Digital Marketing offers an incredible scope to connect with the customers by the organisations across the industry, but only a handful of institutions have appreciated digital marketing opportunities and invested time, money and effort.
Worldwide, we saw many countries allocating media spend budgets increasingly to digital works in excess of 40% as per survey by a broadcasting and media company.
Allocating budget alone is not sufficient to connect with customers. Old and classical techniques like marketing funnels, broad segmentation, lockstep campaigns have no relevance in digital marketing. It is time that we change the way we market our products.
Great companies are relying on three tools that have basically changed the way business promotion and marketing can be done:
- Availability of big amount of real-time data to be used in digital marketing campaigns
- Capability to connect on a long-term, omni-channel relationship with customers
- Flexibility to use multiple ideas and collect live feedback from the customers.
Is it right time to change?
Customers interactions with media has changed intensely in recent times. Therefore, our approach to business promotion should also undergo accordingly.
- Ever Changing Consumer behavior: The younger generation has almost stopped using the print media like newspapers and magazines and started using increasingly the digital media and even television is also losing its presence as well. But, if you look at overall media spend, which is on increasing path, it is coming from digital space. For Example, Europeans were spending watching TV and other traditional media 44 hours in a week in the year 2009, which has increased to 48 hours by 2015, but the increase is totally attributed to digital media with another 2.5 hours taken away from traditional media. In United State of America, Facebook data reveals the average time spent is one hour everyday including Facebook, Messenger and Instagram.
- Marketing and Ad agencies are making the organizations to increase ad spend year on year. But the ad spend is happening only in the digital space. World over, mobile video spending has increased 100% every year from the year 2011 and ad spend budget allocated to social media marketing has grown more than 40% per year. It is reaching a stage, where companies will spend more money and efforts in digital marketing than on old traditional marketing.
- New technologies enable the organizations to reach their targeted audience in a cost-effective way than the traditional platforms like TV, Cinema, Print Media, etc. Today’s technological innovations allow us to market our brands to specific group based on age, gender, age, location, education, social status, etc. This enable the brands faster conversion into sales.
Big Swings Altering the Digital Space:
The following changes or moves will give your brands an incredible advantage over your competition.
- Real-time Data and Analytics: Unlike olden days, when marketing agencies were working on the results based on survey / research with sample data, today in digital age, brands are equipped with real-time and complete data about the consumer preferences and their usage. This gives tremendous opportunities for the companies to produce right products and take it to the customers at much faster way.
- Long-term and Ongoing Relationships with customers: Gone are the days, when the client relationships hardly existed and were on each transaction based. Now, every consumer is treated with long-term perspective in mind and the entire company process is designed in way to encourage long-term consumers and build relationships with organisation.