Do you know the number of internet users has increased from 5% in the year 2000 to 54.4% as of Dec 2017?
The number of people who go online is still increasing. This shows the upcoming demand for Digital Marketing in the future.
The future of marketing lies in the Digital Marketing. According to the Telegraph, more numbers of people’s today are shifting from television to Youtube and Netflix. The traditional way of marketing will no longer be valid – no one will watch a billboard or TV ad.
When it comes to digital marketing, most people think about social platforms. Social media are just a part of it. Digital Marketing is of various types and it is a huge industry.
Also Read: Types of Digital Marketing
The excessive use of internet changed the traditional way of marketing. Companies that haven’t integrated digital marketing into their marketing activity will abscond from the market.
Before discussing different strategies on Digital Marketing, let us know the definition
What is Digital Marketing?
Digital Marketing is a type of marketing which includes the marketing of products or services through electronic devices. It has nothing to do with the internet. Digital Marketing can be both online and offline.
Now, let’s see the strategies to be used in Digital Marketing
Without a proper marketing strategy, it is very difficult to achieve success in marketing. You will end up losing a huge amount of money. There’s an old quote I remember
“At first you learn, then you remove the L”
It is very important to identify your target customers and understand their needs. Products should be developed by keeping the targeted audience in mind.
Making a product that no one needs is just a waste of money and time.
Digital Marketing is the best way you can target your audience. You can filter it by age, gender, geography, etc. Understanding your customer will only boost your sales.
You need to do a deep research before coming out with a price tag. The better you analyze the market, the more knowledge you will gain about the market.
Suppose you developed a product and come out with a fixed price while your competitor may come out with the same product in much cheaper rate.
This can attract your customers to your competitor. So, it’s very important to analyze and know the market.
In order to properly analyze your competition, you must know your Strengths, Weaknesses, Opportunities, and Threats.
Every organization has some strengths within themselves by which they can easily outperform than anyone in the market. But, it is very important to identify the strengths as soon as possible.
This analysis is extremely important before you define and formulate a marketing strategy.
Define marketing Mix
The marketing mix refers to the factors or tactics that a company use to promote its brand or influence customers to buy its product.
It includes a proper adaptation of Price, Place, Product, and Promotion into the marketing strategy.
As internet has evolved, many new Internet companies have emerged because of which the competition has also increased. In order to outperform from your competition, you must adopt a unique strategy.
Determine Market Position
It is equally important to understand your position in the market. When you know you’ve targeted and segmented your customer, then it is important that you reach to the intended customers in a specific manner without actually deviating from your marketing position.
You need to carve out a spot in the competitive landscape, establishing your stake in the ground, and leading the mindshare in the marketplace.
Brand represents trust. It is extremely crucial to have a brand identity, brand equity of your product in the marketplace. An effective brand strategy can give you a major edge in the expanding competitive markets.
Branding increases the chance for recurring customers which is the greatest asset.
Execution is the most important part of any business. Without execution, you’re going nowhere.
I understand it is difficult for most companies or organization to stick to the plan made in January. But if an execution is not done in proper time, then you may get disappear from the market.
Execution is what differentiates between a successful and unsuccessful business. The faster you execute, the ahead you will be in the market.
The future of Digital Marketing
The following picture shows that Facebook will lead the ad network in the future.
Marketers in the past have been relegated to direct solutions. The state of marketing technology was completely sorted of a mess. Companies have to spend millions of dollars on billboard and TV ads.
But the good news is digital marketing is completely going to overcome all these. It will reduce the cost and also target potential customers.
Digital Marketing will be the robust growing industry in the upcoming years. Many people today start and end their day on their mobile devices. People today are spending more time on social media than on anything.
Digital Marketing is a vast industry and will be very much demanding in the future. It is very cheap and can easily target potential customers. With the increase in the number of internet users in the world, the scope of digital marketing is also increasing.
Almost all companies today integrate their systems with digital platforms. The transition of newspapers from printed version to the online version shows us the importance of it.
With proper Digital Marketing strategy, anybody can outperform the market.