The Efficiency of Digital Marketing For businesses small and large, marketing is essential in promoting a service or good to potential consumers. The ultimate objective is to maximize profits by creating consumer awareness of a certain brand. The results of successful marketing includes higher sales, and a solid reputation in the industry. In any industry, there are various ways to advertise a product or good. Traditional marketing refers to the non-digital methods of promoting a product, which includes newspapers, radio, direct mail, and telemarketing (“Digital vs Traditional Marketing”). Digital marketing is considered an ‘umbrella term’ which refers to the use of any digital media, such as the internet, social media, emails, and blogs,
With the growth of technology in everyday life, businesses turn to digital marketing in hopes of expanding their product or service to potential consumers. In an infographic describing overall marketing investments in the last five years, the data shows that digital marketing spending has gone up, while traditional marketing spending declined (Allen). The increased investment in digital marketing is likely due to the low costs necessary to release a large amount of information. Another reason for this could be that within the last couple decades, consumer attention led to a shift in the devices used to attain information, from televisions to mobile phones. Traditional methods such as newspaper ads and television commercials vary in cost depending on the quality and design of the advertisement(McQuerrey). In contrast, digital methods often cost little, or virtually nothing, for businesses to share their brand with consumers. In an infographic showing the cost to reach 2000 consumers, the lowest cost of a traditional method is $150, while the highest cost of a digital method costs $75 (Mercer). The data shows a significant price difference; the highest cost of digital media is much less than the lowest cost for traditional marketing. The low cost alternative of using digital marketing is appealing to many businesses,
Traditional marketers achieve consumer loyalty by providing a better product, price, or communication. However, communication tends to be limited in traditional marketing once the product is sold or the service is done (Bush). In order to continue retaining consumers, businesses should provide communication to consumers before and after a product is sold, in order to form a more personal relationship. Such a quality is possible through the use of digital marketing. Since digital marketing allows quicker connections between consumers and businesses, instant feedback of products are easily accessible (“Comparing Traditional Versus Digital Marketing”). In order to gauge customer satisfaction for traditional methods, one must conduct long, time consuming surveys and focus groups. With product feedback through digital platforms, an online survey or analyzation of consumer clicks could provide as much feedback in less time. Those who are skeptical of investing in digital media because the fear of not being able to reach older audiences should consider certain facts, such as the increase in elderly people going online. Despite the belief that elderly people don’t use digital devices, a study on Pewinternet.org showed that about 77 % own cell phones, and 59% use the internet (Smith). If a business plans on targeting an older
Technology is a great gateway to reach the affluent consumer audience. Consumers in this category are likely to use technology to thoroughly research a product or company before making their purchase. It is suggested that companies take extra time and effort to online sources in order to attract affluent customers. Recommendations include, “reach out to users who post negative reviews and find ways to mitigate their impact or explain misplaced blame, connect with shoppers on a more intimate level than broadcast TV through blogs, and use social media as a way to improve customer satisfaction” (Haack,
It is shocking the extravagant amounts of money that companies are willing to pay to advertise their products. From spending millions of dollars a second to have a commercial air during the Super Bowl or hiring a well-known face to support their product, companies are willing to do whatever it takes to get their brand out there. Br...
This typology of a consumer is not a niche and in 2014 it was estimated that over 150 million US consumers can be labeled “Consumer 2.0”, this has certainly increased even more throughout 2015. Consumer 2.0 is more likely to access digital information, less trusting of brand-sponsored advertising, more comfortable buying online and less reliant on their own physical experience in making a purchase decision. These 2.0consumers have a lot of trust and take into account the opinions and experiences of their close circles and trusted connections. Taking the existence of the 2.0 consumer into account when creating a digital marketing strategy is a primordial step for brands today and they must facilitate their needs with the possibility of shared experience and interconnectivity amongst consumers while implementing systems to measure their impact on the business. (Bill Hanifin, 2011).
A concept that surfaced in the early 1920’s, advertising is a tactic that has been used to influence and persuade the people to participate in consumerism. Advertising in the 1950’s was mainly displayed by the use of the television, newspapers, billboards, and the radio. At the turn of the twenty-first century, advertisers began to rely more on the Internet and technology to share and provide information based on their products. Many relied on the usage of electronic billboards, sporting events, and even video
More marketing agencies are realizing that digital marketing is the base to where more marketing dollars will be spent in the near future. A chart within the book shows the platform of growth in technology in 2007 and what is projected in 2010 (exhibit 3-1, pg 82). Another strength from this book is the assertiveness and stepping out of the box attitude. This book shouts at companies that the time to change is now and you must embrace the reality that consumers are always on. The book claims that the old tools and comfortable techniques to draw in consumers aren't working as efficiently today and they won't work at all tomorrow.
In order to market and advertise properly, organizations need to be intertwined with the everyday interactions of their aimed consumer. In the days of smart phones and tablets, and where everything is connected digitally, what better way is there for non-profits to get their message or product out there then this mean? Digital advertising is now one of the best means of advertising in America today. This is important to know for organizations because this mean is cheap and effective. Sadly, many managers and leaders of non- profit organizations often believe that investing in communication is an important aspect in their business.
The increasing process of globalization, coupled with an organization seeking to satisfy the needs of consumers globally, contributes significantly in embracing technology in the marketing process. In addition the marketing strategies are inclined towards reaching not only the targeted segment, but also potential customer that can be captured based on the market forecast of the firm. Therefore, integrating various tools of communication as well as platform of reaching out to a wide range of audience has been embraced by corporate globally. Notably, effective communication is vital in the marketing process (Percy, 2008). On the other hand, reaching out to a wide range of customers or audience in the advertising process in significant important. From this perspective organization can utilize both effective communication and a contemporary platform to reach to a wide range of
As the wider mass market fragments and customers become more sophisticated (Kotler et al. 2013), companies must define specific approaches to reach them and deliver their message.
Today, consumers are driving the purchase process using social platforms, blogs and websites. By the time they enter a store or become visible in the sales funnel, they know what they want to buy and how much they want to pay. It doesn’t stop there. Once the sale is completed, consumer use the same platform to tag and share their experience. New technologies and channels cut through new opportunities that can make a company stand out from the rest of the crowd. Opportunities to build an ongoing conversation with consumers.
Marketing is very important to the success of a business. Before people can buy a product or service they have to know about it. However, marketing entails more than just letting people know what your company has to offer. Throughout this paper, I will define marketing, offering my personal definition as well as more formal definitions from other sources. Furthermore, I will explain to the reader the importance of marketing to organizational success giving real world examples in support of this explanation. The field of marketing can include many things. I believe, however, the most important thing which it should include is communication with customers as to the value and benefits of using that particular company's products and services. It should help to establish the business's niche in the industry and distinguish it from other such businesses.
The first way, businesses express their ways of marketing in the 20th century is through social media and expressing interest in people 's hobbies. It has been recorded by the "Forrester research" all ads trading trafficking on exchanges, which increased about "17.5% to about 629 billion impressions in 2012, from 535 billion in 2011" (Vega, Tanznia). This fact shows how much the Internet has blossomed and started a revolution of different ways marketing can be portrayed to people outside of the area of where your business is located. As a business you can have your ad posted on a website for a lower charge than you would if you wanted to pay for a billboard for a lease. The cost of advertising o...
Marketing is a vital component in the success of businesses. Smaller businesses rely on business advertising, expenses, knowing if the business is networking with the right people, or joining the best organisations which lead to success (EStartup business blog, 2010). Marketing concentrates on customers and what the customers want. Customers are the source of sales and profits. Many small businesses are faced with remarkable hardships due to not developing the right marketing plan (EStartup business blog, 2010). To help these businesses a more appropriate or better marketing plan needs to be designed. Small business internet marketing services can help businesses develop and thrive in a highly competitive market. For the highest quality internet marketing services, hiring an online marketing company to design a customized internet marketing campaign may be advantageous for some businesses (EStartup business blog and contributors, 2010). Identified will be the role that marketing plays in a successful business demonstrated by use of two examples, the importance of developing a marketing plan, and ethical and legal issues that surround marketing practices (EStartup business blog, 2010).
Advertising has been round for centuries; starting with print ads, then evolving into radio and TV adverts. Each form of advertisement requires several different strategies in order to make the advertisement effective and appealing to the consumer. With the ever popular rising of the usage of the internet, online advertisements have also become more popular. According to Dr. David Evans, who received his Ph.D. in Economics, e-commerce, or sales processed online, were equal to 34 billion dollars as of 2008. (Evans, 2) This amount has only grown and will continue to grow as the usage of the internet becomes more and more popular. The heart around this monumental sum of revenue is online advertising. Advertising agencies optimize their online
In the 1990s direct marketing became the most important tool in the mix because technology had enabled a form of communication by appealing directly to the target customer. This change led to new media formats, and the subsequent development of the Internet. Digital technologies have accelerated change in the marketing communications
Every big industry uses some sort of digital media to increase the amount of people that go to their store or what their newest product is. A company’s commercials, websites, social networking pages, and much more are digital media. Without digital media, a business would fail. For example, If somebody sees a brand new pair of shoes are being sold at their local mall then they will go to the mall that they know sells them. If a smaller business sells the same sh...