Unlock Success: Why Digital Marketing Matters

What it is and why it matters

In simplistic terms, digital marketing is the promotion of products or brands via one or more forms of electronic media. Digital marketing differs from traditional marketing in that it involves the use of channels and methods that enable an organization to analyze marketing campaigns and understand what is working and what isn’t – typically in real time.

Digital marketers monitor things like what is being viewed, how often and for how long, sales conversions, what content works and doesn’t work, etc. While the Internet is, perhaps, the channel most closely associated with digital marketing, others include wireless text messaging, mobile instant messaging, mobile apps, podcasts, electronic billboards, digital television and radio channels, etc.

Why Digital Marketing Is Important

Digital media is so pervasive that consumers have access to information any time and any place they want it. Gone are the days when the messages people got about your products or services came from you and consisted of only what you wanted them to know. Digital media is an ever-growing source of entertainment, news, shopping and social interaction, and consumers are now exposed not just to what your company says about your brand, but what the media, friends, relatives, peers, etc., are saying as well. And they are more likely to believe them than you. People want brands they can trust, companies that know them, communications that are personalized and relevant, and offers tailored to their needs and preferences.

Challenges Facing Digital Marketers

• Proliferation of digital channels. Consumers use multiple digital channels and a variety of devices that use different protocols, specifications and interfaces – and they interact with those devices in different ways and for different purposes.
• Intensifying competition. Digital channels are relatively cheap, compared with traditional media, making them within reach of practically every business of every size. As a result, it’s becoming a lot harder to capture consumers’ attention.
• Exploding data volumes. Consumers leave behind a huge trail of data in digital channels. It’s extremely difficult to get a handle on all that data, as well as find the right data within exploding data volumes that can help you make the right decisions.

So, what does it take to do digital marketing right? Here are three keys to digital marketing success:

1. Manage complex customer relationships across a variety of channels – both digital and traditional.
2. Respond to and initiate dynamic customer interactions.
3. Extract value from big data to make better decisions faster.

Advanced Uses Of Digital Marketing

1. New Growth Options

   First, digital has expanded options for growth twofold. For each traditional strategy we now have a new digital option. This new tier of tactics complements the traditional approaches. The difference between the two is most pronounced when we consider the questions that lie behind each strategy. Approached from a digital perspective, these questions all become less abstract. Simply adding a digital focus makes them more concrete and actionable. To see what I’m talking about, preface each of the growth objectives below with “How can we use digital to…” as opposed to “How can we …” and you’ll see how they come to life.

   • Market Penetration:
     • Increase rate of consumption
     • Take market share from competitors
     • Grow the market
   • Product Development:
     • Add more value to existing products
     • Develop entirely new products
   • Market Development:
     • Develop new segments in current geographical market
     • Reach the same segments in new geographical markets
     • Develop new segments in new geographical markets