Introduction to Digital Marketing
Digital marketing refers to the process of operating marketing on a digital platform. For example, suppose you search for electronic products on any search engine (Google, Bing, etc.) and find Amazon in the top results. In that case, it is because this company has worked on its SEO, which is a digital marketing strategy.
Marketing involves inducing a person to take a specific action that generally contributes economically. The marketing process took a major evolution from the onset of the Internet. That is why we hear the term “digital marketing” more today.
Key Takeaways
- Digital marketing is the premier method to improving branding, irrespective of any industry today.
- The history of digital marketing goes back to the early 1990s, but its industrial growth has been enormous only in the last few years. So there is no stopping its exponential expansion rate in the coming years, considering it’s globally a $500 billion-plus industry.
- Digital marketing is better than traditional marketing methods for several reasons, such as better target reach, voluntary control over change of digital marketing strategies at any time, convenient review of those strategies, etc.
- There are flexible opportunities for an aspiring digital marketer to learn digital marketing as a skill or even earn a working experience. The digital marketing job is one of the most in-demand jobs in the world today.
Why is Digital Marketing a Massive Industry Today? / Introduction to Benefits
- The Internet has allowed everybody to showcase their personal or other brands. The process of highlighting your brand in a positive light is called branding.
- Social media has become the premier source of consumption of brand awareness, and a solid digital marketing industry attributes to it.
- Even though social media started revolutionizing information dissemination and technology only in the late 2000s, the internet has platformed digital marketing since the 1990s. According to global analytics provider Statista, the digital marketing industry will be valued at around $602 billion in 2022. By 2026, this number is expected to cross a compound annual growth rate of 13.9%, with a value of $786.2 billion.
Top Benefits of Digital Marketing
Eight Different benefits of digital marketing are given below:
1. Better Reach than Traditional Marketing
- The demand for digital marketing is first rooted in the fact that it covers a massive target audience in a short period, way beyond the scope of traditional marketing, and carries comparatively less investment.
- Even a small-scale industry can instill a positive image of its brand on a global level. But besides global reach, digital marketing also improves local visibility much more easily.
- For example, Mathew bought costly ad spaces for 2 years to promote his telecom services. At the same time, David hired a web developer and an SEO writer to market his services through website traffic. As a result, David got more customers outside of his physical proximity, unlike Mathew, who hardly saw any difference in his business.
2. Better Targeting
- Targeting people with traditional marketing methods is way too difficult. Traditional methods go everywhere within proximity of small magnitude. But that does not help to identify the impression it puts on the target audience.
- Digital marketing helps you set up the people you want as your consumers based on age, gender, occupation, interests, hobbies, or other criteria. For example, suppose you want to attract millennial customers for your product. In that case, you can advertise yourself selectively on websites that are made to attract a youth audience.
3. More Accurate Sales Funnel
- A sales funnel is a helpful tool for understanding how potential and existing customers make decisions at each level of purchasing. This can eventually help improve the customer journey and turn window shoppers into real buyers.
- An online sales funnel creates better leads since the study of consumer behavior becomes much more predictable and systematic under the scrutiny of technology. For more on how to build a sales funnel from scratch, this Attrock guide provides excellent tips.
4. Review and Change Strategies Anytime
- We can track the effectiveness of digital marketing strategies via analytics. Measuring the influence of marketing on the internet helps obtain a better understanding of consumer behavior, according to which the marketer adapts with accurate or precise changes.
- Digital marketing strategies include PPC (Pay-Per-Click) Advertising, SEO (Search Engine Optimization)/ Website marketing, social media marketing, video marketing, etc.
- These strategies are subject to changes at any given point in time. But we cannot attain the same while applying traditional marketing methods. For instance, you can modify the content marketing format or improve webpage presentation anytime, but you cannot undo the costs you pay for ad spaces aimed at serving at least a year.
5. Better Brand Credibility
- Digital marketing ends up rewarding brand credibility more than traditional marketing. The premier reason lies in making online interaction as attractive as possible.
- Secondly, your aim to improve the numbers in online traffic eventually increases rank in organic search engine result pages. If you’re coming out as the top link after being searched on Google or Bing, you will certainly leave a better impression of brand credibility on stakeholders.
6. High-in-demand Job Skills
- In 2020, LinkedIn listed the digital marketing specialist role among the top ten most in-demand jobs, with 8,60,000 jobs. The average salary for a rookie in India’s digital marketing industry is around 2.5 lakhs per annum, as calculated by PayScale. The salaries can go as high as rupees 19.5 lakhs per annum or more than a lakh per month with managerial experience.
7. An Inclusive Industry for Skill Development and General Learning
- Irrespective of academic background, any student can learn digital marketing, and the platforms to learn the skills are incredibly diverse and large. Digitally, you can learn about the digital marketing course available on Udemy, LinkedIn, Coursera, etc.
- Digital marketing is also the perfect choice of career to explore insights into every industry since brands exist irrespective of genre. Where there is a brand, there needs a digital marketer for its growth.
8. Flexible Job Opportunity
- Digital marketing is a unique opportunity available from a full-time basis to an internship level. Overall, the demand for digital marketing keeps growing because of an increasing number of brands and flexible opportunities.
- Also, you can start your digital marketing journey even with zero experience by applying for an internship in a small-scale firm. Internshala is the leading source of opportunities in India today.
Conclusion
Digital marketing is the most appropriate job opportunity for learning as much as possible about the Internet’s relationship with the economy’s growth. Furthermore, the digital marketing industry gives access to the functioning of different industries, from cosmetics to pharma, sports to gaming, automobiles to housing, and much more.
There is a certainty in the future that the digital marketing industry will thoroughly sweep the traditional methods away once and for all. Also, provided that digital marketing does not require a specific educational background, the millennials and Generation Z people will come to use the internet less as a source of entertainment and more as a source of economic opportunities, as indicated by the industry’s growth in the next few years.
FAQs
1. What is digital marketing?
Answer: Digital marketing refers to persuading consumers to take a specific action through an online medium of conviction. The action can be anything from buying a house to subscribing to an email list.
2. What are the benefits of digital marketing for consumers?
Answer: Consumers can have better access to desired products and services from the confines of their homes only through the benefits of digital marketing and have a much more interactive experience since they are assisted at every buying stage.
3. What are the disadvantages of digital marketing?
Answer: Considering the magnitude of the industry, digital marketing induces high competition in the modern world, so grabbing attention requires massive time and effort.
4. What is the market for digital marketing software?
Answer: The value of the digital marketing software market was around USD 56.62 billion in 2021. The market’s compound annual growth will follow 19.1% between 2022-2030.
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