Why Your Business Needs a Digital Marketing Strategy in 202022 Jun 2020
A digital marketing strategy is vital to your business’s growth. In 2020, and going forward, the key to becoming a leader in any industry will be identified by your ability to adapt to digital technology – and especially digital marketing initiatives – with speed.
Unprecedented Growth in B2C and B2B thanks to Digital Marketing
For the past decade, the world has been going digital. Companies that have embraced a digital-first strategy are emerging as modern-day behemoths as their sales figures surpass their predecessors.
Can that immense growth be attributed to consumer’s readiness to accept their products or a well-organized and data-driven digital marketing strategy?
It’s the latter.
Digital marketing enables companies to ascertain market trends directly from their audience. It allows companies to roll out products and ideas with increasing frequency because, through digital marketing, customer feedback is instantaneous. Hence, allowing companies to determine with greater certainty what their ideal consumer wants next.
This works across the board, from B2C to B2B.
In fact, over the past two decades, many prolific Global and East Asian companies have embraced digital.
Because digital marketing is on-the-go, customizable, and relevant, when utilized correctly, digital marketing becomes highly effective.
What Is Digital Marketing?
Saying digital marketing is on-the-go, customizable, and relevant is meaningless unless you know what digital marketing is.
A linear representation of digital marketing, is that it’s limited to pop-up ads on social media and sponsored posts by fashion bloggers.
But digital marketing is more comprehensive than this. (Even these initiatives stem from data provided by digital marketing, which accurately determines what a consumer wants and what they respond to.)
For anyone uninformed about digital marketing it can appear like another trend, with no longevity. But that’s not the case.
Digital marketing is the online component of marketing and includes marketing through various media like video, audio and graphics, and various mediums like social media, applications, and search engines.
4 Reasons Why You Need A Digital Marketing Strategy
Now that you know what digital marketing is, let’s dive into why having a digital marketing strategy is crucial.
The four reasons outlined below define why you can’t execute digital marketing without a digital marketing strategy.
1. Digital Marketing Initiatives Become More Effective
The efficacy of your digital marketing campaigns depends on your digital marketing strategy. Without a digital marketing strategy, you’re speculating. If your campaigns are reduced to guesswork, you don’t know what will be successful. And if a campaign is successful, you can’t conclude why it is successful.
2. Eliminates Wasteful Expenditure
A digital marketing strategy has another purpose – it decreases budget waste.
When you’re creating a strategy, you can determine what you’re willing to spend, and then ramp up your spending based on how profitable a campaign is.
3. Increases Competitiveness
A digital marketing strategy is a requirement if you want to increase the competitiveness of your business.
As more businesses embrace digital marketing, those who embrace it too late and without a clear strategy will be left behind, and find it difficult to regain their competitive edge.
4. Enables You To Determine The Rate of Success
Lastly, a digital marketing strategy enables you to evaluate and assess the value and efficacy of each campaign based on the outcomes outlined in the strategy.
Because a digital marketing strategy goes into detail about the components of each campaign, interpreting the data, and determining whether or not a campaign was successful is easier.
What Happens When You Don’t Embrace Digital Marketing
Many of the previous decade’s breakout businesses are digital-first, and in many cases, digital-only companies.
Going forward, the world will be increasingly digital. The number of transactions and interactions that occur digitally will grow tremendously, so much so, that it won’t be out of the ordinary.
Why is that?
As the digital space advances, it’s becoming more cost-effective to join and participate in.
Therefore, businesses that aren’t strategic in their use of digital marketing will be disadvantaged. They’ll have lost the opportunity to be readily accessible. Since the greatest advantage of digital marketing is that it is inescapable because it’s readily available.
Additionally, digital marketing is the kind of marketing that gives you relevant data, enabling you to target your campaigns with greater accuracy, producing the results you want.
But, digital marketing isn’t limited to online ad campaigns. Instead, digital marketing can shape the way you do business, from the products and services you develop to your hiring process. Because digital marketing gives you access to data that no amount of market research or competitor analysis could.
To conclude, any business that’s core marketing strategy isn’t digital-first will be left behind by those who do adopt a digital-first strategy, because digital is data. And with the right data, you’re equipped with knowledge about your consumer and your market.
If you want a data-driven approach to your marketing, and if you want to improve your return on investment, having a digital marketing strategy is the only way this will be possible.