The incredible advances in technology over the past decade mean that the ability to establish and maintain a lasting relationship with consumers is second to none.
Despite this, many firms still appear hesitant to commit to digital marketing. Change is constant today and it is easy to either embrace that change or get left behind.
Millennials now make up the core economic market. Therefore, it is worth considering their preferences when it comes to marketing. 62% of millennials say that their loyalty to a brand or company rises when they are positively engaged by that company on social media. However, studies show that only 52% of businesses interviewed believed that social media had a positive impact on sales.
This points to an important conundrum; Are 52% businesses not using social media and digital marketing to its’ full potential or is digital marketing just not that effective? In context, these figures may look different.
Advantages of Digital Marketing:
Digital marketing is much cheaper than its’ more traditional counterparts. To promote your brand on social media can cost any amount you wish, from as cheap as €1 a day and upwards. Thus, with digital marketing, you have complete control over your budget and flexibility is always a positive.
A major advantage of digital marketing is the sheer accuracy of targeting. Once your target demographics have been identified, digital media allows for direct and efficient interaction with that demographic to occur. Digital marketing has removed the wasted advertising costs associated with traditional mediums that resulted due to not having complete control over who was subjected to your marketing.
3. Easily Measured:
Data tracking can be done using digital forms of marketing. Due to this, the results of digital marketing campaigns can be easily calculated, viewed, stored and referenced. This allows for marketing professionals to measure the effectiveness of a campaign and decide whether change must occur.
Due to the scope of digital marketing, there is a wide range of opportunity for innovation whereby your company can exploit and quickly become a brand leader. Digital marketing also provides for quick and efficient communication with consumers which is vital for feedback as well as maintaining meaningful consumer relationships.
My Advice: I would advise that the department heads come together with the marketing department and together, devise a clear digital marketing strategy. This ensures that the marketing strategy applies across all departments and is integrated accordingly.
This strategy should then be communicated clearly to all members of the organisation so that there is no confusion and the brand positioning is clearly understood.
Once this process is done, utilizing the advantages and overcoming the challenges of digital marketing should be much easier.