The spread of the Covid-19 pandemic has caused chaos around us. Business and life in general have been hit hard and we still seem to be in the tunnel hoping to see the light soon. Various businesses were pushed to their limits and forced to rethink their strategy and reinvent themselves. Innovation has become the key to their survival.
While companies in the new era already enjoyed the advantage of digital activity, their dependence on digital marketing has grown even more. On the other hand, businesses that relied more on traditional forms of marketing such as personal events, trade shows, exhibitions, etc., suddenly found themselves in a quandary. Consequently, there is an urgent need for companies to go digital to stay competitive and avoid extinction.
Here, we mention 5 reasons why companies are switching to digital marketing as early as possible.
- Visibility and competitive advantage: With the growth of Internet penetration, people are increasingly surfing the Internet to initiate searches for products and services. They usually find your products and services through email, search engines, social media feeds, websites, etc. The more you are found online, the more business opportunities it can create. It’s no surprise that digital companies are doing more business. Hence, investing in digital marketing can give you a competitive edge.
- Analysis of efficiency and strategy of building in accordance with this: Once you have started implementing digital marketing strategies, you can track the performance of your campaigns using analytics tools like Google Analytics, Facebook Analytics, Instagram Insights, etc. For example, Google Analytics can help you track key metrics like like the number of visitors, bounce rates and time spent on different pages of your site. This will help you gather information about what works and what doesn’t. Moreover, you can develop your future strategies based on these ideas.
- Optimizing your marketing budget: The past year has been a nightmare for businesses in tourism, hospitality, events, travel, and more. Even other businesses that relied heavily on traditional forms of marketing have been hit hard by the constraints. However, there have been ample stories of how digitalization has helped them stay afloat in the new environment. While marketing budgets have taken a hit, some companies have been wise enough to redirect whatever was available to digital marketing. For many of them, this became a sensation as they found new opportunities for lead generation. This gave companies the opportunity to optimize their marketing budget so that they can make the best use of both traditional forms of marketing and digital marketing.
- Employee empowerment: As more and more businesses adopt an integrated marketing strategy, employees feel stronger because digital tools allow them to get their jobs done faster and with greater transparency. As this is a constantly evolving field, learning and development are key aspects of this work. All of this contributes to the introduction of innovative business practices that enable employees to make informed decisions faster.
- Increased income: By having multiple digital marketing channels at your disposal and leveraging them effectively, you can increase your organization’s revenue at a faster rate. 81.7% of respondents in a Grin survey agreed that digital marketing has improved their bottom line. This is solely due to a data driven marketing model with innovative concepts and strategies that help organizations enter new markets while maintaining equal interest in existing markets.
While the implementation of digital marketing strategies has become a pill of first aid in this pandemic era, there is ample reason to believe that they will remain an integral part of organizations’ marketing strategies when things get better. Moreover, they will be more prepared for any similar situations in the future.