Why Digital Marketing is Important in 2024?

Why Digital Marketing is Important?

 

In today's fast-changing business world, digital marketing has become a key part of successful marketing plans. The global digital advertising and marketing market for 2024 is estimated at $667 billion and is expected to reach $786.2 billion by 2026. This impressive growth shows just how important digital marketing is for businesses today.

 

Businesses of all sizes are recognizing the importance of investing in digital marketing. A recent study reveals that 63% of businesses have already increased their digital marketing budgets in recent years. Moreover, a significant 94% of small businesses plan to boost their marketing spending in 2024. These statistics highlight a clear trend: digital marketing is not just an optional strategy but a necessary component for business growth and competitiveness.

 

What is digital marketing?

 

"Digital marketing is the use of online channels, like social media, search engines, email, and websites, to promote products or services. It involves strategies such as content marketing, online advertising, and SEO to reach and engage customers on the internet."

 As we are living in the 21st century, we’re crippled by the modern space-age technology called the internet. We can get anything with just a few controlled clicks. Marketing is defined as identifying potential customers or prospecting the significant population to researching, promoting, researching, distributing, and selling tangible or intangible products. When the mode of communication turned online then it was termed digital marketing.

Digital marketing is everything that is a culmination of advertisements and the internet. The mediums such as social media like Facebook, Instagram, etc, sponsored email, web browser application, search engines, websites, or any new medium for user interaction. With the changing world, the world is becoming more of a technocrat where people select their choice of products through different media streams.

 

It encompasses all marketing efforts that promote your product or brand using electronic devices or the internet it leverages online marketing tactics such as search marketing, email marketing, social media marketing to connect with current and prospective customers. The amount of time people are spending on their electronic devices is increasing drastically.

Top 5 Reason Why Digital Marketing is Important?

From the above statistics, you must have understood why digital marketing is important. Now we will look at some benefits and reasons why digital marketing is so important in today’s time.

1- Wide Local and Global Reach: Digital marketing offers unparalleled access to both local and global audiences. Leveraging the power of the Internet, you can target specific countries, cities, or even neighborhoods based on pin codes. This targeted approach ensures that your message reaches the right people.

2- Measurable Investment: A significant advantage of digital marketing is its scalability and the ability to measure investment. Unlike traditional methods, digital marketing provides detailed analytics in real-time. This means you can easily track the performance of your campaigns and calculate your Return on Investment (ROI) or Returns on Ad Spend, whether it's for sales or brand awareness.

3- Cost-Effectiveness: Digital marketing offers cost-effective solutions for businesses of all sizes. Unlike traditional marketing, where the focus is on reaching a broad audience, digital marketing targets specific, relevant audiences. This inbound approach ensures that your brand is visible to those who are actively seeking your products or services, making it more cost-effective.

4- Ideal for Brand Awareness: Establishing brand awareness is crucial for business success, and digital marketing excels in this area. Through various online channels such as social media, content marketing, and search engine optimization (SEO), businesses can create engaging content that increases brand visibility and recognition. Social media marketing, in particular, is highly effective as it allows brands to connect with a vast audience where they are most active.

5- Suitable for Every Business Model: Whether you're a small startup or a large corporation, digital marketing is adaptable to every business model. Whether you operate in a business-to-business (B2B), business-to-consumer (B2C), or direct-to-consumer (D2C) model, digital marketing offers the flexibility to tailor strategies to your unique goals, target audience, and budget constraints. Whether you sell products or services, digital marketing provides the necessary tools and platforms to effectively promote your brand and drive growth.

 

Digital marketing is really big in encompassing all these other aspects of marketing: Content Marketing, Online Advertising, Native Advertising, Marketing Automation, Email Marketing, Online PR, and affiliate management.

Content marketing is basically proliferating your content on Youtube, Instagram, Podcasting, Blogs, etc. It’s the top level of the funnel if you consider digital marketing a funnel. Motivational Quotes on Twitter, informative or motivational video on youtube, podcast came under this level of marketing.

Online Advertising is the management of online ads typically on Google, Facebook, Youtube. These can be the main platform for advertising but you can be advertising anywhere on the internet.

 

Native advertising is when you’re advertising articles online using ad networks.

 

Marketing Automation is basically a subset of digital marketing, the software tools to automate all these processes in your marketing. Like if you are SMS, call loops, and email marketing performing at the same time then you need to automate the process by using Customer relationship management.

 

Email marketing is simply writing the sequences of different email campaigns. Depending on what the customer does or what the prospect does, we have different emails that we send each person. It’s important to write our emails accordingly and optimize our emails based on open rates. Based on click-through rates. Based on even deliverability rates. All of these are important in email marketing.

 

Affiliate Marketing is managing different affiliates that promote your program on a commission-only basis. Now, for a company like Uber has different tens of thousands that affiliates that market Uber to customers. The affiliate managers to talk to all the people like me to get them to inform their audiences of the bonuses or specials or discounts or promotions that they have going on that particular week or month or year.

 

Online PR  is to establish links or update customers and potential customers via the Internet.

Many businesses are defining digital methods to target their potential customers in a particular demographic. Small scale businesses are the ones that are making fortune. A water pump manufacturing startup in Punjab is getting their business online, starting from targeting a particular population in the regional area, Pumpkart is launched providing various services like ordering pumps online, requesting servicing of pumps, online sampling videos of pumps digital platform set up to interact with the customers. Taking the business online rewards him an unexpected amount of sales and profits. Now, they know their customer base and know-how to target them by designing ads for them and meeting their demands. Every customer leaves digital footprints when they check items on a website, which helps the startup design their ads specifically, which further helps maintain the supply chain management.

We browse or click on the Internet for every product our digital footprints are recorded as marketing strategies to the manufacturers. Likewise, when a customer responds to the running ads on a website his response is recorded and similar ads having a similar product are fed to the user. Various algorithms are designed to identify potential customers. Response or feedback links are provided to retrieve personal feedback from the customers to improvise the product or the services provided by the services. The user interface on any website also plays a vital role in making potential customers.

The future of digital marketing is booming not just in one particular country but in all parts of the world. Now the digital marketing industry is at its peak and the moment due to several reasons which are  

 1- Highly Flexible since all the work can be done on the Internet, there is no friction of a particular place.

 2-Easy as accessing digital media is no rocket science and can be learned in a span of a few days, This is a purely user-friendly medium.

 3- High Engagement  Ratio as traditional media are being completely overshadowed by internet led digital marketing due to high engagement factors, the brands and companies have begun to give extra emphasis on digital marketing

 4-Job Opportunities in the field of digital marketing are very high. The more user engagement the more job opportunities. The employment sector has seen a major share dominated by Digital Marketing.

With food and water being the necessities for the human body, social media feed is also considered a vital component for the mind; it has to be fed regularly. You might not get anxiety or FOMO by not eating food but these can be induced due to non-acceptance status on social media. Digital Media plays a crucial role in structuring our decision on a daily life basis.