In the Digital era, Digital Marketing has become a norm now.
It has replaced the Phrase ‘Whether to spend on Digital Marketing or not’ by ‘how much and how to spend on Digital Marketing’. A Company that does not focus on Digital Marketing is out of the focus of consumer and consequently kicked out from the competition.
It is unbelievable but yet a fact. UK’s Digital Budget is more than the yearly Budget of some small countries like Belize and Papua Nuova Guinea. Last year, digital expenditure in the UK touched £ 8.61 billion. This was revealed in Digital ad spend report presented by PricewaterhouseCoopers. The report further disclosed that that the Smartphone’s are the most preferred internet gadget (2.1 per household). Smartphone’s are followed by laptops (1.6) and tablets (1.4).
The proportionate increase in the advertisement Budget of Mobile grew by 60% , followed by Video (51%) and Social Media (45%).The fundamental reason behind increasing digital ad spend is increasing the array of devices used to go online.
It is also important to mention here that the Global Digital Expenditure of 2020 is predicted to be $285 billion by 2020. Last year it was $160 billion. It is about to double in forthcoming years.
Consumers in the UK shop on smart phones and tablets more frequently. Probably More than half of the nation’s advertising budget is expected to go to digital marketing which includes
In the year 2015, 77 percent of companies made provision of increasing their Digital Marketing Budget. Companies are focusing on increasing earned media budget and owned media budget. 35% of overall digital marketing budget is allocated to owned media, 39% to paid media and 26% to earned media.
Some Do’s & Don’ts
Customer Engagement and personalization are better than hard selling. Further, you cannot be bullhorn. Digital Marketing is always customized. You have to understand the demographics of the customer and then classify them and then use social media for different categories. You cannot deliver uniform message to all customers. Further, there should be a team of In house personnel specifically for responding to customer queries, posting ideas, concepts and nurture healthy interaction with customers. Consequently, they will be interested enough to know more about your offerings.
Social Media marketing is also a business strategy. So don’t mix professional business strategy with your personal social media.
Digital Marketing specifically social media needs to be consistent. You need to regularly position information across different platforms to stay ahead in the competition. The more frequently you update your content the better rank you will receive in online searches
Generally, Digital Marketing focuses on customer acquisition. However, research indicates that advancing customer retention rates by 5 percent may increase profits by up to 90 per cent.
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