With the rapid growth of competition in every industry, every company is looking to get an edge over the other. For that edge, companies want to make any upgrades that they see fit. And one of the most popular types of investments that companies make is digital marketing transformation.
It is an incredibly controversial topic, and for a good reason. Businesses, especially older ones, are still holding onto their traditional means of marketing. This brings us to the major question: should you be investing in digital marketing transformation? Well, let’s find out.
Why Invest In Digital Marketing Transformation?
Most companies, especially older ones, still have their reservations about digital marketing, and very much hold onto their traditional marketing techniques. However, there is one very significant problem. Traditional marketing just doesn’t capture an audience like digital media. And that’s not just us saying it; a survey by Animoto shows that this is true.
After interviewing 1000 customers, the survey found that at least 64% of the customers said that a digital marketing video influenced their purchase decision. Active engagement is easily the best part of digital marketing, as people are able to connect with the brand more easily.
The global lockdown during the COVID-19 pandemic has made everything in our daily life rely on the internet. Shopping online becomes the only alternative for most of people to obtain what they want or need. Don’t you recognize that shying away from digital realm is not an option and this is the time to build and develop a digital presence for your company to grow business, increase sales, and gain trust?
But if those aren’t enough to convince you, here are a few reasons why you would want to invest in digital marketing transformation.
It’s Cheaper
One of the major reasons that most startups move towards digital marketing is because it is significantly cheaper than traditional marketing. Traditional marketing can be very costly, especially in some of the more crowded parts of the city. Smaller companies and startups can never imagine buying billboard magazine space, simply because of the outrageous amount that advertisers demand it.
This is a serious barrier to entry. However, many companies are overcoming it by getting online ad space. Smaller companies could never afford proper ad space before, but with the help of digital marketing, they can amass quite a large following without overspending their marketing budget.
Helps Engage With Customers
One of the key selling points to digital marketing over traditional means of marketing is that companies can engage with audiences better. In the past, the interaction between major companies and their customers was very limited. Companies had to go out of their way to hold surveys for their products, or customers had to go out of their way and write letters.
However, with the help of digital marketing, companies can engage with their audience on a personal level with comments, posts, or even webinars. The best example of this is the Wendy’s official Twitter account. The fast-food chain’s sassy remarks, nail-biting sarcasm, and witty comebacks went viral all over the world. The brand was able to build an image for themselves while communicating with its audience and promoting their products. It was a marketing match made in heaven.
Wider Range of Audience
While many think that traditional print media will be able to attract a much bigger audience, that simply isn’t the case. Social media sites like Facebook have close to 2 billion users, and Instagram has close to 200 million users. This is a very impressive statistic and just closes the case shut in terms of which marketing medium can bring in the biggest segment of consumers. Moreover, posts can also go viral, and that can exponentially increase the attention you receive.
Targeted Audience Marketing
Just like how you can take advantage of the incredibly diverse and massive population of internet users, your brand can also target specific niche groups that align with your brand. Facebook alone comes with different groups dedicated to certain products, which makes it a great place for companies for marketing their products to a specific audience. Of course, companies can also buy ad space on websites that relate to their product, which also gets them the exposure that they need.
Easier To Measure Impact and Effectiveness of Marketing
Another great thing that comes with digital marketing is the ability for companies to easily measure just how effective their marketing strategy was. Where traditional marketers would have to guess the approximate impact of their marketing strategy, digital media throws assumptions out of the window.
With hard numbers and proper spreadsheets, you can see exactly how well the marketing campaign went and how many people it reached. With good software, algorithms can find problems with your strategy and help you implement it better next time. In other words, it takes the guessing game out of marketing.
Are Companies Investing In Digital Marketing Transformation?
The simple answer, yes. Major conglomerates and billion-dollar businesses were the first to jump on the bandwagon and make the switch to a digital marketing strategy. Of course, other companies also made their way to digital marketing, seeing how it was so much more approachable. According to a survey, 76% of companies describe their relationship with digital transformation as above average. In other words, most companies are still figuring out digital marketing. This gives entrepreneurs an edge over older businesses.
Startups are embracing digital media marketing with open arms and are making waves in their respective industries. They understand how digital marketing, especially social media marketing, works, and use it to their advantage.
Should You Invest In Digital Marketing Transformation?
Since the start of the decade, marketing took a sharp turn into the unknown with digital marketing. While no one really understood how it worked, they knew it brought in more eyes to their business, and that was good enough. So to answer your question: YES, you should be making an investment in digital marketing.
Traditional marketing, though still effective, is not nearly as efficient or direct as digital marketing. A direct pass that leads to your audience is a great offer, and no one would pass that up. The simple fact is that digital marketing is leagues better than traditional marketing, and it’s cheaper. It’s a great deal for any company through and through and can help reduce the cost of marketing significantly without reducing its effectiveness.
When global economy is struggling during this pandemic, the world is experiencing the changes faster than what we could imagine, but we saw the opportunities. The fact that the internet has become the most important medium for people to engage enforces business reliance on digital aspects, not only for profitability but also awareness. If your customers are engaging in the digital world, that is where you should be. And that is why investing in digital marketing transformation will not only help your business survive this economic recession but come out of it stronger.
