In an ever-changing digital world we are left with no choice we either adapt or perish.
Simply put, Digital Marketing has permanently altered the way we do business. With robust and more sophisticated technology being advanced daily, we now have the means for start-ups and low budget companies to get the exposure of a global enterprise.Advancements in the digital marketing field allow any business to go global, for just a fraction of the price as before. This has lead more companies entering the marketplace and while that has been very beneficial to many, the saturated market is becoming more and more difficult to succeed in.
Here are some of the ways that the market has changed.
Stores are moving away from traditional store-fronts to online
In the age of technology we are all living upon, with the search of a keyword and a stroke of our mouse we are able to do our weekly grocery shop, buy a plane ticket to the other side of the world or even find a companion. The digital store front is easy, convenient and allows consumers to search through your whole store without even moving. As more consumers opt for the convenience of a online store, physical retailers are among some of the hardest hit. As-well as the convince of an online retailer for consumers, the digital age has allowed diversity in the market as smaller-companies with less capital can now have a similar online presence to big market leaders for just a fraction of the price of a physical retailer.
Much like the days before the internet when you would rely on books and publications for information, the digital age has completely innovated the way we interact with customers. Before the online digital age, we had to call or visit an establishment in order to voice our complaints or interact with our consumers. In the digital age both consumers and businesses are now able engage, listen and talk to one another 24/7. Border less communication allows businesses to respond in a timely fashion all the while still providing the same standards. As more people start transitioning to digital resources such as social media to interact with brands, it becomes vital to have these platforms open to communication as we know neglected customers tend to “bounce” from sites with no interaction.
In the age of communication and global exposure there is no time for sleep.
With the birth of digital marketing came a wave of innovative advertisements and the demise of traditional advertising platforms such as radio, television and print. Although traditional forms of advertising are not obsolete, traditional advertisement is proving to be much less cost effective.
Before the age of digital marketing life was simple. The company with the most zero’s in there bank account would get by far the best brand strategy and publicity. With the introduction of social media in the early 2000’s came “free” advertising, which has eventually adopted into the current system of digital marketing that we have which is along the lines of ‘pay to play’. With paid social-media advertisements brand’s are able to customize there marketing strategies to convert with little funding. Which changes the game as now all of a brand’s competition lies within there strategies.
Digital advertising can be relatively cheap compared to traditional means. The price of a one time newspaper advertisement can cost as much as an economically friendly digital solution like website design. In this modern day, as a business owner you must decide what brings more value to your business. Using digital advertising, you are able to pin point the exact amount of traffic and clicks that you are getting with your online advertising. On the other hand, print media offers an inaccurate feedback on analytics often involving customers to have to personally write feedback which isn’t always possible. Quickly more and more traditional business owners are switching to the realm of digital marketing.
It comes as no surprise to me that people are switching there advertising campaigns to online. You could watch television online, listen to podcasts or radio stations for free and read your daily newspaper all the while still advertising to a targeted group of consumers for just a fraction of the cost. With digital advertising you are able to hone in on a targeted audience, resulting in a higher return on investment. Digital advertising provides assets that could be used to assess how effect your campaign was.
These are just a few ways that digital marketing has permanently altered the landscape of the marketing world. As you continue to dive deeper into the evolving world of digital marketing, and decide to make some changes, contact our experienced Vancouver based team of digital marketers at Tracer Digital for a free consultation!
Article brought to you by Austin Raitt – Business Development