Businesses for a long time, have been operating and capturing the markets using the traditional format of marketing. People belonging to the old school of thinking still do not find a need to adopt the new, more innovative and advanced modes of marketing. Therefore, we need to understand why is the digital format of advertising important in today’s world.
With the internet being so readily available to all, there has been an inclination among the young generation to get technologically advanced and are adapting to new age trend of online-buying. E-commerce companies have developed a complete marketing model based on this increased interest and have proved to be very successful with increasing market share. Therefore, to compete with this format of selling, businesses need to evolve in terms of their marketing strategies.
Importance and contribution of digital marketing
- Cost effective: Digital marketing options are much cheaper than other types of advertising like publishing in the newspaper, getting a commercial ad campaign, road shows, exhibitions etc. In fact, it is the fastest way of reaching the prospective customers.
- Appropriately places the business in front of prospective buyers: Since there are different forums and industry-specific portals on the net, it’s much easier to reach to your prospective buyers by marketing on these industry related platforms.
- Analysis of market share can be easily done: Through marketing automation software, all the different types of marketing tools are integrated, streamlined and automated. With this, one can closely analyze the performance of the marketing strategies and can get an overall view of the market share.
- Reaching to people through Mobile phones: In today’s lifestyle, mobile phones have become an integral part of our lives. With search engines having features of location trackers, once the digital presence and location have been optimized on web searchability, it may increase the chances for receiving queries from the customers faster.
- Inquiry and problem resolution become faster: Through digital marketing, the seller comes one step closer to the buyers virtually. In case of any complaint or inquiry, the customer can raise a complaint just on a click of a button through feedback section on the website and seller can provide the assistance comparatively faster. Hence it increases customer satisfaction and enhances the trustworthiness of the company.
- The conversion rate of prospective buyers to trusted customers is higher in digital marketing: Through search engine optimization, social media options like Facebook, linkedIn, YouTube businesses come closer to the prospective customers by educating them and clarifying their queries on a real-time basis. Hence the overall conversion rate of customers is higher in case of digital marketing.
To ensure best results of a digital marketing campaign, businesses should follow a systematic action plan which may include identifying the opportunity and choosing the most appropriate and fastest mode of digital marketing to reach them. Setting up benchmarks to analyze the ROI and then go ahead with implementing the plan in coordination with the overall marketing strategy of the company. As a whole, this mode of marketing gives the company the opportunity to get a reality check in terms of the services offered, satisfaction among the customers and understanding the unexplored niche markets.