More than half the world population uses the internet and the credit goes to cheap data services and widespread use of mobile technology. The numbers are growing and in the next decade, approximately 85-90 percent of people across the globe will use the internet in one form or the other. With such increasing internet usage, the prospects of using it as a medium for marketing will grow even more. Right now, digital marketing has become a big thing which has also leveled the playing for all the businesses. No matter how big or small a business is, it can create and maintain its presence on the digital landscape with the same budget and an equal amount of effort that a multinational corporation would do. Such a situation also reflects that digital marketing has become a need of the time and its impact is quite visible.
Every business is spending on making and implementing a digital marketing strategy regardless of their size. This has made digital marketing a global industry which is witnessing huge annual expenditures. The current global digital marketing market analysis suggests annual expenditure of approximately $290-$310 billion which is expected to grow even further in the near future. The digital marketing expenditure is expected to reach approximately $330-$340 billion in 2020. With the easy availability of online video platforms and mobile technology, advertising has become an important part of modern digital marketing strategy.
It has specifically fueled market growth in North America and Western Europe. Western Europe accounts for approximately 39-42 percent of the digital spend whereas countries such as the UK, Spain, and Germany are expected to increase their overall digital marketing spend to 55-60 percent. The growth is not going to be positive in the mobile in-app display segment in Western Europe as the users find it intrusive.
The Impact of Digital Marketing over the Current Business World
In the early phase of digital marketing, it was only used in big corporations and companies and it was flooded with misconceptions that it requires huge expenditure for implementations. However, it did not take much time to destroy such myths and now businesses are aware of all the tactics and methods that marketers can use to create an impactful online presence. In any case, the contribution of easy availability of the internet, the emergence of social media platforms, and mobile technology cannot be ignored as it allowed people to use the internet and connect to each other. In a nutshell, this created the audience or a potential customer base for the businesses for targeting and selling their products and/or services.
Here is a look at how digital marketing has created authority over the modern business world.
Measurable Outcomes
In traditional marketing strategy, the outcomes can only be estimated and the efficacy of the marketing strategy usually remains uncertain till the end. Digital marketing, on the other hand, can derive data that can easily determine the efficacy of the strategy and its flaws. The results may tell how many people saw the ad, how many clicked on it, and how many actually bought the product. It can differentiate between leads and conversions, and it can also help identify the untapped market segments.
Reach the Unreachable
Digital marketing can help marketers in indexing and connecting to the market segments that have been left untouched by the traditional marketing strategy. Users that are new to the internet and do not have information about a specific business and its products. Marketers can educate the customers about a specific trend, products, and services, and create a niche customer base. This will also help them in building a brand.
Online Competition
Nothing is hidden on the internet. In any case, the marketing efforts of a business become visible as soon as they try and implement a different strategy. The other thing is, online competition inhibits equality. On the internet, no brand is big or small and all have an equal opportunity to make it to the first page of search engines.
Importance of Content
Content Is King!
On the internet, content is king. It does not matter how marketers promote their business and on which type of platform. The content they post and promote determines their rate of success. Digital marketing has given utmost importance to the content as the users do not care about the strategy or the platforms. All they see and care is content as that determines whether they will stay on the website or whether they will click on the ad or not. The quality and relevance of the content largely impact the digital marketing strategy of a business.
In the modern corporate scenario, all the businesses understand the significance of digital marketing which deflects in their approach as well. This is driven by the market so far that it has surpassed the traditional marketing mediums and created its own importance.