What is Digital Marketing? And why is it a growing industry?
Search Term: Digital Marketing
It About Connecting
The essence of digital marketing is the action or business of promoting and selling products or services, through digital channels and platforms. What marketing is really about is connections. Connecting your brand, product, or service with the desires, wants, and needs of an audience. Marketing solves, provides answers, and can offer a promise. An effective promise will help business to retain or attract new customers, paving the way to increased sales, revenue, and profitability.
Every business has a current state. How many clients or customers do they have? How widgets do they sell a week/month/quarter? What is their monthly sales? Step one in planning a marketing campaign is understanding the current state.
The next step is identifying what the desired future state is. How many clients or customers does a business want or can handle? How many widgets would they like to sell? In 30/60/90/120 days? Desired monthly sales?
The place between the current state and the future state is the gap. Marketing fills the gap, and is the bridge from the current to the future. Marketing is not an expense. It’s an investment in the present and future growth of your business.
Investment and Not an Expense
Often business owners will say that they don’t “believe” in marketing or advertising. When you hear this, they really mean that they don’t believe it is an investment but rather an expense. Marketing is an investment. Including digital marketing: Ex. SEO, Google Ads, Social Media. And what you put in is what you receive. And much like financial investments, it is something you have to let work and grow over time to achieve a meaningful yield. An expense is a line item on your balance sheet. Something you will probably look at with angst and find a way to reduce. An investment is an action and effort to realize gains. One is aligned with anxiety, and the other with hope—an investment in you, your employees, and the future of your business.
A Growing Industry
With the growth and accessibility of the internet and high-speed advances, the number of people who go online every day continues to increase. Context drives consumption, and consumers are consuming digital content in increasing numbers. Customers are now spending more time and resources on owned-media channels such as websites, mobile apps, and customer-service channels. There is also a noticeable increase in customer conversion rates, with social and digital video channels driving the highest ROIs
As such, digital marketing is now a growth engine for many companies across a variety of sectors such as financial institutions and telcos. Further, it has the ability to drive an increase of 5 to 8 percent in revenues over 12 months by capturing more online traffic and engaging with consumers more effectively.
Have you thought about owning a digital marketing agency but don’t know how to put it all together?
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