Top 10 Business Benefits of Digital Marketing
If you are in any capacity involved in the business of selling, buying or any other operations that come under the larger umbrella of marketing, the chances are that you have already come across digital marketing. The history of digital marketing goes as far back in time as the invention of the internet. What was earlier the job of paper ads or just radio announcements transformed into emails and online advertisements? The Internet revolutionised marketing forever.
To put it very simply, digital marketing can be defined as the digitisation of marketing efforts. It is a way of appealing and connecting to the customers through digital platforms and tools.
Although digital marketing has been a popular marketing approach for a while now, the pandemic elevated it to a whole other level. With a large chunk of the global population spending time on the Internet, business moguls not only recognise the significance of a solid digital marketing strategy, but they are also exploring its financial nuances to drive profits. Whether it be influencers promoting brands on Instagram or companies sending out witty tweets that go viral, digital marketing lies at the core of brand marketing now!
Now, what constitutes digital marketing?
It can be any marketing instrument that functions online. For example, websites, video (ads and product demos), reviews, social media pages, and any other form of content exist on digital platforms. In fact, every day is a new day in digital marketing. Marketers are constantly churning up creative interventions. Which makes digital marketing a continually evolving field. The digital space is growing infinitely, further pushing the digital marketing domain to expand simultaneously. No wonder why it ranks on the top of our list of digital trends we would advise all of you to keep up with!
Listed below are the ten benefits of digital marketing that will convince you that it is one of the most important aspects of modern marketing:
1. It is cost-effective
Capital is a crucial factor for any company, irrespective of its size and industry. Any strategy that requires less investment and gives more returns is a win-win situation for everyone. And with digital marketing, a little goes a long way. In fact, it is considered more cost-effective than traditional forms of marketing. A single social media post can go viral and produce highly desirable results compared to traditional print or radio announcements.
2. It facilitates real-time evaluation
Digital marketing is a time-saving strategy. There is immediate access to public feedback, which helps direct the marketing more effectively. Whereas in traditional marketing space, there is some buffer time required before one can evaluate whether a particular strategy is working or not. A few clicks will tell you how many customers are visiting your website if there is an increase or decrease in the website traffic, conversation rate, subscriptions, followers etc.
3. It unlocks new opportunities for small business
Digital marketing has created what can be called the level playing field. There are a lot of small companies that don’t have the same resources as big corporations. But the relevance of any campaign isn’t particularly dependent on the amount of money spent — instead, it is on the way consumers connect with it. But because digital marketing techniques are easily accessible to people across the spectrum, small brands can also market effectively and efficiently as any other corporate house. Thus, digital marketing has inadvertently created an egalitarian space for anyone who enters the world of business.
4. You can enjoy better conversion rates
Digital marketing leads to better conversion rates. It is easier to convert a bystander into a customer online than it is offline. Gone are the days of making several phone calls to get customers to engage! With targeted campaigns and traffic, the digital marketing strategy is a lot more streamlined. The mechanism allows for personalisation which in turn leads to optimal utilisation of the resources. Thus, not only do you save time and resources but also produce better results.
5. You can engage with a larger audience
Geography can be a limiting factor in any business venture. Traditional marketing, unfortunately, is limited to the local demands and needs. And though that might be a good idea, it is also a restrictive strategy. Digital marketing allows you access to global targets, which inevitably will lead to larger audiences and better business returns. You can be responding to the demands and queries of people sitting across the world from you. The ‘word of digital’ travels faster than word-of-mouth, especially in the case of digital marketing.
6. It helps you establish customer loyalty
It is an arduous task to retain customers, but it is definitely worth the effort. Customer loyalty ultimately translates into increased sales which help generate better revenue for the company. So how do you do that? With digital marketing, it has gotten easier to be in constant touch with the customer and cater to their specific needs. Whether it be through personalised email subscriptions or social media communications, digital marketing has allowed for increased customer retention. Digital marketing fosters individuality even in a vast customer base, attracting more and more people to it.
7. It offers a high degree of flexibility
In a constantly evolving world, for businesses to be successful, the structure must be flexible enough to make changes as and when the requirement arises. There have been many campaigns in the traditional media space that have faced backlash, but there remains nothing much to do here because of its irreversible nature. Digital marketing, on the other hand, has access to real-time data and the general trends that are existing in the digital space, offering marketers much-needed flexibility.
8. You can optimize business operations with data analytics
Efficient utilisation of data is one of the most effective ways to study consumer behaviour. It is a big part of behavioural economics that ultimately helps guide and manoeuvre consumer activities. You have access to data like the number of people visiting the business page, their location, sex, likes and dislikes, the gadgets they are using to access etc. All of these help design marketing strategies and plan the budget accordingly.
9. You can prepare for the future through IoT
IoT or the internet of things is a system through physical devices interconnected through the internet globally. With increased digital interventions in every aspect of our lives (especially post covid), digital marketing helps you keep up with the latest market trends. The online interface is crucial for business survival, and digital marketing will help you with that exactly.
10. It leads to improved customer engagement
Through digital marketing, both the customer and the company are guiding each other. Constant feedback via likes, dislikes, reshares, and comments help marketers understand what people are saying about their brands online. You can keep track of the customer at all buying stages, immediately offer help if they are looking for solutions to their problems. Mobile apps now help customers compare and choose the best product for themselves. This is an empowering tool and leads to a better symbiotic relationship between the company and the buyers.
Now that you already know the advantages of digital marketing, we’ll make it easier for you to start your digital marketing journey. upGrad has a great course in digital marketing and communication which help you get a great head start. With Certifications from MICA and Facebook and access to industry mentors, this course will give you the necessary boost to make your career in digital marketing.
You will learn skills like SEO, SEM, Social Media and Content Marketing, Branding, Market Analytics. These skills will make your profile eligible for jobs like Digital Marketing Manager, SEM Manager, SEO specialist, Social media and Content manager. With experts from the University of Cambridge and Facebook at your disposal, you are in the best hands to learn the tricks of the trade. So register today and enter the world of digital marketing.
We hope this helps!