matter what kind of business, nature of business or size of business you have, if you wanna stay in the market ,you have to switch to digital marketing and plan or make the strategies keeping in mind the above factors. You can opt for a cost effective form of advertising strategies.