Due to technological advancement, many businesses or organizations are looking for opportunities in the digital world. As per Statista, 59.5 percent of people use the internet globally as of January 2021. Indeed, the digital marketing industry is booming tremendously and taking marketing to a whole new level.
Many businesses or organizations have cast aside many traditional marketing ways for online marketing. After all, your main business goal should be to connect with your target audience and engage them. Once you do that, you can eventually drive sales and improve the performance of your business or organization. Hence, digital marketing is very beneficial to you. Read on to know its benefits and market size.
What are the benefits of digital marketing?
Whatever may be the industry, digital marketing is the need of the hour. Take a look at some benefits listed below.
1. You can engage the customer at every buying stage
Nowadays, many people have begun applying digital marketing strategies to grow their business. In traditional marketing, people would notice a print ad or newspaper and buy the product or service. Nowadays, due to the popularity of online marketing, businesses are creating marketing strategies for many digital platforms.
What’s more, you can even track the customer at every stage. For instance, customers notice your ads on various social media platforms. They will search for the same product online and compare prices on different websites. Moreover, they will look out for various offers, coupons, and discounts as well. Then, they will purchase the product either in a brick-and-mortar retail store or an online store. You can track these details with the help of some digital marketing tools, which will give you a head start in understanding the customer’s buying journey.
2. You can increase customer loyalty with frequent communications
Converting new customers can cost you a lot more than retaining them. Sometimes, gaining the customers’ loyalty can be difficult, but with the help of some retention tactics, you can definitely increase customer loyalty in no time.
If you have released a new product or are offering a seasonal discount, you can send your customers personalized emails for repeat sales and make the customer feel valued. You can also motivate your customers to follow your business on Instagram, Facebook, and other social media platforms. Following your business will keep them engaged with the latest product or services and various deals you can offer. But make sure the content on various social media platforms will be relevant and delightful to your customers.
3. You can optimize and obtain better conversion rates
As mentioned earlier, using print ads, TV or newspapers is traditional marketing. Although it is a much cheaper marketing technique, there is a downside to it. When your customers convert, you may not be able to keep track of all the customers who came to your store because of the ads.
With digital marketing, you can optimize it accurately by keeping track of every interaction. You will certainly understand who has viewed your ad on digital platforms along with the number of people who viewed it. Additionally, you can take necessary actions to convert your customers.
What is the market size of digital marketing?
As per Expert Market Research, a report titled ‘Global Digital Marketing Market Report and Forecast 2021-2026’ states that the value of the digital marketing market stands at approximately 305 US dollars in 2020. Additionally, it states that the digital marketing industry can witness growth drastically in 2025 and achieve 807 billion US dollars by 2026.
When it comes to the digital market of the world, North America is leading and contributes about 38 percent to the market globally. But there have been a lot of digital advertising investments from the Asia Pacific regions like India and China, which has surpassed that of Europe. You can expect the industry of digital marketing to grow at a faster rate. With the rising use of different social media platforms and the internet, there is no doubt that many countries are trying to grab the digital market size.