Why Digital Marketing is important for all businesses today?
End users are becoming digital savvy. Sales processes and purchase funnels have already acquired new shapes. Consumers need more information to take decisions. If your business is not able to provide that, you will loose it to your competition. The job of marketing is to make the business presence at all points where prospects can be influenced.
Engage at all possible touch points.
Marketing’s job is to identify those moments that influence the purchase decision. Every marketer chases these touch points to influence the decision. Every touch point is an opportunity to engage with the customer .With respect to above example the touch points in 2000 were newspapers, television, conversation with family and friends, product experiences. In 2014 it became search engines, social networks, mobile platforms, television, print, conversations in different platforms etc. In future it will be more complicated as digital platforms keep multiplying. It will be more challenging to provide same brand experience across every touch point.
Size doesn’t matter
In traditional marketing, brand and perception building required support of huge marketing spends in the form of advertisements which was limited to only large organisations. The new age digital marketing enables all types of organisations to build their own brand in their respective target group (sometimes) without any advertisement spends.
Laser targeting and Better ROI.
In traditional marketing the opportunity to micro target you Target Group was very limited. For example a medical equipment manufacturer like GE, in order to promote their latest MRI scan machine may advertise with English news channels, business daily or a medical journal to reach decision makers like hospital administrators or top management of hospitals. Here almost 70% of media spend goes waste as most of the people who were exposed to these advertisements may not be the decision makers which results in less ROI. Whereas new age digital marketing helps you to laser target those decision makers within a large industry by geography, vertical or even by organisation, which delivers better ROI.
ROI friendly models like pay per clicks, pay per conversions etc make digital more flexible and marketing friendly. Content targeted display ad placement which offers editorial environment for products advertisement is another wonderful option that most marketers love to use.
The New Digital Marketing Mix
Success in online depends upon the critical mindset shift, i.e the traditional marketing mix of ‘Place’ in 4P’s need to be replaced with ‘information’. In the new digital age, location is least significant where as the information for product/service that the prospects are looking for is more important. Even for services marketing, location is becoming more and more insignificant. For example an accounting services company or a legal services company or a digital marketing firm renders its services across globe irrespective of its office location.
Data drives decision.
Easy-to-track results is the key when it come to digital marketing. With a wide range of analytics and data, you can analyze our own marketing campaigns and find out how the campaign performed and how it can be improved. Of course you can get this data on traditional marketing campaigns also, but a digital campaign will allow you to measure the success in real time, giving you the advantage of planning more effectively and making changes almost instantly.
Do not ignore traditional marketing.
Even though digital marketing provides lot of advantages over traditional one, ignoring it completely may not be wise. Since your customers are spread across different platforms ignoring a medium will be just like ignoring a portion of prospective customers. It is been proven that a well integrated marketing campaign using same communication across different medium delivers better results rather than going with only a single medium. Every medium has got its own strengths and weaknesses.