Interacting with your potential customers and getting your product or services recognized has been important for business at all times.
With the growing influence and involvement of the internet and technology in our lives, the two have become a few of the most important means of communication. This has given incredible importance to the internet and electronics as sources of advertising.
In fact, marketing involving these two instruments has emerged as a new field: Digital Marketing. This article will introduce the readers to the concept of digital marketing, how it works, its importance today, and other relevant discussions.
What is Digital Marketing?
Marketing is targeting the right audience at the right time and the right place. Today, the internet draws a massive amount of audience with almost 4.57 billion active internet users. This makes around 59% of the global population. With such a significant amount of people present online, the internet has become just the right place for advertising.
Digital marketing is the marketing that happens online. In other words, it includes all those marketing activities that make use of the internet and electronic devices.
The different channels involved in digital marketing create different types/categories.
Few of the most notable ones are:
- Social Media Marketing
- Email Marketing
- Content Marketing
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- Pay per click
- Television Advertising
- Radio Advertising
How Does It Work?
It is important to make a proper digital marketing strategy to successfully and most productively execute the process.
While most organizations do carry out the process, they do not have a defined strategy.
To begin working on any strategy, it is most advisable to follow the RACE model. RACE stands for Reach, Act, Converge, and Engage.
Reach: Create awareness using different types/categories of digital marketing to drive traffic to your site.
Act: Encourage interactions with the target audience (leads).
Convert: Convert leads into buyers to gain sales online or offline.
Engage: Continue interactions and build customer relationships through social media, personalized communications, emails, or even the website. This helps create customer loyalty and satisfaction, along with repeated purchases.
With the speed at which innovations and advancements occur, a tool may be in vogue one month, and pretty unimportant the next. Therefore, when using digital marketing, it is important to keep yourself updated about the recent in-trend strategies.
What is the Importance of Digital Marketing?
As mentioned in the discussion above, digital marketing plays a very important role for businesses today.
The role and importance are elaborated below.
Makes the process easier for small businesses:
The role of digital marketing in helping small businesses establish themselves is impressive. It allows small businesses to compete with mid-sized and larger ones by allowing them to market their products and services on the same platform as them.
SEO is very useful in this regard. Google generates search results on basis of the relevance of the content to the searcher. So, if there is a small business whose content may be more relevant to a customer as compared to the content of a larger business, Google is likely to display the small business higher in search preferences.
Digital marketing is much more cost-effective in comparison to traditional marketing techniques. There is no need to book a huge billboard, or to hire a big professional marketing team. You can work with few professionals who can search for your target audience and use the relevant type of digital marketing (social media, emails, website, TV) to access them.
Additionally, it also offers a higher return on investment (ROI).
Allows more Focused Marketing:
Traditional marketing techniques result in some wastage of money, for example, let’s say you got your product’s advertisement published in a local newspaper. However, not everyone reading the newspaper would be interested in your product. This leads to money being wasted on people who are not even your target audience.
On the contrary, digital marketing tools allow you to specifically target those customers who are interested in your products. For example, Facebook ads would only appear to those users who have been searching for similar products, or the SEO would rank your ads or content in accordance with the user’s preference.
Digital marketing is Measurable:
It is easier to monitor the effectiveness of your marketing campaigns here. Each digital marketing tactic has its own tracking system. A few of the most common metrics include traffic, clicks, conversions.
Moreover, partnering with online marketing agencies provides you with access to important tools that can be used for tracking, analyzing, and evaluating the impact of the campaign.
Difference between Digital Marketing and Inbound Marketing
The two terms are often used interchangeably. However, there is a difference between the two which needs to be understood.
Digital marketing encompasses all the marketing activities carried out on a digital medium.
On the contrary, inbound marketing is a defined marketing strategy. The strategy involves a number of specific steps that require being implemented expertly.
Thus, digital marketing can then be considered as a tool, or a component that aids in performing the inbound marketing strategy.
The Internet indeed has gained undeniable importance in today’s world. The sooner an individual recognizes its importance, the more beneficial for them. The same goes for businesses. The sooner they acknowledge the relevance of their online presence, the greater are the chances of the business thriving.
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