Why Digital Marketing is important in 2020
The first unspoken rule of a successful business is that in order to survive the business should be the dynamic and welcome change instead of resisting it.
In most of the cases, a business fails to stay in the market because of either not conducting proper research of the current market trends and conditions or resisting change.
Studies say that 20% of new businesses fail within the initial 2 years from their opening. 45% during the first 5 years, 65% during the first 10 years. Only 25% of these startups make it to 15 years or more. Why is that?
This is because companies in their initial stages do not invest more time in marketing research and efficient ways for products or the company’s promotion. Having a weak business plan also aids in their downfall.
So what has Digital Marketing got to do with this? Digital Marketing is a chance for a company to promote itself and capture market share. As times are passing by, there seems to be a significant change in consumer behavior.
More and more people are going digital and 2020 being the year of the epidemic, economic collapse, Political tension just acted as a catalyst favoring the shifting consumption pattern.
Consumers are becoming more aware of the modern world are becoming heavily relied on the internet. They have started trusting Google, Bing, and other search engines over word of mouth. Thus traditional marketing is seeing a decline in lead conversion capability.
With this changing and shifting patterns, companies have understood the need and significance of Digital marketing as a very powerful tool which if used with proper planning can yield huge results for the Company.
Digital Marketing Not only helps in promotion and extends the promotional reach of a company but is also a strong market research and analysis tool.
With 2020 being the year where The World Economy is facing such a backlash Digital marketing has become very important in 2020 for a company’s survival.
So Why Digital Marketing is Important in 2020?
Digital Marketing is a very economical source of promoting products.
It includes a set of tools such as SEO which deals in organic results and improves the ranking of the company website and pages with a set of skills and submissions while SEM deals strictly of product promotion where you only pay a certain amount per click at the link.
Compared to traditional marketing which required billboard rents, sales promotion activities, hiring people to distribute flyers, etc. this method seems to be very economical.
With the economic standstill, using digital marketing tools and techniques has become very important in 2020 for businesses to survive.
2: Wider Reach:
Let’s understand this with the help of an example.
Suppose Mrs. Gokhale has a clothing store in the heart of Pune and she deals with bridal costumes. With the help of her store and traditional marketing such as flyers and billboards, she was able to increase her sales 10-20% and most of the people were from Pune.
However, due to this economic slowdown, her business started suffering so she with the help of her daughter opened an online website and started promoting her product with Google advertisement and SEO tools and enabled delivery to anywhere with a certain additional fee.
Over time she saw people not only from Pune but from other states became interested in her products and thus her sales improved this time with consumers not only from Pune but all around India.
This shows how going digital can increase one’s sale and how it is important
3: Market Research and Data Analysis:
Another important aspect of digital marketing is that it provides you tools that help in analyzing customers in order to create buyer personas, fine-tuning the customer segmentation, and targeting which will come handy in 2020.
As I mentioned earlier consumer consumption patterns are shifting all around the world and the companies should be very vigilant and on a constant lookout for market changes. Digital Marketing helps one better understand it.
With tools such as Google Trends, Google search console you can conduct effective keyword research by understanding the frequencies and the alternate keywords used for searches that are related to your product.
Tools such as Google Analytics helps understand visitor frequency, geographical visit frequency to determine the reach and success of your online campaigns. It also helps you to understand the bounce rate, click-through rate, average time spent by visitors on pages, and parts of the page that are gathering the most attention.
It helps companies understand what the customer’s desire and which feature of the product/service they are most interested in in order to modify future campaigns for even better results.
Digital Marketing helps you in your remarketing strategy, by following a multichannel marketing method that enables a company to stay in touch with a client even after the first point of sale through email, customer service feedback.
This in turn generates a positive image of the company in the eyes of the clients who might again agree to purchase commodities. Thus with the help of digital marketing companies can contact previous clients and resell their products and services which is very important in 2020.
Now people might think about how you can add personalization in Digital Marketing. Well in the case of digital marketing personalization can be added with the help of videos, vlogs, and blogs.
Nowadays companies are using chatbots to do so.
Studies show that 3 out of 4 people are likely to engage in a conversation with chatbots. With the shift in consumer behavior, nowadays fast replies to queries by visitors has become very important in order to convert a viewer into a lead.
For example, if you go to the official website of Aditya Birla Insurance, you will see a chat box appear right at the right bottom of the screen asking whether you require any help.
This creates engagement which in turn increases sales and it makes the viewer feel being given priority and feeling a sense of engagement at the same time.
Thus when the year is as rough as 2020 and your business is suffering due to this, opting for digital marketing would be a better option to not only grow your sales but understand the upcoming and the present market trends and customer requirements.
We at Uqrious provide Digital marketing support to companies.
If you are thinking of growing your empire and expanding to the new horizons during this tough time you can contact us at https://uqrious.in/ .
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