Digital market refers to all the activities that utilize the internet or electronic devices. Some of the channels used include: social media, websites, and search engines. It has several benefits which include;
- Ease of Connecting With the Online Audience
- Beating the Competition
- Understanding the Needs of the Consumers
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Well, well, well, look who wants to grow their business! You've come to the right place, my friend. As a digital marketing expert, I can assure you that digital marketing is like the secret sauce of business growth.
And for some, keeping up with the latest trends and skills can be daunting, given the amount of work they handle. Especially, when it comes to senior management/professionals, digital marketing can be a game changer, if one understands the various ways in which digital marketing can help them and then guide their teams in the right direction.
There are 2 ways to learn digital marketing, one is through the huge amount of free online content available across the web and the second is through a structured learning program from prestigious universities that gives you a learning path and helps you save your time. , there are universities offering digital marketing programs like Wharton Online ADM provided in collaboration with Great Learning, Stanford, Harvard, etc., which are designed for senior management professionals. Keep reading if you’re wondering why staying updated in digital marketing is so important!
Firstly, let's talk about the power of social media. According to a report by Hootsuite, there are over 4.2 billion active social media users worldwide as of January 2021. That's a lot of potential customers! You can reach a massive audience with just a few clicks by utilizing social media platforms like Facebook, Instagram, Twitter, and LinkedIn.
PC: SEJ
For instance, Glossier, a skincare and beauty brand, has grown exponentially in recent years by using social media to its advantage. They have over 3.8 million followers on Instagram alone, and their products are highly popular amongst the younger generation. By utilizing user-generated content, influencers, and aesthetically pleasing imagery, Glossier has managed to build a cult following online, resulting in a net worth of over $1.2 billion as of April 2021.
Secondly, digital marketing allows for highly targeted advertising. Gone are the days of generic billboard advertisements that may or may not reach your target audience. With digital marketing, you can target specific demographics, interests, and behaviors to ensure your ads are shown to the people who are most likely to purchase from you.
Source: Wired
For example, Peloton, the at-home fitness giant, has utilized targeted advertising to reach its ideal customers. They run ads on Facebook and Instagram that target people who have recently shown an interest in fitness or have engaged with similar brands. This strategy has resulted in a significant increase in sales, with the company reporting a 172% increase in revenue in Q1 of 2021 compared to the previous year.
Thirdly, digital marketing provides real-time data and analytics. With tools like Google Analytics, you can track your website traffic, and conversion rates, and even see which pages on your website are most popular. This information can be used to optimize your website and marketing strategies to improve your overall conversion rates.
Source: Science Soft
A great example of this is Amazon, which uses real-time data to personalize its customer experience. Amazon tracks customer behavior and purchases to recommend products that customers are most likely to buy. This results in a higher conversion rate, with the company reporting that personalized recommendations account for 35% of their total revenue.
And finally, digital marketing is cost-effective. Compared to traditional advertising methods like TV commercials or billboards, digital marketing is often much cheaper and more efficient. Small businesses can compete with larger corporations by utilizing cost-effective digital marketing strategies like social media advertising, content marketing, and email marketing.
In conclusion, digital marketing can help your business grow in countless ways. From social media to targeted advertising to real-time data analysis, the possibilities are endless. So, take advantage of the power of digital marketing and watch your business grow to new heights!
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