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A guest author analyzes the shift in New Age marketing from impression to impact.
The digital age has changed the way businesses today sell their products to consumers. The marketer’s playing field is being shaken on a massive scale. This has led companies to change their strategies and restructure their marketing plans to effectively reach their customers.
According to a recent study, the global digital marketing industry is growing at a CAGR of 17.6% and is projected to be worth over $930 billion by 2026. Today is very important.
According to Cisco’s annual Internet Report, India’s Internet users will grow from 398.2 million (29% of population) in 2018 to 907.4 million (64% of population) by 2023 .
Digital marketing is growing rapidly in India. According to a Goldman Sachs report, India’s digital marketing industry is expected to be worth $160 billion by 2025. According to Global Data, India’s e-commerce market growth is expected to reach Rs 7 trillion by 2023 due to COVID.
One of the major factors reshaping the digital marketing industry is the popularity of social media and other digital marketing platforms. Somewhere in the midst of this, traditional pervasive marketing craves existence.
Are reach or conversions the desired outcome for marketers?
Start by understanding the difference between traditional and digital media. The main difference is the choice of medium through which the audience receives marketing her message. While traditional marketing uses media such as television advertising, magazines, newspapers, radio, and billboards, digital marketing uses the internet and social media.
Reach/conversion is always a hot topic. Both are important and are almost closely related. Assuming the creatives used are relevant and have a high cut-through, regardless of the marketing strategy used, the difference between traditional and digital marketing is that the former guarantees high reach and impact. However, it struggles to push beyond consumer awareness during the buying process and has the following drawbacks:
● Only high-level demographic-based targeting options are limited, so you’re limited to one message to a large audience.
● Generally much higher costs and no control over returns
● Due to limited tracking metrics, metrics are limited to reach and possibly impressions, and do not directly capture engagement or conversion.
Digital marketing, on the other hand, is a more powerful scientific method that drives different identified consumer cohorts through a funnel. So from awareness to conversion, it depends on where they are in the buying journey of the category. This can be managed more effectively through targeted and relevant consumer communications. Marketers have the flexibility to customize messaging for each audience, fine-tuning consumer feedback and impact on conversions in real time.
Digital marketing uses real-time data and data to help drive media revenue more efficiently than ever before by allowing media management to be done solely by media owners and now jointly by media owners and marketers. Provide marketers with metrics. Brands typically pay their media partners after completing a certain number of predetermined actions such as clicks, sales, leads, and generations. This gives marketers more control over the efficiency and profitability of their marketing spend than ever before. Digital marketing has fewer cons, but it can be argued that:
● Increased creative churn and creative fatigue require constant investment in relevant communication
● Risk of creative automation due to the large number of creatives required – Brands may stop thinking about large conversations that generate relevant campaigns for consumers
Another drawback of traditional marketing is increased competition between categories and the division of categories into several microcategories to meet evolving consumer needs. Consumers are demanding more customized and personalized solutions than ever before.
Let’s take an example. Shampoos have come in at most three variations in the past – for dry, normal and oily hair. I’m sure no one resonates with it anymore. This category is now segmented by a multitude of consumer hair concerns, from split ends to hair regrowth to personalized shampoos developed based on hair analysis.
This is just one example of how difficult it is to get a single brand message across to many consumers and how broken consumer cohorts are today. This also highlights why digital marketing will become a major marketing strategy.
Internet Growth and COVID Impact
From figuring out if a flex workspace is right for you, to reading online reviews of the best flex workspaces near you and finally choosing which one to sign up for, as the world moves to the internet. Medium, consumers are using the web from creating/validating needs. for brand selection. 2020 came as a big shock to many businesses that never thought about digital marketing in the first place, but COVID has accelerated the consumer shift to e-shopping, ultimately leading to the closure of many businesses without an online presence. This is the result.
According to the India Times, 61% of Indian households used the internet in 2021, compared to just 21% in 2017. 2020 and he’s 2021, that is, in the era of the pandemic he has over 130 million users online. As a result, customers are turning their attention to businesses with an online presence. This has increased the need for digital marketing to reach audiences who are online and convert them into permanent buyers.
Digital marketing enables companies to use technology to preempt consumer behavior and target only those consumers who need their products.
Digital marketing is taking the lead, but traditional marketing is still relevant to specific audiences. That audience is still primarily on TV or newspapers, or brands want to launch campaigns that are agnostic to large audiences. However, digital marketing can also help you achieve this. That’s the point of this article. Today, there is little that cannot be achieved with digital marketing, but the same is not true of traditional marketing.
So which is the go-to strategy for marketers, traditional marketing or digital marketing?
Digital marketing is probably the go-to option for most marketers in today’s climate. Reaching a specific audience through relevant communications while keeping a close check on costs and his ROI is only possible with digital marketing.
However, if you need to reach older audiences or viewers who still have limited internet penetration rather than digital media options, there may be room for traditional marketing. It’s important for marketers to effectively reach and influence consumers using all channels, not just one or the other, and ensure their journey to ultimately purchase the brand. to proceed.
Leveraging all available digital and traditional media outlets gives you the best chance of success, even though new technologies are constantly changing the process of media sourcing. Today’s consumers, both verbally and through their purchasing power, have firmly expressed preferences for products and brands that go far beyond functional product offerings. Brands must not only reach out to consumers, but also engage and be part of their conversation in order to be relevant and thrive.
Digital marketing has a bright and compelling future in India. We strongly encourage marketers to evaluate the full potential of digital marketing by weighing the pros and cons. In a world where consumers are highly evolved, marketers need strategies that support this evolution.
(Author Mega Agarwal is Head of Brand and Marketing for WeWork India)
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