Learn how digital marketing activities in the current world drive corporate success.

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Marketing, in its broadest sense, is the process of recognising and addressing customer demands. In the commercial world, this is a critical duty because successful marketing activities can generate inbound leads and attract a huge consumer base. A market orientation, product mix, and business environment study are all part of the classic marketing cycle. Digital marketing is a relatively young technique, despite its deep roots in business history and culture.

Businesses began to experiment with new marketing methods as digital technology exploded, including popular and pervasive use of computers and cellphones. As a result, digital marketing was created.

Fast forward to now, and digital marketing is just as crucial as traditional marketing strategies, if not more so. This chasm seemed bound to widen over time.

What Are the Basics of Digital Marketing?

In a word, digital marketing is any sort of marketing that is carried out using electronic devices that include some form of computer. This includes internet-based marketing operations. A company may use websites, search engines, blogs, social media, video, email, and other avenues to reach customers when undertaking digital marketing.

Digital marketing, unlike traditional marketing, which is static and frequently referred to as “one-way” communication, is a dynamic, ever-changing process. Customers cannot interact with a company through a billboard or newspaper advertisement, however digital marketing allows for two-way communication between a company and its current or potential customers.

For many people, screen usage is at an all-time high these days. This truth is exploited by digital marketing, which promotes businesses.

Are There Different Ways to Conduct Digital Marketing?

Digital marketing is a broad phrase that refers to a variety of methods for promoting a company’s interests to potential clients. There are numerous strategies to perform digital marketing depending on the objectives and goals of the company. It’s not a one-size-fits-all workout.

That being said, there are several common methods for conducting digital marketing, including:

  • Search Engine Optimization (SEO) — SEO is the practice of improving ranking within major search engines to increase online traffic. 
  • Search Engine Marketing (SEM) — SEM leverages paid online advertising to increase website visibility within search engines. SEM is often used in conjunction with SEO. 
  • Pay-Per-Click (PPC) — PPC is an online method for advertising where a business only pays for its ads when a person clicks on them. 
  • Social Media Marketing (SMM) — SMM is the practice of using social media channels to promote business products or services. The use of social media influencers, often referred to as influencer marketing, is prevalent in SMM. 
  • Email Marketing — Email marketing enables businesses to send branded, promotional content directly to prospective customers via email. The use of automated newsletters is common in this context. 
  • Affiliate Marketing — Affiliate marketing is a performance-based exercise that enables revenue sharing and pay-per-sale (PPS) compensation within a common network. 
  • Content Marketing — Content marketing refers to the publishing and distribution of text, video or audio materials to customers online. Blogs, videos and podcasts are common ways for businesses to engage in content marketing.  
  • Native Advertising — Native advertising involves blending marketing materials into a medium, making the underlying message and marketing purposes equally important. Sponsored content, in which one business posts its own content on a different website, is a common method of native advertising. 

As the list above indicates, there are numerous ways to execute a digital marketing strategy. For most businesses, successful inbound marketing involves the use and application of multiple digital marketing methods. 

What Benefits Can I Achieve Through Digital Marketing?

Given the variety of digital marketing methods, there is a similarly diverse set of digitally savvy benefits available. On a broad level, digital marketing enables businesses to reach customers while they are engaged in everyday activities such as scanning social media, reading online articles, watching videos, and so on. Customers who are exposed to marketing in this natural and consistent manner can reap a variety of commercial benefits.

More specifically, digital marketing can help businesses achieve any or all of the following benefits:

  • Global Reach — Unlike traditional methods, digital marketing is not necessarily bound to a specific geographic area. The internet is available to customers across the globe. This allows businesses to market and sell to customers who live in a different state or country, removing many traditional barriers to entry.
  • Low Cost of Entry — To achieve the global reach of digital marketing through traditional channels, there would be a serious price tag attached. On the other hand, certain aspects of digital marketing can be achieved with a small investment of time and resources. For example, even small or startup businesses can create a website, manage social media and publish blogs without breaking the bank. 
  • Measurable ROI — In order to maximize profits, businesses must carefully evaluate return on investment (ROI). With traditional marketing, ROI can be difficult, sometimes impossible, to measure. On the other hand, digital marketing provides real-time visibility into the effectiveness of each campaign, enabling business leaders to make well-informed decisions to drive revenue and increase profit. 
  • Improved Targeting — Digital marketing allows businesses to target very specific demographics of potential customers. By engaging customers in a particular geography, industry or social channel, businesses have a much better chance of reaching their target demographic.
  • Dynamic Adaptability — Digital marketing strategies are extremely malleable and flexible, enabling businesses to adjust course when needed. Unlike long-term, traditional marketing campaigns, businesses can adjust their digital efforts on the fly, enabling quick pivots when necessary to realize commercial opportunity.
  • Immediate Connection — Before making a purchase, modern customers generally conduct online research and evaluate reviews. The first step in this process typically starts with a search engine. In this way, businesses with developed SEO, SEM and PPC strategies can connect immediately with customers.
  • Relationship Building — The rise of social media has turned it into a dominant communications platform for many customer demographics. Furthermore, customers increasingly want to interact with businesses on their terms and on their preferred platform. As a result, businesses that engage in effective SMM practices can build longtime and loyal relationships with current and prospective customers.

Overall, businesses of all shapes and sizes can reap significant benefits from the effective use of digital marketing methods. Furthermore, the cost of digital marketing can be tailored to each specific business, removing many of the traditional methods’ entry barriers. With so many advantages available for almost any budget, it’s easy to see why so many businesses are succeeding with their digital marketing efforts.

How Much Will Digital Marketing Cost My Business?

There is a digital marketing approach for every budget, to put it simply. Digital marketing methods are flexible enough to help businesses of all sizes, from small to large. It’s impossible to give a price for digital marketing because there are so many different ways and strategies.

Instead, it’s a good idea to look at how much money small businesses spend on digital marketing compared to larger businesses. For instance:

  • Basic Digital Marketing — Startups and small businesses do not generally have a large budget available for digital marketing. So, these businesses focus on low-cost methods, typically leveraging websites, blogs and social media to drive revenue at a low price point. The cost for basic digital marketing can be several hundred dollars per month. 
  • Intermediate Digital Marketing — Medium-sized businesses tend to have established revenue streams and the capability to spend more on digital marketing. This is where SEO, SEM, PPC and email marketing start to become prevalent. The cost for intermediate digital marketing can be several thousand dollars per month.
  • Advanced Digital Marketing — Large or enterprise businesses will use digital marketing in a comprehensive and often global manner. These businesses tend to have developed strategies across most digital marketing channels. These businesses often spend substantial resources developing a digital marketing strategy across many available channels. The cost for advanced digital marketing can be tens of thousands of dollars per month.

The cost of digital marketing varies substantially depending on the size of the company, its income, and its objectives, as shown above. Smaller businesses will frequently begin with a basic strategy before progressing to intermediate or advanced strategies later. In the end, any company may develop and implement a digital marketing strategy that suits their objectives and budget.

How Do I Create and Implement a Digital Marketing Strategy?

Many procedures and considerations are involved in developing and implementing a digital marketing strategy. It is vital to commit time and resources to planning and creation in this situation. Information, analytics, and research gathered throughout the planning and development stages can have a significant impact on implementation.

True, each company has its own set of requirements and objectives. As a result, the formulation and implementation of a digital marketing plan will differ from one company to the next. Many organisations, however, follow a similar procedure for developing and implementing a digital marketing plan, as detailed below.

  • Identify Marketing Goals — The first step in this process involves identifying specific goals, such as driving sales, generating leads, building brand recognition or increasing subscribers. 
  • Solidify Sales Process — To maximize the benefits of digital marketing, it is necessary to understand the digital sales process and exactly how customers will make digital purchases.
  • Isolate Target Customers — Creating a strong target demographic with refined buyer personas helps isolate the ideal customers to purchase business goods or services. 
  • Choose Marketing Channels — Armed with target demographic and buyer personas, it is important to identify the best digital marketing channels to reach those ideal customers. 
  • Set Clear Benchmarks — In order to evaluate a digital marketing strategy, it is advisable to establish clear benchmarks for success and measure progress along the way. 
  • Make Necessary Adjustments — After creating and implementing a digital marketing strategy, it is important to monitor progress toward goals and adjust as needed. 

A successful digital marketing plan must include the specific needs and objectives of the company. As a result, a digital marketing plan that works for a tiny “mom-and-pop” store is unlikely to work for a multinational corporation. The good news is that digital marketing provides a diverse set of approaches, channels, and strategies to choose from. As a result, digital marketing can be used effectively by firms of all sizes and in virtually any industry.

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