Digital marketing is crucial in this day and age. It can be used to increase sales, improve brand awareness, provide customer service, strengthen relationships with existing customers and attract new ones.
Digital marketing trends to produce better results than traditional media for products that are affordable or high-ticket items. For an affordable item, digital marketing may not produce the same returns as traditional advertising (public relations (PR), television ads). If there is a big price difference between the two products they will most likely use different forms of advertising altogether. Digital messaging often leads to direct responses via web page views or clicks through which leads to more conversions down the line. This higher conversion rate means businesses see greater value in their overall profitability (or cost savings) when using digital marketing.
It is important to note how consumers make their purchasing decisions in the digital age. According to Google, 77% of online experiences begin with a search engine (US & Global). While many people use social media based on referrals from friends or family members, current events and TV can influence what is searched by consumers too.
Consumers are also turning away from traditional TV in favour for streaming services like Hulu and Netflix which according to MTM shows that “92 percent of respondents said they had binge-watched shows in the past year.” This enables brands to have their products featured on these platforms thereby reaching more audiences than ever before. It is quite rare for potential customers not to research any information about a product or service prior to their purchase. Digital marketing allows these potential customers to research the products and services provided by a business as easily as they can find it on Google.
In terms of branding, digital media allows organizations to reach a public that is more global in nature with 24/7 access from pretty much anywhere. This access can be beneficial for brands as consumers are able to make quicker decisions about a brand because they have gained information through social media channels where instant feedback is given.
Digital forms of communication also mean businesses do not necessarily need offices or warehouses for storage purposes which helps reduce operating costs and increase profitability. For example, AirBnB was founded just eight years ago but since then has grown into a multi-billion dollar company worldwide providing value to millions of people.
The growth of digital media has been a huge benefit for marketers whose skills are in demand as many companies choose to invest more heavily on this type of marketing which makes it a competitive job market. There is also the opportunity for entrepreneurs who would like to start their own business through digital marketing.
In terms of reaching consumers, social media offers an effective platform where users can interact with content as well as brand accounts and build relationships easily. This platform provides businesses with opportunities to reach new audiences as well as engage loyal customers using live updates from events or behind-the-scenes videos that allows brands to show their human side. It is important not only for companies but also potential employees that follow these accounts online because it gives them an insight into the company culture and allows them to generate a personal connection.
Digital marketing has become such a widespread practice that it is becoming increasingly difficult for businesses to keep up with technology, leading to gaps in their digital strategies. A study carried out by the CMO Council showed that while many companies have invested in customer relationship building strategies, nearly half of these didn’t know where their customers were interacting with them and only 20% had a comprehensive strategy for managing customer experience across all channels.
As more and more people choose to indulge in online shopping rather than frequenting physical stores, brands need to establish strong online identities through social media marketing, blog content etc., which requires time and effort. Businesses must ensure they invest time and money into creating a strong digital marketing strategy to keep up with changing trends. Otherwise, there is the potential that they will go out of business due to the lack of interest in their brand or services.
There are several benefits that can be gained from having an effective digital marketing strategy, such as creating stronger customer relationships through social media interactions. Due to increasingly short attention spans, consumers are drawn towards brands who interact with them using live updates, blog posts etc., which allows businesses to establish themselves as experts within their industry by posting relevant content on regular intervals. This method helps customers understand their product offering more clearly and becomes familiarized with how often these products/services are updated within the company.