The Need Of Digital Marketing
The transition of marketing from what it was and what it is evident. The fact that we are living in a digital world, has impacted the entire ecosystem of marketing for good. With various digital platforms giving us access to user data, we are table to carry out tailor made marketing strategies for different sets of people. It goes without saying that digital marketing has made things better and is nothing less than a boon to today’s business owners.
1. Digital Marketing Costs Less
Traditional marketing campaigns, including print and television, are more costly because of pricey resources and the difficulty of tracking ROI. Digital marketing uses targeted research and analytics to quickly determine which approaches are working well and which aren’t worth the cost or resources. So, most digital marketing channels tend to be less costly from the start and prevent overspending on underperforming campaigns.
2. Small Businesses are More Competitive
Digital marketing closes much of the gap between large, medium, and small companies because it avails each level with many of the same resources. While big companies with larger budgets will be able to spend more on paid ads and advanced software, digital marketing gives SMBs more opportunities to compete, improve brand awareness, and build an audience.
3. ROI Measures Program Results
ROI asks the question, “What kind of results do my programs deliver?” While it’s not the easiest marketing measurement to calculate the finished product is hugely valuable to measuring success. Single attribution (first touch/last touch) is the method of measurement used by nearly half of marketing teams. This method acknowledges the theory that it takes an average of seven touches to convert a cold lead to a sale, and puts the highest value on the first or last touch. When it comes to traditional marketing, it is much more difficult to measure the ROI of a print ad than it is to measure that of a digital ad, because the audience of a print ad is so much broader. With digital marketing, which can target specific audiences, it is easier to determine which ad led to which sale. Other methods of measuring ROI are attribution across multiple programs and people, test and control groups, and market mix modeling.
4. Online Market Share Clarifies Sales Figures
Online market share is the percentage of total market sales a company accounts for. This figure is determined by dividing the company’s total sales by online sales and multiplying that number by 100. The benefit? Market share gives sales figures context, allowing the company to view their sales regarding market size. Companies see precisely how they measure up to the competition, which better informs business innovation.
5. Easier A/B Testing Hones Communications
One of digital marketing’s best allowances is the ability for a company to experiment with almost every aspect of a marketing campaign. A/B testing the location of an email sign-up CTA, the color of a promotional banner, a subject line, etc., is much easier—and results are available much faster—on digital channels. With some diligence, simple changes can be tracked and used to target customers more effectively. For example, testing can be used to better engage a target audience, improve CTRs, help drive buyers through their journey and more. The results of A/B testing can be used to improve targeting of print ads as well. For example, if a company is targeting the same audience on Google as it is in a print magazine ad, the same language will be effective for both.
6. Mobile Marketing Increases Engagement
Did you know many people don’t even own desktop computers anymore? Mobile marketing opens up a whole world of opportunities for increased engagement, from creating a more personalized user experience to reaching new users. According to the Global Web Index, more than 80% of internet users own a smartphone, and 90% of internet users spent on their smartphone is devoted to apps. Mobile marketing—from email and social ad design to SEO to branded apps—allows you to reach users in their most native environment.
7. Analytics Improve Business Models
Measuring digital analytics helps companies make informed decisions about where to invest their resources, improving efficiency. Gathering numbers for traditional marketing channels is a manual process, while most digital platforms, including social media and marketing automation, have built-in analytics dashboards with all of the data automatically available. View reports on dashboards for easy visuals, and map the customer journey, measuring performance metrics at each step.