A place where buyers and sellers interact about specific good in order to facilitate an exchange
Physical market-where people come together and exchange goods and services say as in stores or malls
Virtual market-here there will be no interaction between buyers and sellers say as in online shopping websites or apps
This is a simple blog giving you the picture what exactly is digital marketing and its significance versus traditional marketing and how it works.
The world of technology, digital marketing is having a significant impact on how we do business so it could be fair to say that business that does not adapt to the new era of marketing and communications is in danger of losing out. It gives businesses of any size access to the mass market at an affordable price and, unlike TV or print advertising, it allows truly personalized marketing. Customers have access to information any time and any place they want or need it. Thanks to the Internet and globalization, most people on the globe are able to access the information via computers, tablets or mobiles.
MARKETING AND SALES
Marketing and sales differ greatly, but generally have the same goal. Selling is the final stage in marketing
The marketing team focuses on how to drive interest in the company’s product or service offering. This may include hosting webinars or attending industry events. The leads that they generate are handed over to the sales team, now they would make strategies and close the deal. To be most effective, the sales and marketing teams should have a close relationship.
An organisation strategy combines all of its marketing goals into a plan. Marketing strategy needs to be drawn from market research and focus on the product mix in order to make profit and also make up the business. Hence it can be said that marketing strategy is the foundation of a marketing plan.
Marketing involves a set of processes which mainly deals in finding out what consumers want and then providing it for them. The key elements playing significant role are 4Ps
How are 4Ps related to Digital Marketing
How much user friendly it is?
What is it to be called and features to be met?
How is it branded?
How is it differentiated versus your competitors?
What is the value of the product to buyer?
Is the customer price sensitive?
What discounts should be offered to trade customers?
How will your price compare with your competitors?
Where do buyers look for your products?
Do you need to use a sales force?
How can you access the right distribution channels?
Where and when can you get across your marketing messages to your target market?
When is the best time to promote?
How do your competitors do their promotions? And how does that influence your choice
of promotional activity?
“Let’s know whether marketing team has to really depend on sales team for conversion”
Digital marketing is an umbrella term for the marketing of products or services using digital technologies mainly on the Internet. It refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile apps.
Digital marketing compared to traditional marketing is a more affordable method. An email or social media campaign, for example, one can transmit a marketing message to consumers for the merest fraction of the cost of a TV ad.
One of the main benefits of conducting your marketing digitally is the ease of tracking and monitoring the results which would come handy and be the additional point to improve and get better results. Rather than conducting expensive customer research, you can quickly view customer response rates and measure the success of your marketing campaign in real-time, enabling you to plan more effectively for the next one.
There are many ways of digital marketing say search engine optimization and marketing; social media optimization and marketing; email marketing; mobile marketing and affiliate marketing which will be explained in detail later.
And there are lots of Digital Marketing Institutes to guide people online and offline.
Google Analytics is a tool to track the results of improvement and gives detailed statistics of traffic and traffic sources which also will be explained in detail with google webmaster tool.
DIGITAL MARKETING v/s TRADITIONAL MARKETING
Reduction in Marketing Costs
Real Time Results
Gives you a wider marketing avenue to explore
Develops a Brand better
Provides connection on a more personal level
Greater exposure to new customers
Advantages of Digital Marketing
Reduced Cost – Any business can develop online marketing strategy for very little cost than old traditional marketing which is quite costly which includes Television, Radio, Newspaper.
Easy to Measure – Unlike traditional marketing, it is easy to measure how effective marketing tactics are at achieving objectives. As a result you can also improve your performance. You can easily measure your marketing campaigns performance through Google Analytics by measuring your specific goals you want to achieve.
Real Time results – Unlike traditional marketing, you can get real time results. You can easily increase number of visitors to your website, number of leads, conversions, sales.
Greater Exposure – One can easily advertise business anywhere in the world by marketing campaign while cost to do this using traditional marketing would be much higher.
Improved conversion rates -Unlike other media which require people to get up and make a phone call, or go to a shop, digital marketing can be seamless and immediate.
Greater engagement: With digital marketing you can encourage your prospects, clients and followers to take action, visit your website, read about your products and services, rate them buy them and provide feedback which is visible to your market. So it doesn’t take long for good publicity to enhance the prospects of your business.
6 STEPS OF DIGITAL MARKETING PROCESS
DISCOVER-The first and most important element of the digital marketing framework is to Discover. It is the longest phase and requires lot of time and energy to put all thoughts together but if done correctly, it will ensure the success of the other five phases and drive your entire digital marketing strategy. The core components of Discover include identifying goals and objectives, selecting strategies and tactics, exploring new opportunities, and setting metrics and targets.
INTERNET BUSINESS ANALYSIS-The second phase of the digital marketing framework is the Internet Business Analysis. Now that your goals and objectives have been identified, the next step is researching how best to implement a digital marketing strategy. In this process a business will consider which pieces of the market to target and then analyse those areas and involves the creation of fictitious characters that represent various types of your customers by incorporating different demographics, interests, locations, age groups, gender and behaviour
BUILD -The next component of the digital marketing framework is Build. Before the requirements of a digital marketing strategy can be built or implemented, your business needs to have a discussion about who will build it and at what cost? Are there enough staff members to handle it internally or do you need an agency or consultant? How much budget is available?
IMPLEMENT -Following Build is the Implement phase. During this period all of the digital assets and campaigns tasked throughout Build need to be scheduled for launch and subsequently activated. A cohesive and well organised launch strategy can pay dividends as it is often an underrated part of most digital marketing efforts.
MEASURE -Do not build, implement and wait, because it will not do you any good. The Measure phase of the digital marketing framework is what enables you to determine which strategies work best and enhance those that are generating a positive RETURN ON INVESTMENT with your marketing budget.
MANAGE RESULTS -The Manage Results phase is the final phase in the digital marketing framework. After implementing a campaign and letting it run for a reasonable amount of time (and also tracking it correctly), it will be easy to discern whether the campaign works. If it does not, pull the plug. If it works, start the digital marketing framework again and figure out how to enhance it.