Globally, the population seems to be growing at a rapid pace counting a sustainable growth of around 8 billion people. There has arisen a need to embrace a new method of marketing that will be far-reaching and effective among these difficulties. Amidst the Covid-19 and a year of uncertain changes, several businesses across the globe of all sizes have had to quickly adapt and change. Remote working becomes the new norm and consumers spend more time online, our world has changed to an all-digital dependent world. However, driving engagement in an all-digital world doesn’t mean having to fully transform your small and medium business.
As per the data by Statista, a consulting company has surveyed that, a whopping sum of $302 billion will be spent on advertisements in 2023, and about 66 percent of that money – which amounts to $201 billion – will be spent on digital marketing while the remaining will be spent on conventional marketing. One needs no soothsayer to point to the fact that digital marketing has a lot to offer in terms of return on investment, which is why it takes the larger chunk of marketing investment.
Social media is the most engaging of digital marketing tools. This is because of the interactive features of most social media platforms that allow direct communication. Facebook, Instagram, Whatsapp are some examples. The ads management feature of these apps enables them to run advertisements and monitor their developments.
Conventional marketing or traditional marketing also seeks to achieve the same aim as digital marketing, which is to use TV, radio, mail, door-to-door advertising, newspapers and magazines to market products and services. However, digital marketing stands apart in terms of cost of investment, cost margin, engaging clients, and an effective communication. A decline of more than 40% of the millennial and Gen-X would discontinue watching T.V., it paves the way for alternative modes such as the digital platform.
Restraints such as bandwidth connectivity, data privacy, information security, and malware injections are critical in handling marketing in today’s digital age. As businesses house chunks of data that entails business and customer information, either of the above security concerns trigger a serious loss.
Key trends included in digital marketing are that it helps with supply trends and valuable insights, and provides a comprehensive study with respect to its geographical scope. Considering the regional impact of digital marketing, countries in North America such as US and Canada have rapidly adopted the digital marketing strategy. In US, adoption of Real-Time Bidding (RTB) and digital Out-Of-Home (OOH) media is on the rise. Countries in Europe such as Germany, France, and Switzerland have implemented digital marketing in promoting their government schemes. Developing countries such as India, Bangladesh, and African countries are one of the key benefactors of the use of digital marketing and that has helped in providing opportunity to fetch jobs and establish as entrepreneurs for the youths.
Few of the notable digital marketing service agencies are: iProspect, Havas Digital, SapientNitro (Acquired by Publicis Groupe), VML Group and RAPP. Further, digital marketing helps in sharing the procurement best practices with sourcing strategy, pricing analysis and service capabilities in the digital marketing industry.