by Ishita Mansukh Rajgor
Posted on June 03, 2018 at 10:00 AM
In 2018, the average firm is expected to allocate 41% of their marketing budget to digital advertising, and it's expected to go up to 45% by 2020.
(Source: Web Strategies)
In Digital World, by leveraging enhancements in small innovations, things that were fiction a decade ago are now a reality. With supercomputers in our pockets, we are all the way more connected to technology and this has had a phenomenal impact on how businesses can revolve their brand around consumers and their everyday life.
As people have such readily available information at their disposal there has been a rampant increase in online research before consumers buy a new product.
Did You Know? Over 80% of consumers research online before purchasing from a company. Out of which 42% choose 1st listing on the first page and 21% choose the 2nd listing.
The traditional method for marketing a brand was buying full page print ads, then came Radio and TV commercials. But there has been a big shift in the world of advertising in the past few years. Major Brands around the world are targeting Digital Marketing. Adidas is amongst the first brands to announce that it's stepping away from TV Commercials. Digital marketing is a wise investment decision that can bring decent returns on investment.
The big question is - Why Digital Marketing?
Some promising reasons include:
1. It is cost effective
According to Gartner's Digital Marketing Report, 40% marketers claimed getting considerable savings by using methods of promotion for their products and services.
2. High Conversion Rates
SEO, Social Media Marketing, Email Marketing generate quick and effective interaction with targeted audiences and delivers better than average conversion rates. It also gives meaningful insights on demographics that led to the actual conversion.
3. Digital Marketing Promotos Customer Interaction
With Social Media Marketing, it's easy for your customers to give a feedback if they face any issues, also it gets easier to give discounts to loyal customers directly, without asking any personal details. This engagement with the customer's increases not only increases brand value, but also high customer retention.
4. Reach Customers wherever they are
With Smartphone adoption in India, Personal Computers are outnumbered. With cheap internet access, it is very likely that your consumers are coming from smartphones. Digital Marketing brings in the opportunity to connect with these consumers, no matter where they are in the world.
"If your brand is fire then Digital Marketing is Gasoline."
Digital Marketing is growing, just like how TV did, but only 10 times faster. The only constant thing is CHANGE. And that becomes all the more reason to why you should include digital marketing in your business strategy.
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