The spread of the Covid-19 pandemic has wreaked havoc all around us. Businesses and lives in general have suffered greatly and it still seems that we are inside a tunnel hoping to see the light soon. Several companies have been pushed to the limit and are forced to rethink and reinvent themselves. Innovation has become the key to its survival.
While new age companies already had the advantage of being digitally active, their dependence on digital marketing grew even more. On the other hand, companies that relied more on conventional forms of marketing like in-person events, trade shows and exhibitions, etc., suddenly found themselves in troubled waters. Therefore, there has been an urgent need for companies to commit to digital transformation to stay competitive and avoid extinction.
Here we mention 5 reasons for companies to adopt digital marketing as soon as possible.
- Visibility and competitive advantage: With the increasing penetration of the Internet, it is more and more common for people to go online to start searching for products and services. They usually discover your products and services through emails, search engines, social media channels and websites, etc. The more they find you online, the more business opportunities it can generate. It’s no wonder companies with digital expertise are doing more business. Therefore, investing in digital marketing can give you that competitive advantage.
- Performance analysis and build strategies accordingly: Once you’ve started implementing digital marketing strategies, you can monitor the performance of your campaigns with analytics tools like Google Analytics, Facebook Analytics, and Instagram Insights, etc. For example, Google Analytics can help you track key metrics such as the number of visitors, bounce rates, and time spent on different pages on your website. It helps you gather information on what works and what doesn’t. In addition, you can develop your future strategies based on this knowledge.
- Marketing budget optimization: Last year was a nightmare for tourism, hospitality, events and travel companies, etc. Even other companies that relied heavily on traditional forms of marketing suffered greatly from lockdown restrictions. However, there have been enough stories of how the move to digital helped them stay afloat in a new normal. Even though marketing budgets took a hit, some companies were smart enough to redirect what was available to digital marketing. It became a revelation for many of them as they found new avenues for lead generation. It has given companies a vision to optimize their marketing budget in ways that take full advantage of conventional forms of marketing and digital marketing.
- Employee empowerment: With more and more companies adopting an integrated marketing strategy, employees feel empowered because digital tools allow them to get their work done faster and with greater transparency. Since this is a constantly evolving field, learning and development is a key aspect of this work. All of this contributes to innovative business practices that enable employees to make informed decisions more quickly.
- Increased income: With multiple digital marketing channels at your disposal and using them effectively, you can increase your organization’s revenue at a faster rate. 81.7% of respondents in a survey conducted by Grin agreed that digital marketing increased their financial performance. This is solely due to a data-driven marketing model with innovative concepts and strategies that help organizations reach new markets while keeping existing markets equally interested.
While the adoption of digital marketing strategies became something of a emergency pill in this pandemic era, there is enough reason to believe that they will continue to be an integral part of organizations’ marketing strategies when things get back to normal. Furthermore, they would be more prepared to handle such eventualities in the future.