Unless you have been living under a rock for the past two decades, you probably know how big and powerful the internet has become. It stopped being a luxury a long time ago, and now, over 3 billion people have access to the internet.
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Such large influx of people has also resulted in the internet becoming an all-unified, single biggest platform for anyone to market or advertise their products or services. This has led to a new branch of marketing – one that wasn’t imaginable in a non-fictitious context not more than a couple of decades ago – Digital Marketing. It is the word given by contemporary academicians to this relatively new form of marketing that is done using the online medium.
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Digital Marketing has some inherent advantages over the traditional forms of marketing and this article shall be covering a few of them.
Kicking it off with the most obvious advantage of digital marketing. The ability to target exactly the people you believe fall into your customer segment is what actually made digital marketing all the rage when it first got started.
Spending millions of dollars on advertising to a general audience stops making much sense when you can achieve the same number of sales or conversions for an amount that is far less.
Digital Marketing methods let you pick exactly who will see your ad so that you reach only the people who might be interested in your product rather than be a part of the noise in people’s inbox.
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The Pricing Methodology
Another thing that makes digital marketing so appealing to companies and other people looking to market their product or services is the fairly interesting pricing methodology that most sites that let you run ads use.
Traditional marketing avenues like hoardings or TV commercials charge by the number of hours or minutes that your ad is displayed in a given duration and these charges can be quite hefty even though it is possible that not even a single person in your customer segment gets to see your advertisement.
In digital marketing, however, you only get charged when someone from your customer segment views your ad or clicks on it.
This can save a company a lot of money while getting them the same, if not a higher, number of conversions.
A Global Audience
If you are a startup that wants to scale quickly or a company looking to expand into a new country, then digital marketing is the easiest way to reach the new potential customer base.
The internet is used by people in almost all countries and if they on the internet, figuring out a way to advertise to them through digital marketing is possible, easy and affordable. This is especially true for people whose products or services which they provide are completely location independent as they can simultaneously market to customers in all corners of the world using the power of digital marketing.
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The ability to track and measure
It is exceedingly difficult to measure the degree of success a particular traditional marketing campaign had. There is no solid way to measure exactly how many people visited your shop to buy your product because they saw your ad in the local newspaper.
This problem becomes bigger the wider the customer base becomes. It is essential to figure out which of your marketing strategies are working and ones are not so that know where you need to focus on for maximum effectiveness.
On the other hand, when it comes to digital marketing. You can track exactly how each of your marketing campaigns performed in any given time window and you can easily make adjustments accordingly. This saves not only time but also a lot of money that could have gone to waste on ineffective advertising.
With these advantages, it’s obvious that almost every company today is investing in digital marketing strategies, and even coming up with departments focused solely on digital marketing. The opportunities, therefore, in this field, are ever-increasing – to say the least. So, how are you looking to bank on it?
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What is targeting in marketing?
The way to success for any business goes through effective marketing, and it's a never-ending job. Understanding targeting in marketing is one of the three vital steps to knowing effective marketing.
Targeting is one of the three essential steps of formulating a marketing strategy. At the targeting stage, a marketer identifies their core target segment. This means the segment or target market which is most likely to buy the product. A target market is when all marketing efforts are directed towards a specific group.
How to conduct target market analysis?
Targeting in marketing requires preparation and meticulous research on the end of the marketer. Let's take a look at all the steps required to conduct a target market analysis. First, segment your market and distribute the consumer base into groups. Second, do your research and collect facts. For this, you must conduct a thorough research by collecting data, conducting surveys, understanding common purchasing cycles, etc.
Third, determine your primary focus. Find the group that will be most interested in the product that you are trying to sell. Lastly, create a suitable targeting strategy to reach your market.
What are the strategies to reach the target market?
Let's take a look at some of the basic strategies to reach your target market.
First up is mass marketing which is also known as undifferentiated marketing. This involves adopting a marketing strategy that can appeal to all segments at once.
Next is differentiated marketing. This tries to create different messages that can connect to other segments. The same product can be pitched to two different segments of customers based on various reasons.
The third is niche marketing. If a firm adopts a niche marketing strategy, it focuses on selling its product to only one narrow segment.
Last is direct marketing. This is a newly emerging concept with the onset of digital marketing. Direct marketing involves establishing a direct and constant communication channel with customers that help companies gather data on a real-time basis.