Is Digital Marketing the future of marketing? Do you remember the iconic ads of the nineties airing between Chitrahaar or Tu Tu Main Main? Remember, the small jalebi boy from the Dhara ad, or the crazy dancing girl from the Cadbury Dairy Milk ad who barged into the cricket stadium after her paramour hit a boundary? These ads have been the piece of nostalgia and were carefully crafted to attract the attention of the audience sitting in front of the TV, along with their family.
Unfortunately, this mode of advertising has become somewhat less rewarding in the current times. You see, most of us do own a TV of our own – some even multiple sets – in our home. But, most of us do not spend that much amount in front of it. Instead, we prefer watching the shows on the OTT platforms where there are lesser ad breaks and more of the content. We prefer connecting our mobiles to Smart TVs, for better viewing experience.
Related reading: Growth of Digital Marketing in India
Are you curious about what digital marketing is and why it’s rapidly becoming the go-to approach for today’s businesses? Digital marketing is an ever-evolving strategy used by companies to help them connect with, engage, and build relationships with their target audiences. With the fall of traditional forms of advertising such as print ads or television commercials, more brands are turning to digital channels like email campaigns or social media platforms in order to achieve their goals. This article will take a deep dive into why digital marketing is essential for success in this new era; by looking at statistics, examples and other relevant information about its success rate. Keep reading if you want to learn more.
Digital Marketing is the future of Marketing!
In these scenarios, advertisers are thinking out of the box solutions for engaging with their audience and promoting their products. With the tremendous increase in viewership among online channels, the promoters have shifted their attention towards – online Digital Marketing.
Definition of Digital Marketing
Digital marketing refers to the practice of promoting products, services, or brands through digital channels. This modern form of marketing encompasses various techniques, including social media marketing, search engine optimization, email marketing, and digital advertising. Digital marketing allows businesses to reach a wider audience and target specific demographics more easily than traditional marketing methods. By utilizing online platforms and technologies, companies can analyze customer behavior and gather data to improve their marketing strategies. With the rise of the internet and technology, digital marketing has become an essential part of any successful marketing campaign.
Technically, digital marketing is promotion of goods and services through digital mediums. In this broad perspective, advertising anything over websites, social media, OTT, mobile app or any other sources of online media. With time, the definition of digital marketing has evolved to exclusively include online marketing and promotional activities.
Currently, Google, Facebook, and other social media platforms own the massive percentage of audience in terms of viewership. In reality, as we speak, more than 4.5 billion people are using the internet. Among them, 3.8 billion people are on some social media channels for educational or entertainment reasons (and the number is most likely to increase with time).
Read about digital marketing trends in India
With such a huge percentage of viewership, it is obvious that the marketers are innovating and shifting their attention towards online mediums. According to a survey, a huge percentage of business leaders have agreed on rethinking their advertising strategies to profits from the latest viewership trends.
It is not to say that traditional mode of marketing is dead, however without digital marketing it cannot sustain in the long run.
Statistics Demonstrating the Rise in Digital Marketing Usage
As our world becomes increasingly digitized, it comes as no surprise that digital marketing usage has been on the rise. In fact, statistics show a surge in businesses investing in digital marketing over the past few years. According to a recent report, digital marketing comprises nearly 60% of advertising budgets for businesses worldwide. Additionally, social media usage has grown astronomically over the past decade, with over 3.8 billion users actively engaging with the various platforms. These trends demonstrate the importance of businesses adapting to the digital age and utilizing various digital marketing channels to reach their target audiences.
Here are some interesting statistics that demonstrate the rise in digital marketing usage:
- Global digital ad spending: According to eMarketer, global digital ad spending reached $389 billion in 2021 and is projected to grow to $526 billion by 2024.
- Mobile advertising dominance: Mobile advertising has become the dominant channel in digital marketing. In 2021, mobile ad spending accounted for 67% of total digital ad spending worldwide, surpassing desktop ad spending.
- Social media advertising growth: Social media advertising has experienced significant growth. In 2021, social media ad spending amounted to $137 billion globally, representing a 33.8% increase from the previous year.
- Video marketing surge: Video marketing has become increasingly popular. In 2021, the number of businesses using video as a marketing tool increased by 41% compared to the previous year. Additionally, 86% of businesses reported using video content as part of their marketing strategies.
- Influencer marketing impact: Influencer marketing has gained traction in recent years. According to a survey by Influencer Marketing Hub, 90% of marketers believe that influencer marketing is an effective strategy, and for every $1 spent on influencer marketing, businesses earned an average of $5.78 in earned media value.
- Email marketing effectiveness: Email marketing continues to be a highly effective digital marketing channel. According to Statista, the global email user base is expected to grow to 4.6 billion users by 2025, presenting a significant opportunity for businesses to reach and engage their target audience.
- Rise of voice search: Voice search has become more prevalent with the rise of smart speakers and virtual assistants. By 2024, it is estimated that 8.4 billion digital voice assistants will be in use, creating new opportunities and challenges for digital marketers to optimize their content for voice search.
- Personalization and data-driven marketing: The use of data-driven marketing and personalization has increased. A study by Epsilon found that 80% of consumers are more likely to make a purchase when brands offer personalized experiences. Furthermore, 90% of marketers reported that personalization significantly contributes to their overall business performance.
These statistics highlight the growing importance and impact of digital marketing in today’s business landscape. As technology continues to evolve, digital marketing strategies and channels will continue to evolve as well, offering businesses new avenues to reach and engage with their target audiences.
Different Types of Digital Marketing and How They Work
Digital marketing has become a crucial aspect of promoting businesses in the online world. The power of the internet has opened up a whole new world of opportunities for companies to reach out to potential customers, and utilizing different types of digital marketing is the key to achieving success. From search engine optimization (SEO) and social media marketing to email marketing and content marketing, each form of digital marketing has its own unique strategy for engaging with customers and driving traffic to a website. By understanding these various forms of digital marketing and how they work together, businesses can create effective online marketing campaigns that generate results and build lasting relationships with customers.
Examples of How Companies are Using Digital Marketing to Their Advantage
In today’s digital age, companies are finding new and innovative ways to reach their target audiences through digital marketing. From social media platforms to email campaigns and online ads, there are countless opportunities for businesses to connect with their customers online. One example of this lies in the prevalence of personalized marketing, where companies use data and real-time analytics to create tailored experiences for their audience. Additionally, companies are utilizing influencer marketing, where they partner with social media influencers to promote their products to their large followings. By strategically implementing digital marketing tactics, companies are able to stay ahead of the competition and stand out in a crowded marketplace.
Tips for Developing an Effective Digital Marketing Strategy
Digital marketing has become an integral part of businesses today. Developing an effective strategy for it can help businesses reach their target audience and ultimately, achieve their objectives.
One of the most important tips for developing an effective digital marketing strategy involves identifying the target audience and understanding their needs. This can be done by conducting market research and analyzing competitors.
Another tip is to set clear and achievable goals that align with the overall business objectives. Furthermore, businesses should utilize different digital channels such as social media, email marketing, PPC advertising, and SEO to reach their target audience.
Lastly, it is important to regularly monitor and analyze the performance of the strategy and make necessary adjustments to maximize its impact. With these tips in mind, businesses can develop an effective digital marketing strategy that will help them grow and succeed in their respective industries.
Why you need digital marketing?
Even ten years back, for running a successful business all you needed was dedication, hard work, and proper management skills. But now the story is different. In order to survive in an overtly competitive market, digital marketing has become a game-changer for most industries. The benefits of the traditional marketing tactics cannot be ignored while doing business, but digital marketing is also making its presence felt.
In the recent years, the human dependence for knowledge and information has been satiated by the internet. The tremendous reach of the smartphones and tablets into the domestic life has further expanded the reach of the world wide web.
More and more people are switching towards mobile phones for entertainment, knowledge, or networking. In this scenario, online or digital marketing might have a better penetration in the consumer demographic.
When talking about demographic, in India close to half a billion people (and counting) are currently using internet in their daily life. Surprisingly, some of the youngest users of the internet belong to the age bracket of 1 – 5 years (data presented in the joint study by the Nielsen and Internet and Mobile Association of India)! These data make digital marketing a lucrative venture for promotion and marketing business and services.
There are massive advantages associated with digital marketing, including:
- Cost effective
- Can create dedicated campaigns for targeted demographics
- The results are measurable
- Changes can be made based on the direction of the campaign
- Global reach
- Brands can build their social currency
With skilled professionals, any brand can make a positive impact on their sales and reach their growth goals.
Using internet for promotional activities
As stated earlier, a huge percentage of the global population depends on the internet for information and entertainment. According to Think with Google, more than 51% consumers have agreed on running an online research before making the purchase.
As per the shoppers, this additional step helps them in making the right choice during the purchase. It makes internet a valuable medium for promoting and selling the product. Digital marketing sets up a bridge between the consumers and the buyers, benefitting both the parties in the process.
With the right usage of online marketing, sellers can push their sales as well as,
- Connect with consumers
- Find a push in return of investment
- Better conversion rates
The huge penetration of internet among the rural and urban population, most industries using digital marketing to create new venues for themselves. And, industries that are not jumping onto the internet bandwagon are facing stiff competition to survive.
Moreover, most retail goods are now available on Amazon, and Flipkart, while for lifestyle goods one can visit Myntra or Nykaa. These retailers have diversified to include lifestyle, grooming, cosmetic products on their shelves. Thus, consumers can shop from the comfort of their homes. Sadly, this means more competition at the local levels. Therefore, it is important to make some changes to get noticed in the eyes of the buyers.
For starters, setting up a website is a great idea. At a decent budget, entrepreneurs can setup a basic page online to interact with the consumers. Setting up a website is not that difficult, can be done without any professional help. But experts can make the entire process smother.
To step up the game, one should work towards building the brand value. This can be done with the help of social media. Some of the popular social media platforms are:
Over the past year, the percentage of time spent on social media per consumers have increased tremendously. According to a report published in Oct 2019, 351.4 million Indians are on some kind of social media platform. They spend on an average 2.4 hours a day on these channels. Interestingly, 290 million active users visit their profiles via mobile phones. With social media, consumer can create better turnaround on their business.
Thus social media and digital marketing is a valuable tool, that can make a positive impact on the business.
The Impact of Technology on Digital Marketing Strategies
In our fast-paced world, technology has revolutionized the way we do business. Digital marketing strategies have evolved rapidly with technological advancements, providing businesses with new and innovative ways to reach their target audience. The use of social media platforms and the rise of mobile devices has made it easier than ever for businesses to interact with customers on a personal level. With the help of powerful analytics and automation tools, digital marketing has become a data-driven approach that can significantly improve ROI. However, with this growth comes new challenges. Staying on top of the latest technological trends is crucial to any digital marketing strategy, and businesses must constantly adapt to remain competitive in today’s digital landscape.
Ultimately, the rise of digital marketing is undeniable. As more and more companies turn to this increasingly popular form of marketing to promote their products and services, it is important to equip yourself with an effective strategy.
From understanding the differences between inbound and outbound digital marketing techniques to leveraging technology like AI and Big Data, you can develop a tailored approach that will give you the best possible chance of success.
By understanding the different types of digital marketing available and following tips from successful entrepreneurs to create an effective digital marketing strategy, everyone — from startups to well-established companies — has the potential to build a powerful online presence that will help them accomplish their goals.
It’s no wonder why digital marketing is quickly becoming the future of all forms of marketing: it offers significant advantages for those who choose to take advantage of it.