Digital marketing fits in well with the description of a game changer as it has transformed the face of marketing and has also brought small-to-medium enterprises (SMMEs) – as well as start-up businesses – the ability to market their businesses in the same way that big companies do.
In fact, digital marketing is far more effective than traditional marketing – such as in the form of magazine or newspaper ads – as the former type of marketing gives you the ability to assess how effective your advertising is as well as where you should be allocating more of your marketing spend.
Digital marketing assists you with identifying your potential customers quite easily. For instance, earlier if you wanted to have 10 customers you needed to market your service to a minimum of 100 leads, however through digital marketing you will have the ability to pinpoint the 10 potential customers for your business and only target them. It is a known fact that even if your product is really good and the best in the market you won’t have the ability to sell your service if your marketing is not great.
Individuals need businesses to stand out in the market from others. In the future only the companies who are able to market themselves better as opposed to the others will stay because customers want popularity among services. Almost every company is only able to convert 20% of their leads into sales through normal marketing however through digital marketing you will be able to convert at least 80% of your leads into sales.
A Versatile Growth Industry
You may think that digitalisation has made everyone a marketing expert – and anyone who has ever ordered a product from Amazon knows how e-commerce works. However it’s not that simple as the marketing landscape is becoming increasingly diverse and specialised.
Owing to the growing number of solutions available, it seems that digital marketing is becoming less and less expensive. That may be broadly true, but the experts are also aware that while targeting and marketing automation solutions as well as the AR/VR apps or 3D worlds are becoming increasingly user friendly, the latter in particular require a comparatively high-resource expenditure.
This poses a challenge in times of cost-optimised marketing budgets. Enterprises are planning higher investments in digital channels, especially in search engines, social media, audio/video platforms and editorial websites.