Over the past decade, we have seen tremendous growth in the number of internet users. This change has not only been observed in developed countries but developing countries have also witnessed a major rise in the number of internet users.
Today, the Internet is definitely one of the fundamental necessities of every individual.
Mass consumers have switched to the internet for their personal as well as their professional needs. As per a recent study, India alone has notably recorded 500 million internet users.
Once, a popular model of buying and selling of products and services is now a mere weight in the media industry. Digital marketing has revolutionized the marketing structure; it is now a two-way communication style than traditional one-way marketing.
Digital marketing strategies such as social media campaigns, SEO, content marketing, and responsive web design are some techniques that have widely replaced the traditional marketing model.
Digital marketing is 60% cheaper and 80 % of consumers have switched to the internet for most of their needs. Owing to this, today advertising agencies have also started recommending digital solutions to their clients to have an online presence, for sustaining and evolving in the market.
The last three months have witnessed a paradigm shift in consumer behavior due to the widespread of Covid-19. Consumers are reluctant to step outside to purchase a product, which has led to the further adaptation of digital shopping methods.
There is a fear of shopping in retail stores as they can prove to be contagious. Due to this, traditional businesses have dwindled in the last 3 months like never before.
Traditional businesses have been hit the worst during this pandemic. Telemarketing, flyers, and brochures and print ads are not as effective as they once were.
Thousands of businesses across India have already shut down or are hardly operational. Companies are fighting hard to stay afloat by downsizing and taking their business online. 2020 has reached a tipping point where it is vital to adopt an e-Commerce approach to business. Several studies are indicating that this trend is likely to stay post-COVID-19.
Retail enterprises should use this pandemic as an opportunity to digitally market their products and services in order to reach out to a larger audience.
Before the prevalence of the internet, most consumers depended on television, newspaper, or radio to seek knowledge of what products and services are available. Now they can browse the internet and purchase their products online.
Undoubtedly, the digital trend has vastly captured most of the industries. This has led to a steady decline in the implementation of traditional marketing and a massive increase in the effectiveness of digital marketing. This shift from the traditional marketing model to digital marketing has also changed the whole perception of the media.
Why should companies switch to digital marketing?
There are several reasons why companies should consider digital marketing. Digital marketing helps companies reach customers much faster and efficiently when compared to traditional marketers. They sell more products and services than traditional companies.
It is highly inexpensive to go ahead with digital marketing because businesses shell out large portions of their capital on marketing and advertising. Through digital presence, companies are able to sell globally, breaking the constrictions of national or state level traditional marketing and selling practices.
In traditional marketing strategies, it could take up to several days or months to understand how many people are engaging in their campaigns. The effectiveness of digital marketing strategies is understood through several algorithms and tools. They help in checking if companies are meeting their specific outreach goals or not. Sophisticated algorithms are often used to show users what they may like. This increases the chances that the user will purchase an item which further reduces the costs of marketing. Several startups have seen success in short timelines due to their global presence. People from around the world who have a connection to the internet can view digital campaigns and engage with the brand. A global presence of a brand not only increases the number of customers but also helps in growing the economy by exporting goods.
Digital marketing allows the brands to target precisely. When marketers understand what kind of consumer data should be collected, they are able to gain a new perspective on consumer insight. They are able to identify questions such as, “Why is someone buying the products or are consumers going to buy similar products in the future or not?” This data collection can explain how the consumer is likely to respond to a product or service in the future. According to this strategy, each consumer on the internet sees ads that are relevant to their needs and preferences. Precise marketing uses social media to study the consumer’s behaviour and creates an understanding of their personality and lifestyle.
Future of Digital Marketing
Several new methods of digital marketing will be taking over in the near future. With the development of technology, new and innovative styles of digital marketing techniques are coming up. Artificial technology, interactive content, and voice search are going to gain attention in due time. Traditional marketing companies should start looking into these advanced methods of marketing.
Emails are getting more personalized with the help of automation. With email marketing, users are now receiving specific emails about products they have recently browsed for and these emails may contain promotional price or demo use of these products through a video. This method is highly effective and users are likely to purchase the item. Interactive content is also gaining mass recognition. Content such as 360-degree videos, quizzes and polls are used by companies to offer users an immersive and engaging experience which makes users feel a sense of connectivity with the brands.
Omnichannel marketing is widely used by marketers because it is a vital method of digital marketing. This technique markets a product on several digital platforms at once. This helps the customer to connect with the business on multiple online portals. Omnichannel marketing is 3 times more effective than a single-channel marketing method. Customer retention and purchase frequency are much higher with the help of omnichannel marketing.
There is a better return on investment through digital marketing. Running social media campaigns or email marketing has a better outreach than offline marketing strategies. Through their digital platforms, businesses can also develop their brand image in the public’s eye. Well developed websites with clear information about products and services tend to attract consumers.
They are more likely to read the blogs published on their website and visit their social media pages to further engage with the brand’s presence. This online presence helps the brand stay relevant to the current popular culture. There is greater engagement with customers as digital marketing helps answer questions that are related to the offered product or service.
With the continuous spread of Covid-19, it will be harder for traditional retail businesses to stay afloat by only operating offline. They can no longer survive by making profits through acquiring market shares with physical stores. All enterprises must prioritize digitalization since it is the key to surviving the downfall of the economy and the pandemic. In the process of shifting online, several advertisers are helping companies cope with the current change by providing various digital marketing services, These services are likely to have a long term and positive effect on the company’s financial stability and security.