Remember those days, when we used to get menu cards with newspapers and we ordered food over call (#DaysBeforeZomato). Basically, that was the only way restaurants could promote and reach out to the public. Back then, we didn’t know that soon ordering food would be just a click away.
Similarly, the entire marketing scenario has changed, thanks to the advent of internet and mobile applications. Nowadays, the restaurants as well as the apps are in a “promotion race” on digital platforms.
The term which is commonly used to refer to this new wave is ‘Digital Marketing’, which essentially means advertising via digital channels such as various social media portals, websites, emails, search engines and mobile apps.
Even though, the digital space has become some sort of a ‘Bermuda Triangle’; with no way of escaping it, businesses continue to invest money for reaching a vast audience, despite concerns regarding trust, transparency and internet privacy.
Interestingly, according to Gartner CMO Spend Survey 2018-19, CMOs (Chief Marketing Officers) reported that they spend, on an average, over 21% of their marketing budgets on advertising. CMOs also spend more on digital advertising than on offline advertising, with two-thirds of their advertising budgets invested in paid digital channels, including search advertising.
However, digital marketing is not restricted to big businesses only. Small businesses, which have limited capital, consider it more effective as digital platforms provides them a cost-efficient marketing channel that delivers the required results.
Now, let’s talk about the money involved. According to a Google study with IPSOS Hong Kong, Digital Marketing Philippines, there is “2.8 times better revenue growth expectancy for companies using digital marketing strategies to those who do not” (#MoneyMatters).
Moreover, unlike traditional marketing, under digital marketing channels it is easier to measure ROI (Return On Investment) as the results can be tracked and monitored as soon as the target audience subscribes, purchases or provides consumer information. More the traffic on website, the faster and easier it is to calculate ROI.
Lastly, even though, most companies are shifting from tradition marketing techniques to digital marketing tools, are they well-informed about the medium? Read our next blog on what does digital marketing entail, to know more.