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.
Such a 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.
Digital Marketing has some inherent advantages over the traditional forms of marketing and this article shall be covering a few of them.Traditional Marketing vs Digital Marketing
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 inboxes.
2. The Pricing Methodology
Another thing that makes digital marketing so appealing to companies and other people looking to market their products 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.
3. 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 are 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 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.
4. The ability to track and measure
It is exceedingly difficult to measure the degree of success of a particular traditional marketing campaign. 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 which are not so that you know where you need to focus 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.
5. Increased engagement
It is a medium which enhances the engagement of your customers with your business, product, services, etc.
The reason why increased engagement is one of the advantages of online marketing is that digital marketing can create various forms of marketing through which the engagement can be increased.
A solid brand can be created if the business is well-interacted and integrated with accurate social media strategies. With the right marketing, the business can easily convert cold leads into active and eventually paid customers.
6. Use of various strategies
There is no one way through which you can approach social media marketing. There is something to every type of brand that is available out there.
The brands can identify their target market and use various different strategies to market their brand. Moreover, the brands can customise their strategy and methods for different channels that are available and reap the benefits of digital marketing.
Some of the common strategies for social media marketing are-
- Search Engine Optimization
- Email marketing
- Local search
- Social paid ads
- Forum Engagement
- Influencer marketing
7. Goal oriented
Digital marketing serves as that medium which helps in achieving the goals that have been set by the organisations to achieve. Setting a goal allows organisations to be clear with their approach which reaps fruitful results.
Every campaign that happens requires goals to be set which allows for setting benchmarks. A set of KPIs allows the stakeholders to measure if the goals were achieved or not.
Sales, clicks, leads, etc. can become a part of the goal. However, the team can dive into deeper intricate goals. The goals can be set keeping in mind how the product, service, etc could impact the marketplace. There are various tools that can be used to measure the results and get insights such as Google Analytics, etc.
8. Diverse content types
Content is the key to digital marketing. The reason why content is one of the advantages of digital marketing is that brands focus on their content while marketing, as it helps the brand to send their message using different ways and eventually reach a wider audience.
Among the available content types, the brands can choose any of their choices and build refreshing campaigns for their brands. The brands can easily choose any available content that speaks to their customers.
Some of the available content types which brands usually work with-
- Social media posts
9. Beginner friendly
Although digital marketing has various other technicalities that are required to be learnt by the beginners, it can be something easy to work with. By choosing the right approach and methodology, the users can reap optimum results. It then becomes a matter of finding the appropriate strategy to work with for your business.
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Digital marketing is used by companies to reach a wider audience quickly and effectively. With online advertising strategies such as Google Ads and LinkedIn Ads, the organisation can reach a wider audience speedily.
A quick reach means testing new marketing strategies and ideas and quickly seeing if they work well in the long run or not. There is no need to wait for a longer duration and see if the strategy will work or fail. It helps organisations to save time, money, and effort and use the resources to their advantage.Check out our Digital Marketing Course
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 in 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 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.
What are the seven Ps of marketing?
The seven P’s of marketing are: Product - It is what is offered to users to consume. The marketing manager is responsible for developing and planning the right product for their users. Price - The marketing manager is required to determine the right price for the product. It is crucial to determine the right price for the product in order to succeed in the marketplace. Place - The product needs to be located and distributed in the right place. If there is any mismatch between the product location and placement, the product will suffer. Physical evidence - It determines physical evidence such as office room conditions, furnishings, layouts, etc. This helps in better performance of the personnel. People - It refers to two components such as service personnel and customer. The right service personnel allows organisations to reach their results efficiently. And customer’s perception and buying behaviour for the brand would be dependent on how the representatives treat and work well with the customers. Process - The service delivery process should be short and simple. Some of the strategic dimensions which can be used are the degree of customer contact and quality control standards. Promotion - Right promotional means should be used to carry forward the digital marketing strategy. Various promotional strategies that can be used are personal selling, advertising, publicity, etc.
What are the six types of social media marketing?
The six types of social media marketing are - Social networking, Microblogging, Media sharing, Social News, Online forum sites, Bookmarking
What are the five ways of social media marketing?
The five ways of social media marketing are - Strategy formation- Before beginning to market the brand, it is important to create a strategy in order to achieve the desired goals. Consistent posting- Social media requires consistent posting in order to be up in the feed and metrics. Creation of engaging content- The content should speak with the users. Relatable and relevant content would help in increasing engagement with the brand. Engagement - It is important to engage with the users through various ways such as live streaming, liking and commenting, polls, quizzes, etc. Tracking of the metrics - You will not understand how well you are doing unless you measure the success of your efforts. There are various metrics and tools in place which help the users to analyse the metrics.