As we pen down this article about a quarter of our country's billion plus population is already engaged in utilising the infinite 'web' opportunities on smartphones as well as PCs. If that's not compelling enough, then the telecom ministry of India expects the number to inflate to a historic 730 million by 2020.
With these gigantic numbers in place, no doubt the opportunities associated with digital promotion and marketing are immense and businesses are increasingly acknowledging this fact. In this write up we will dive a bit deeper to highlight the business potential of Digital Marketing.
A reach of an unprecedented magnitude
While an innovative product does help in creating a buzz in the market, the real potential of a class apart entrepreneurial idea can only be leveraged is via a solid marketing strategy. Digital marketing in this regard proves to be a shot in the arm, building a brand from its nascent stage. A holistic digital marketing initiative including targeted campaigns on social media, email as well as mobile can do wonders when it comes to conversion rates. The booming smartphone penetration in India coupled with increased usage of internet has given rise to a new group of consumers who heavily rely on the internet for purchasing products and services.
Lower operating expenditure
Since India is home to a significant number of Small and Medium Enterprises, budget constraints have always been key obstacle for them when it comes to deploying aggressive marketing approach. A properly planned and effectively targeted digital marketing campaign can reach the right customers at a much lower cost than traditional marketing methods.
Traceable
While measuring the effectiveness and accurate impact of a traditional marketing strategy is a daunting task, digital marketing can be tracked with a host of web analytics solutions and other online tools. The tools fetch you with comprehensive information regarding the behaviour of customers after viewing your advertisements or website. This visibility also enables a business to make quick amendments to its digital marketing strategy for better results.
Highly customisable
Notifying your customers with customized targeted offers as per their purchasing behaviour will not only help you in increasing your revenue figures but will also result in a kitty of loyal customers. The more the customers engage with your brand, the more you can filter your marketing strategy to help them with tempting offers.
Higher conversion rates
Digital marketing is a coherent process where in customers can engage and purchase with the brand with just a few clicks. This concludes in higher conversion rates for businesses unlike traditional marketing strategies with multi step processes.
— by Satya Satapathy, MD, Creation Infoways
