WHAT DOES “DIGITAL MARKETING” ACTUALLY MEAN?
Digital marketing is an entirely new endeavour that requires an innovative way of approaching customers and understanding customer’s behaviour. Digital marketing targets a specific segment of like minded people . It is pretty engaging and can be personalized as per your desire.
I. Traditional Marketing and Digital Marketing
The very basic difference between the two is the medium of communication.
Traditional marketing uses offline marketing platforms such as,
- Outdoor (billboards, bus/taxi wraps, posters, etc.)
- Broadcasting (TV, radio, etc.)
- Printed (newspaper, magazine)
- Telemarketing(Phone, text message)
- Display window, etc.
- Whereas in Digital Marketing we have online platforms such as,
- Social media
- Social media (Facebook, Instagram, etc.)
- Content marketing
- Email marketing
- Affiliate marketing
- Search engine marketing (SEM)
Traditional marketing is simple, easy to understand, memorable, applicable to a wider range of customers, but also it is more expensive, results are non-measurable and non-interactive with customers. On the other hand, Digital Marketing is cheaper, easy to measure, personalized and more engaging. But sometimes the ads can be annoying; it is less permanent and a bit complex.
Both forms of marketing are important and have their own benefits. We must select the right type of marketing technique based on their effectiveness and our area of application.
II. Fundamentals of Digital Marketing
a) Understanding Market
Marketing strategies are beneficial only if we are successful in placing the right product at the right place at right time. After understanding the customers’ demand, we must create a product which fits in the market so easily, that the product can sell itself. So marketing becomes easy for such products.
b) Knowing your customer
Knowing about your customers’ likes, dislikes, expectations, thoughts, beliefs, feelings and sentiments can help you plan a good marketing strategy, because “Marketing is based on science and not on creativity.” It is more about understanding human psychology than the ability to please others.
c) Understanding analytics
A businessman or a marketer needs to understand analytics very well. Because using analytics we can get an insight about any business, know about product performance and also predict future demand and sale, which can help grow the business e.g. Google analytics.
d) Targeting customers
Targeting your potential customers is a must. For example, luxury car brand companies do not advertise on televisions because they know one who can afford this is not sitting in front of the IDIOT box. Studies have shown that marketing strategies which were planned on targeted customers were more successful as compared to others. It saves our time, energy and obviously the amount spent on ads campaign.
e) Building trust and good relations
A company/brand should build the trust of customers by fulfilling their expectations and providing the best possible services and assistance to them while the deal is going on and even after the purchase has been done. This will build trust and lead to good relations with customers which eventually return more profits indirectly.