Data-driven decisions are essential for any successful marketing strategy, and digital marketing provides actionable insights to increase performance. It is a cost-effective way to generate leads and sales, and it has a direct impact on a company's profit margins and ability to grow. Without incorporating digital marketing into a broader messaging campaign, a brand severely limits its potential for success. A company that doesn't adopt digital marketing strategies also limits growth opportunities for its business. In 1953, Harvard professor Neil Bordon spoke to the American Marketing Association about the “marketing mix”, which consists of four components: price, product, promotion, and location.
Although digital media is affecting the marketing mix in new ways, these components remain the same. The emphasis on each component can generate different results. Digital marketing encourages openness in your business relationships with your customers. It also allows you to monitor your competitors to see what works for them and what doesn't. At a high level, digital marketing refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile applications.
Companies use these online media channels to endorse goods, services, and brands. Consumers rely heavily on digital media to research products. For example, Think with Google marketing statistics revealed that 48% of consumers start their search engine queries, while 33% search brand websites and 26% search mobile apps. Digital marketing appears on all types of devices including mobile phones, tablets, computers, digital billboards, and video games. There are many avenues businesses can take to boost their marketing efforts. Many digital marketers use all other digital marketing channels to add leads to their email lists and then create customer acquisition funnels through email marketing to convert those leads into customers.
Digital marketing offers businesses incredibly flexible opportunities for continued growth. Digital marketing involves some of the same principles as traditional marketing and is often seen as a new way for businesses to approach consumers and understand their behavior. Regardless of what your business sells, digital marketing still involves creating buyer personas to identify the needs of your audience and creating valuable online content. Email marketing consistently offers the best return on investment of any digital marketing method for selling products. However, this may not be true for other industries. Engagement marketing is the method of forming meaningful interactions with potential and returning customers based on the data you collect over time. Digital providers can employ creative methods to promote conversion through calls to action.
With digital marketing, you can identify trends and patterns in people's behavior before they reach the final stage of the buyer journey. This means you can make more informed decisions about how to attract them to your website right at the top of the funnel. With greater access to a wider audience, digital marketing enlightens businesses in ways that were previously impossible. You can also see how many pages they visited, what device they used and where they came from among other digital analysis data. Certain products and services require demonstration, and television or infomercials are often the best way to market them. SEO strategies are also very influential in digital marketing campaigns as visibility is the first step to a lasting customer relationship.