The world has undergone a massive change after the internet was made available for all. This has created many possibilities and opportunities that were never thought of before. Digitalization is one of the major influencing points in everyone’s life.
We live in an era where multiple options are presented to us at the comfort of our house on our screens. As a consumer, we are spoilt for choices and as a business, it is high time we use the growth of digitalisation to its advantage. The number of internet users is rapidly increasing every day.
The number of social media users has increased tremendously over the past 5 years. It is now possible to communicate with anyone on the other side of the world at ease and has become a matter of seconds. With the world being confined to a smartphone, the internet is the biggest marketplace where you have to present your business.
There are millions of people scrolling through social media or searching in search engines for business or services similar to you and not being on such a platform would eventually lead to the shutting of business as your competitor is already riding the tide.
There are a lot of digital businesses and many booming up every day and growing their business on digital platforms with the help of digital marketing. The digital marketing industry is one of the fastest-growing industries in the past decade. Let us understand what is Digital Marketing
What is Digital Marketing
Digital marketing is a marketing technique where you use the help of the internet or the different platforms of the internet to market your brand or business. Some of the platforms of digital marketing are social media, search engine marketing, local marketing etc.
This method is proven much more effective with regards to cost efficiency and the return on investment. This is also a reason why a lot of brands are shifting their focus from traditional marketing methods to digital marketing.
There is indeed a lot of traffic in the digital space as many businesses are constantly entering into digital marketing practices and though it might feel that the digital marketing industry is getting saturated facts tend to deny the claim and here is why-
How Big Is the Digital Marketing Industry
The global marketing spend in 2019 was around 290-310$ and the future estimates look much stronger due to the attraction of customers towards digital channels.
The forecast suggests that the growth of the digital marketing industry is going to increase by 13% in the coming year. Online advertising has fuelled the overall digital marketing spend as more viewers continue to engage with content they see online.
The Internet has become a very integral part of everyone’s life and with the growth of technology, a lot of things have become much easier than before. It is evident that there are increasing users every day be it social media or search engines. As long as this number keeps increasing it is always a wise idea to invest in digital marketing and position your brand where your audience is.
The major difference between traditional marketing and digital marketing is to reach out to your potential customers and interact with them personally to understand their requirements. Any business that uses the full potential of digital marketing has a higher chance of surviving the competition and experiencing the growth it had planned, very well in advance.
Retailers are emphasizing the adoption of location-based advertising services to engage customers by providing them personalized updates on products, offers, and discounts, which is significantly driving the demand for digital marketing.
For instance, when visitors enter a mall or shopping center, they automatically receive messages on their mobile devices that notify them about various discounts and offers. The increasing penetration of smartphones and the development of high-speed mobile networks such as 3G and LTE has resulted in a rise in demand for mobile advertising.
The growing usage of smartphones has opened new opportunities for marketers to build a relationship with their customers. The digital era has revolutionized the way organizations are executing their business strategies and operations.
Digital marketing software has provided companies an effective tool to connect with its various stakeholders in the market through multiple channels such as email, instant messaging, and social networking.
The rapid penetration of the internet, increasing usage of social media, and the ensuing increase in spending on digital marketing by companies are driving the adoption of digital marketing software. The software enables companies to strengthen customer engagement using multiple channels, such as instant messaging, social networking, and mobile apps.
It also helps companies to integrate various digital channels and analyze their advertising campaigns in real-time. The continued digitalization is allowing marketers and companies to connect with the consumers directly, provide customized solutions, and enhance the user experience.
At the same time, as a result of the intensifying competition, marketing strategies are evolving from selling to customer satisfaction and retention. The data aggregated through online marketing campaigns can be utilized to analyze consumer behavior and preferences.
The insights derived from the aggregated data can be utilized to recognize buying patterns and can be further customized further to optimize marketing campaigns. Although digital marketing software provides a large number of advantages, security issues related to data access by unauthorized users is a major factor that has negatively impact the market.
These issues include the use of insecure Application Programming Interfaces (APIs), a rise in malware injections, phishing, and social engineering attacks that are more frequent in cloud-based digital marketing software. As enterprises have a large data repository that contains business and customer data, any of the above security issues could result in a major loss.
However, companies in the market are emphasizing enhancing the security of digital marketing software, which is expected to negate the threat of security issues. For instance, in August 2018, Adobe Systems Incorporated announced an update of its email marketing platform, introducing new capabilities such as dynamic reporting, engagement insights, and enhanced security.
