As a business, you want to be where your customers are. That is the number one rule for quality marketing. Otherwise, how can you build your business?
While some businesses still question the viability of digital marketing, we understand that quality digital marketing works for all types of businesses, including but not limited to retail, B2B, and finance.
In Australia, this means paying attention to the 77% of the population with smartphones. This number has grown rapidly over the past few years.
Just as businesses were getting used to the idea of having a website and an online brand presence, they now must expand their horizons to using these new digital marketing tools.
Below, we explore why they must do this now in order to remain competitive.
Understanding Why Digital Marketing Is Valuable
1. Mobile Marketing
Smartphones have changed our lives in many ways. These small devices have become an extension of who we are as a society. That is why global mobile ecommerce sales will top $749 billion worldwide this year.
Our mobile devices have become a part of us. Therefore, retail digital marketing must revolve around how to use these devices.
The best way to do this is ensure you personalize your marketing for your customers. Given the fact that over 90% of the world’s data has been collected since 2011, the possibilities to personalize your data are greater now than at any other time in history.
Consumers are literally walking around with devices that record their every step, click, and movement. That makes it possible for retail digital marketing companies to provide information based on the needs and wants of specific customers.
Your ability to interpret this data can make a huge for difference for both your B2C and B2B digital marketing efforts.
Experts predict that 2017 will bring a new electronics revolution where the mobile device emerges as a shopper’s most valued partner in their ability to price check every purchase and acquire coupons on the go.
2. Social Media and Your Network
While mobile marketing will continue to grow, social media still dominates the attention of many digital users around the world. For example, 59% of consumers use YouTube for product information.
We trust what is on our screens more than the salespeople who are right there in front of us. That should not be surprising considering that we connect on social media throughout the day. Why wouldn’t we trust our devices more?
However, this is a boon for businesses who take the time to engage with their connections on social media, because when they do, they get sales. In fact, 73% of consumer good and retail digital marketing led to customer acquisitions through Facebook.
That is why 2017 looks to be the year that digital marketing becomes the dominant force for retailers in marketing their wares.
Retail is not the only industry that benefits from social media. While digital marketing for finance is not as refined yet, 33% still acquired at least one customer through social networks. Another 58% of financial companies plan to increase their investments in social media.
This coincides with the diminishing returns they see from traditional advertising mediums like print and TV. As consumers become saturated with content, they are less likely to fall for the ads that swayed previous generations who only had a few TV channels, radio stations and newspapers available to them.
At the same time, 59% of consumers are unaware of a given company’s social media presence. This provides a chance to grow your opportunities on social media just by reminding your audience to connect with you
3. Traditional Methods Do Not Work
We alluded to this in the previous point; however, it is worth discussing again. Traditional advertising methods are not as effective as they used to be.
While big ad spends drove a lot of consumer demand years ago, these methods have been overused on consumers who are now wary of the ads.
That is why financial digital advertising spending rose from $53.7 billion in 2008 to an estimated $168.4 billion by the end of this year.
If you continue to use traditional methods with waning success, you will also miss out on the opportunity to gain market share from your competitors. This reason alone should encourage you to improve your opportunities.
If you are unsure of the benefits of digital marketing for your business, then take a moment to look at it from your customers’ perspective. This is a great opportunity for you to ask them the questions you know can only help your business in the future.
The dominance of social media as a trusted source of information reaffirms the significance of connecting with customers on their screens. The retail industry, as well as sectors like finance, can no longer afford to rely solely on traditional methods that have lost their efficacy. Consumers’ distrust in conventional advertising channels has led to the meteoric rise of digital ad spending.
As we navigate this digital frontier, it’s evident that businesses must pivot their marketing strategies to align with evolving consumer behaviours. Embracing digital marketing not only secures customer acquisition but also positions businesses as industry leaders in the era of connectivity and engagement.
If you are still looking to discover the opportunities behind digital marketing, then feel free to connect with one of our experts from media agency Melbourne for a free consultation strategy.