You probably have an aesthetically appealing online store with easy navigation, excellent products and spot-on customer service, but that is just a job half-done. It all boils down to how to get it to the right audience to drive sales. We are in an age where the internet and internet-ready devices adorn the hands of every other person.
To keep up with the pace, marketing and promotion have to go the digital way because, at the end of the day, you have to go where the customers are. But, how do we get there and how do we know how much is enough. Follow us through for a brief on why digital media marketing is the need of the hour and how to embark on it.
1. Low entry cost unlike other media
Digital media marketing has ushered in a wave of a level-playing field for small and medium businesses alike. Due to the low entry cost and customisable nature of digital marketing, all businesses now have the option to select their method of marketing as per their budget and reach customers at a lesser cost. Earlier, most marketing methods were expensive and as a result, small businesses had to resort to small-level methods where success was almost negligible. Times have changed now, small companies have the resources to perform marketing processes that were previously restricted to large businesses.
2. Every penny spent is trackable
Online businesses can track every penny spent by measuring their conversion rate in real-time. There are a plethora of tools to monitor how every business’ digital marketing is faring at every platform. Web analytics to data impression, the progress of every post and campaign can be monitored to assess how it has been perceived by the audience and whether they found it attractive enough and if it will lead to sales. Be it Google ads, Facebook insights or emailers, every aspect where money is invested to market a business, can be tracked. This is a great way to make changes to the campaign as and when the need arises, resulting in higher adaptability rate and minimal wastage.
3. Identifying and reaching the right customers through proper targeting
To drive the right customers to your business, it is pertinent to define the target group appropriate for your business. It entails identifying who they are and how they use each platform. Limitless data is available online. The right tools need to be used to gather them. Digital tools help unearth information — profiles and demography — about our target audience ethically. This information can be integrated into your website and used to retarget or push ads to pull customers to your site. This approach to reach the appropriate audience can minimise investment in digital marketing, thus, increasing conversion ratios. Social media platforms like Facebook, LinkedIn, Twitter, Instagram etc provide granular-level targeting based on a wide range of parameters.
Digital media marketing is one tool that helps you reach umpteen number of customers in one go and that too within your budget, provided the appropriate marketing tools have been used. The low entry cost coupled with the ability to tap the apt audience and efficiency in tracking the money spent makes the whole process cost-effective. Small businesses have to function within limited resources and that is the reason why digital marketing provides a cost-effective marketing channel that delivers results.
5. Reaching millennial and connected/social media users
Social media has emerged from being just a networking site to an excellent platform for business marketing, thanks to the mobile world. With the rising number of netizens and social media users, digital marketing is the most appropriate way to reach them and engage with them. Social media has changed the way we live. Right from the way we get our news to the way we interact with people. It has become unavoidable and it’s here to stay. Millennial rely on their mobiles and social media for updates and offers while they are on the go, making it the ultimate place to promote your products and services. The number of social media users has been broken down by Emarketer and the statistics are interesting, to say the least. As many as 90.4% of millennials, 77.5% of generation X, and 48.2% of baby boomers are active social media users. Now is the time to have digital marketing campaigns intended towards social media.
6. Can tie it to online sales and conversions for better tracking of RoI
Return on investment (RoI) can be constantly monitored in digital media marketing. Web analytics can help any business to ascertain whether the website and campaigns are providing optimal RoI. When digital media marketing is connected to an e-commerce platform, online sales and conversions can be tracked easily to see the ROI. Also, the cost incurred on digital marketing for branding can be tracked through impressions, recall, increase in engagement, sales etc. In terms of cost as well, traditional media is expensive and at most times unable to quantify as opposed to digital media, which is instantly trackable. Digital media has the flexibility of monitoring as soon as the consumers/ audience share their contact details, subscribe to an e-newsletter or make a purchase, thus serving as parameters for RoI.
7. Efficient spending of marketing budget
Budget allocation for every aspect of the business, including digital marketing, needs to be done with precision for optimal results. With the rapid designing of online tools and growth in technology, effective spending in marketing is possible. Digital marketing has opened a platform to create and manage different campaigns, along with monitoring them at every step. This coupled with tracking of money spent ensures the least wastage of marketing budget and constant course correction based on results, thus making the process effective and efficient.
The strategies and techniques of digital marketing will undoubtedly help you attract not necessarily more traffic, but definitely the targeted audience. Tapping the right people at the right time is what digital media marketing is all about – ensuring your survival amidst cut-throat competition.
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