DIGITAL MARKETING:- Why it is a better approach than TRADITIONAL MARKETING?

WHAT IS MARKETING?

According to PROFESSOR GLASSER, "Marketing in a free economy is the skill of selecting and fulfilling consumer desires so as to maximize the profitability per unit of capital employed in the enterprise."

Marketing is an important function of management. It sets the economy revolving as well as makes it more stable and strong. Production of goods and services has no meaning unless the goods and services are exchanged for money or money’s worth. This involves the movement of goods from the producers to ultimate consumers.

The concept of marketing, as a matter of fact, has been becoming broader and has a wider scope with the passage of time.

>?TYPES OF MARKETING:-

1)????Outbond marketing.

2)????Personalised marketing.

3)????Direct Mail.

4)????Partner marketing.

5)????Telemarketing.

6)????PR marketing.

7)????Word of mouth marketing.

8)????Stealth marketing.

9)????Brand marketing.

10)?Cause marketing.

11)?Digital marketing and many more.

>?Let’s talk about DIGITAL MARKETING:-

DIGITAL MARKETING, also called online marketing, is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only email, social media, and web based advertising, but also text and multimedia messages as a marketing channel.

To summarize, If a marketing campaign involves digital marketizing or digital communication, it is known as DIGITAL MARKETING.

>HOW DIGITAL MARKETING IS CONTRIBUTING TO PRESENT SCENARIO:-

1)DIGITAL MARKETING OFFERS SMALLS BUSINESS AN AT PAR PLAYING FIELD WITH BIG COMPANIES:-

Business faces constant competition in the present world. It is almost impossible to compete with big corporations as they have more resources and funds available but here comes the role of DIGITAL MARKETING. It provides a same level of marketing place as it does to big companies. It allows smaller and mid-size corporations to compete with growing competition even if they don’t have big budgets like the larger corporations. For instance, many businesses invest in SEO (Search Engine Optimization) to help boost their site in search engine results. This practice is something that all companies do to attract and reach more traffic. It all depends on one’s content, i.e. if your content is better in comparative to big companies, it will eventually get more reach and views as GOOGLE doesn’t care about companies turnover, it will show what is more relevant to the searcher. Everyone must make advertisements which is relevant to their targeted audience or customer base.

To summarize, it is an excellent tool and investment for one’s company as it allows one to compete with growing competition in the market.

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2)????Digital marketing helps in generating more ROI or Turnover:-

Digital marketing focuses on making or generating a company more money from one’s marketing efforts. If we compare DIGITAL MARKETING to Traditional Marketing, DIGITAL MARKETING is extremely cost-effective, offers an impressive return on investment (ROI), and if do digital marketing in-house, it will cost time rather than money but it is an impressive tool to marketize one’s products or services at a low cost and it is a boon for smaller companies as they are already low on funds or budgets. I referred it as a boon because one can run a social media marketing campaign or a content marketing campaign on your own but it will consume a lot of time if you are beginner in this field as it consumes time in building, launching, measuring and managing an effective campaign. Here comes the best part, even if you are beginner, don’t know how to properly use this tool or don’t have enough time for this, you can always invest in paid campaigns or can hire a professional, even after this you will be in total control of cost as you will be deciding the targeted audience or relevant audience which will be seeing your campaign when you advertise, as in this you can set your budget according to your company’s current goals. But one should be crystal clear with their budget and their goal so that you don’t waste your waste your money on irrelevant audience where there will be almost none chance of generating sales.

For E.g.:- According to Google, email marketing has the potential to generate $44 on every $1 spent. That’s why one cannot overlook DIGITAL MARKETING’s importance in earning more ROI and one can always combine traditional marketing with this as this would result in more reach but if you are short on budget, DIGITAL MARKETING is the right option for you.

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3)????It allows one to reach more audience and wherever they are:-

DIGITAL MARKETING helps companies to connect with people who are interested in your products or services even if they are sitting in another city, state or even country or not present in you locality or area. The traditional marketing makes it a real challenge for one to advertise to people looking for your products or services. If one goes with traditional marketing, one will end up in spending more money to advertise to the leads which may or may not be interested in one’s offerings.

For e.g.:- If one spends money on a billboard to advertise, one will only be targeting the audience that will be using the highway but what about the customers who will interested in your products or services and not using that particular highway. If one uses PPC (PAY PER CLICK) campaign, he/she can target people specifically that one knows are interested in purchasing your products and will help in reaching them directly. One will be reaching audience who are actively searching for products or services like you are offering, rather than driving by one’s billboard.

That’s why DIGITAL MARKETING is more effective in comparison to traditional marketing as it allows you to advertise to the targeted customers wherever they are currently.

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4)????DIGITAL MARKETING allows one to track:-

DIGITAL MARKETING allows a company to track or monitor if their current campaign is effective in generating sales or more revenue than current or not in a very minimum amount of time whereas this process in tradition marketing consumes a lot of time and money. The main task of running a campaign is to generate more money by attracting more customers to the business, and continuous monitoring should be done to know if it is deriving expected results or not which is quite difficult in traditional marketing. My constant focus on traditional marketing’s consumes more time and funds is because in traditional marketing, one would have to survey every customer or person that comes to your store or contacts your company or even your regular customers or new one’ s, which is really time and money consuming and even this result would not be 100% accurate but with DIGITAL MARKETING, one can monitor his/her’s campaign in real time to see if it is working or not by tracking a variety of metrics, depending upon the type of campaign one is running. Some of the basic metrics includes IMPRESSIONS, TRAFFIC, CLICKS, DWELL TIME and CONVERSIONS which would provide a valuable insight into the effectiveness of your campaign. One can also access online marketing agencies like “WEBFX” which would provide access to marketing tools which would be quite valuable like “MARKETINGCLOUDFX”. Such tools are valuable as they provide performance information all at one place as well as allows one to track valuable metrics and is a great feature as it provides one with the power to change one’s campaign if it is not deriving fruitful results.

??>CONCLUSION:-

DIGITAL MARKETING is probably the best option for most like if one wants to keep its marketing budget low, wants to target particular area’s audience wherever they may be, wants to keep a constant check on whether current campaign is working effectively and efficiently or not, if not one can recreate current campaign into more effective campaigns.

Whereas traditional marketing holds a bare minimum place nowadays especially if we talk about during or after pandemic. But if one wants to reach an older audience or a local one, traditional marketing methods sometimes works better than DIGITAL MARKETING one’s and can be more productive as they have still stuck around for a reason i.e. they still works.

When deciding between traditional marketing vs. DIGITAL MARKETING, for some it may not be necessarily true that one is simply better than the other one as they serve different purposes. The bottom line is that one needs to fully understand his/her’s business and the audience to whom they want to target and should pick the strategy which will be more relevant and fruitful.