Here, in this article, we try and discuss the Impact of Digital Marketing on Business and its Growth.
Digital marketing has gained more popularity in recent years.In fact, the pandemic has pushed it to the forefront of major marketing activities.
The whole world today use marketing tactics through the digital media. Social sites, videos, emails, and online news portals have evolved for everyone. Here they share their thoughts and opinions with the rest of the world on any topic that shares knowledge today.
By going digital, it is easier for people to get information about any topic. Almost all information is available without actually going out and searching. This, of course, saves time and effort.
Remember those days when we had encyclopaedias at home? The young generation of these days do not even know what an encyclopaedia is! The internet has taken over almost every other form of information sharing.
It is interesting to note that digital marketing has revolutionised the way businesses operate. Earlier, businesses had to use traditional marketing channels such as print media, television, and radio to market their products and services. It is not the case now.
Also, the use of digital marketing has several advantages for businesses which are listed below:
1) Reach of Digital Marketing
The reach is much wider than any other form of marketing. With just a few clicks, businesses can target customers from all over the world.
2) Digital Marketing is Cost-effective
It is one of the most cost-effective ways of marketing a product or service. It is cheaper than traditional methods such as television and radio advertising.
3) Personalized messages impact positively
Digital marketing allows businesses to send personalized messages to their customers. This helps in building customer loyalty and is one of the most popular ways.
4) Focuses on user experience also impact digital marketing results
Digital marketing attempts to provide a better customer experience and product value. This helps build trust among customers. As a result, the business grows.
5) A better option for small businesses
Digital marketing is an extremely useful tool for small businesses to market their products and services online. It enables them to reach out to larger markets, thus opening up newer opportunities for growth. In fact, stories on social media are a great way to build your brand.
6) Easy tracking of Digital Marketing results
Digital marketing makes it easy for businesses to track their progress and goals. Automated tools like Google Analytics provide real-time data about customers’ preferences and behaviour.
Businesses today use social media networks for digital marketing. Facebook, Twitter, LinkedIn, YouTube, amongst many others help businesses to reach out to a wide audience and establish better customer relationships.
Growth of Digital Marketing
The growth of digital marketing can be attributed to a number of factors.
One of the major reasons is the increased use of smartphones and other mobile devices. These devices have made internet access easier than ever before. The COVID pandemic has also played a huge role in increasing the usage of smartphones.
Social media platforms is another reason and has also played a major role in the growth of digital marketing. In fact, social media can be said to be one of the biggest drivers of this phenomenon.
Facebook, Twitter, LinkedIn, and others allow businesses an easy way to connect with their customers and promote their products and services. Blockchain is also another emerging technology that will impact digital marketing. Read our article on how blockchain is changing digital marketing.
All this has resulted in the increased adoption of digital marketing by businesses all over the world.
Most businesses now have a website and use social media platforms to promote their products and services.
In fact, a Forbes Insight and Hitachi survey has found that “Digital transformation is the top strategic priority (50%)”(https://images.forbes.com/forbesinsights/hds_digital_maturity/HowToWinAtDigitalTransformation.pdf)
Reasons for Adopting Digital Marketing
Businesses all over the world are undergoing a huge change with respect to their marketing management tactics. The current trend is moving from traditional marketing to digital marketing or a hybrid model.
Some reasons in favour of adoption of digital marketing tactics are
- The first reason is that digital marketing is cheaper than traditional marketing.
- Secondly, the results of digital marketing are measurable. This means businesses can track the performance of their campaigns and make necessary changes accordingly.
- Thirdly, digital marketing is more targeted than traditional marketing.
- Last, but not the least, digital media has a wider reach than traditional media.
The impact of digital marketing on business cannot be ignored. Almost every business today uses digital marketing to promote itself and it’s portfolio.
In fact, business sectors such as e-commerce has grown to the current huge market purely because of the use of digital media.
Digital marketing, has become a key part of business success strategy. This is seen across all sectors today. Businesses failing to implement digital strategies risk being left behind their competitors. The competitors will use this avenue to entice customers away from them. PPC Agencies continue to play an important role as they are well-trained and equipped to maximize returns for your business.
Businesses need to keep changing with time if they want to remain relevant. More so, in today’s rapid pace of growth. In the past, businesses could rely heavily on customer recommendations and word-of-mouth publicity. This is not the case anymore.
What is the future?
Marketing management, as a function, has taken this process of digital transformation easier. By integrating all marketing activities including the digital space, marketing management makes it possible for businesses to connect with customers across the world. Regardless of when and where they operate from.
One thing remains common, though, regardless of what form of marketing a business uses. If businesses cannot satisfy the needs of its customers, then people will stop supporting them. This will eventually lead to failure of the business.
In a Nutshell
In conclusion, digital marketing definitely has had a significant impact on the growth of businesses around the world over the last few years.
Earlier, people would refer others based on their personal opinions. However, nowadays, social media platforms such as Facebook allows consumers to refer businesses they trust to their circle more efficiently. Same is the situation where they have had a positive experience.
Today consumers are able to exchange ideas and opinions in real-time.
This had widened the reach of businesses exponentially and provided them with opportunities for growth much faster than before when everything was based on word of mouth and customer perceptions about a particular brand.
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