We are all waiting for a technological revolution that will bring us self-driven cars, air touch technology, cloning or even bionic eye, but none of us knows for sure when it will become an omnipresent reality. The digital revolution has definitely come a long way from being just a buzzword in the market to being an actual phenomenon that impacts our everyday lives. From communications to trade every little aspect of our life is digitised now.
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Let’s have a look at how digital marketing has contributed to this.
Although digital revolution has opened up a big window of opportunity in the business landscape in the form of digital marketing, it is also a factor that gave a major thrust to the digital revolution. It is true that the digital revolution has enabled digital marketing, but there is a role of digital marketing in further stimulating the digital revolution as well, that cannot be denied.
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But what exactly is digital marketing?
It is the marketing of a product or service through all possible digital platforms. It is nothing but creating product awareness, or advertisement done through unconventional, digital channels – mainly through the internet. Maintaining a strong digital presence is what digital marketing is all about.
From Amazon to Domino’s and from Google to Apple, what do the world’s top multinational companies have in common? What’s the mantra for their success? They appreciate and leverage digital platforms to compete in a dynamic and competitive landscape. They have understood the integral role of digital marketing for market dominance. They make it easier for consumers to access relevant and timely information, connect with people and engage in brand building.
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A variety of digital marketing techniques help them to maintain a ubiquitous digital presence.
There are multiple mediums through which it takes place. To list a few:
- Search Engine Optimisation
- Search Engine Marketing
- Social media marketing
- Content marketing
- Email marketing
Digital marketing is mixing and matching these methods to carefully craft a great marketing strategy.
With consistently evolving technology, there is enormous scope to combine traditional marketing insights with new media and internet platforms. Markets across industries are moving rapidly to the virtual space, adopting digital technology as a vital element of their marketing and communication strategy. To continue this paradigm change, businesses need professionals with the knowledge, technical skills and practical experience of digital media and marketing concepts.
Digital marketing is set to rule
Global Entertainment and Media Outlook 2013-2017 research commissioned by PwC forecasts that the digital advertising market will reach up to USD 185.4 billion worldwide by 2017. A spectacular 29% share of the total global advertising market will be captured by digital marketing. The industry is expected to outweigh all forms of marketing in just the next five years to be television’s biggest competitor. Masters of marketing and individuals with a drive to understand communication strategy will find themselves at the forefront of this digital revolution.
The role of digital marketing in the modern world will increase consistently, here’s why – The share of digital marketing will grow leaps and bounds in the near future. With an emphasis on digital operations and increasing internet penetration, of all major economies around the world, the role of digital marketing will expand exponentially. In fact, it won’t be an exaggeration to say digital marketing will play the first fiddle in the marketing landscape.
Hence, there can’t be a better time to understand the significance of digital marketing in a dynamic market environment as exists today What are the benefits of taking marketing to the digital space, the role of digital marketing in career enhancement and business development, the future of digital marketing and last but not the least, how to get a hang of digital marketing.
8 benefits of using digital marketing:
Quick and effective communication channel
Digital marketing channels give an opportunity to engage with customers quickly than other channels. They help maintain relationships, these relationships build trust and the trust builds the brand. For example, email marketing of e-marketplaces with incorporated links can lead to immediate revenue generation as compared to an advertisement in the newspaper or TV.
Easy to evaluate marketing strategy
It is very easy to collect data with digital marketing unlike in conventional mode of advertisement. With the help of search engine analysis tools, one can easily predict the effectiveness of their marketing strategy based on the number of clicks, views, email opening rate, etc. For example, email tracking software can give you statistics of exactly what kinds of emails were actually opened. Also, Google analytics can tell you how many of your click ads or Gmail ads were actually clicked on and checked out.
Role of digital marketing in providing a cost-effective mode of advertising is irrefutable. The cost of running a 10-second advertisement on national television goes up to 3.5 lakhs or more while widely used social media platforms like Facebook offer to host ads for few hundreds.
Easy reach to mobile users
We are living in an era of smartphones. As per Statista (A statistical portal), The number of mobile phone users in the world is expected to pass the five billion mark by 2020. None of the conventional marketing methods can beat the integral role of digital marketing in reaching out to the audience via smartphones.
A blessing for small businesses
The role of digital marketing in the expansion of small and medium scale businesses cannot be emphasized enough. You don’t need to be a corporate giant to be able to afford advertising expenses on digital channels, as it is cost-effective. For example, a local cafe can send out invites for events or gigs via personalised emails.
From painters, musicians, writers to film-makers everyone needs an effective marketing strategy. Role of digital marketing in branding independent artists who are busy with their creative ventures and lack adequate financial backing is extremely critical.
Expansion of brick and mortar model
Looking for online presence in a competitive world, full of vibrant websites? Digital marketing has an integral role to play in creating a rigorous digital presence for your brick and mortar shop. Have a look at Theobroma’s (small bakery, turned into a franchise) wonderful website. This not only helps to connect with customers and build a brand but also gives you robust online presence.
Startups thrive on digital marketing. Be it an e-commerce or a lifestyle startup or social entrepreneurial platform, the role of digital marketing is significant not only for their growth but for their survival. From Flipkart and Snapdeal to Ola and from Swiggy to Policy Bazar, they all have flourished with the help of digital marketing.
The scope of digital marketing in India:
As we have already seen, the influence of digital marketing is constantly expanding worldwide but what about India? Rapid digitisation of the economy with an aim of a cashless economy, schemes like Digital India program, etc, the role of digital marketing in India will definitely receive a great push. There is a huge demand and supply gap for digital marketing professionals in India. As per the research conducted by Acodez, mobile advertising expenditure alone has gone up from 5% in 2001 to 175.1% in 2017. You can only imagine the increase in digital marketing spends in India. McKinsey and co. noted that of all marketing jobs, 90% require some knowledge of a digital marketing component.
5 reasons why one must learn digital marketing:
Career enhancement and job opportunities
If you scan through any online job portal these days, terms like ‘digital marketing professional’ are found frequently. Annual research conducted by ‘Indeed’ pointed out that more businesses in India are looking for increased digital presence and hence, there is a visible rise in job searches for digital marketing. The average pay that professionals in this field get is also higher compared to the jobs in conventional marketing terrain.
More than a degree
You must have heard about the horrors of the big bad world outside the college campus, well it is true! It is harsh, heartless and extremely competitive. You will always have to be on your toes to compete and for that, you will require something more than just a college degree – such as the importance of digital marketing in today’s scenario.
Better return on investment
The certifications in digital marketing will cost you much less than an academic degree. The returns on investment are also much higher than for other, full-time and offline academic programs.
Adds weight to the resume
Your resume will definitely stand out with a recognised certification in digital marketing.
Helps in entrepreneurial ventures
Do you dream of becoming an entrepreneur? Without a thorough understanding of the role digital marketing has to play in creating a vigorous digital presence, it is difficult for a business to survive. Digital presence is crucial for your entrepreneurial venture. You can even start your own digital marketing agency!
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How can you learn digital marketing in India?
While one might get the impression that digital marketing is a general set of tricks to use the internet smartly, and one can sail through easily with learning on the job, it is not true. As constantly evolving technology creates a challenging environment for businesses, a strong skill set and robust knowledge of both marketing and technology is a must to deal successfully with them. A proper understanding of the role of digital marketing only comes from learning the nitty-gritties of it. The study of segmentation, targeting and positioning in marketing, analysis of consumer psychology, knowledge of website building and design, acquaintance with google analytics and the role of various channels and metrics is only possible through a competent and comprehensive learning program.
Some of the best certification and diploma programs that can stimulate your marketing careers are made available in India through edtech platforms like UpGrad by courses like PG certification in digital marketing & communication from MICA.
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Can online marketing strategies be applied in brick and mortar stores?
Yes, digital marketing strategies can be applied in brick and mortar stores. For retailers, it acts as a medium to connect with the new generation of customers, who now hold massive buying power and influence.
Some of the online marketing strategies that can be applied in brick and mortar stores are: a) Building a website to showcase the products and services b) Curating an online community for product promotion, customer engagement, analysing customer behaviour and building trust c)Using Google AdWords for targeted advertising, where you can reach out to potential customers in your immediate geographical location d) Email marketing can be used to advertise deals, news, or promote any other in-store offers
How is digital marketing cost-effective for businesses?
Compared to traditional forms of marketing, digital marketing is cost-effective. Let’s see how.
1. Use of social media: You can build your brand presence on social media and engage with customers at no cost
2. Retargeting ads: It helps to drive quality traffic to your website and is an effective audience-building mechanism. Based on the parameters set by you, retargeting ads will show ads to people who are more likely to buy your products
3. High return on investment: Pay per click, email marketing are some of the most effective marketing strategies and have higher ROI
4. Can track success and adjust the campaign accordingly: You can track the performance of your ad campaign on a real-time basis and can make changes to the campaign to improve efficacy
Other features include low customer acquisition cost, low-cost content and higher engagement, increased reach at lower cost
What are the best ways to learn digital marketing?
With the rapid digitization of services, digital marketing is evolving and requires unique skills from candidates. The best way to learn digital marketing is through enrolling yourself in digital marketing courses like MBA in digital marketing.
You can also consider an internship post completion of the course that will help you to learn how the digital marketing ecosystem functions. Simultaneously you can watch webinars, get enrolled in free certification courses for the continued learning process.