The 4 Key Advantages Of Digital Marketing In 2020
In today's day and age, it's nearly impossible to build a strong brand without a robust marketing backbone. And with technology dominating our day-to-day lives, a good chunk of today's marketing success comes from the digital ecosystem.
At its core, marketing revolves around getting in front of your customers at the right point in their buying journey. This helps your audience discover the products and services you offer while positioning them as the go-to solution for the challenges that your customers face in their daily lives.
Here's an interesting bit of food for thought - according to the 2020 DataReport study, there are nearly 4.57 Billion people online. And each of these people spends an average of 6 hours and 42 minutes online per day.
As such, it's easy to see that when it comes to making that quintessential connection, it's hard to beat the web!
So to help you wrap your head around the essence of digital marketing, we've put together this quick article. Keep reading to discover our key insights and get a feel for how digital marketing could benefit your brand and business.
What Is Digital Marketing & Why Does It Matter?
Before we dive right into the advantages and benefits that digital marketing carries for your business, let's dig a little deeper and discuss what it is in the first place.
So, what's the definition of digital marketing?
Effectively, it's any form of advertising served to an audience of consumers via digital channels. We're talking about Social Media, Search Engines, Websites, Podcasts, Radio, TV, and the whole mix.
So, as long as an electronic device is involved in delivering the advertisements - it's digital marketing!
As for why it matters, the concept is pretty simple. In 2020, almost half of our waking time each day is spent in front of some sort of screen. Whether it's your phone, a work computer, or the living-room TV - you're constantly connected to the digital world in one way or another.
Given how much data digital channels collect on their users, advertisers targeting these channels have a huge advantage over "traditional marketers." They're able to identify pin-point precise audiences, see in-depth analytics on their campaigns' performance in real-time, and roll out new campaigns on the fly.
In turn, this means you can quickly test, run, and scale campaigns in any industry, you can target any demographic, and best of all - you get to see results quickly!
And in today's fast-paced business ecosystem, being able to stay ahead of the curve is undeniably vital.
Having looked deeper into what digital marketing is and why it matters, let's take a peek at some of its core benefits and advantages.
The Main Advantages & Benefits Of Digital Marketing
While the connectivity the digital world offers is an enormous and incredibly obvious benefit to embracing digital marketing, let's cover some of the finer details to help you get a feel for what your business stands to gain.
1. Measure Your Impact With A Wealth Of Data & Robust Analytics
The key element in making sure that your marketing campaigns are successful is being able to keep track of what's happening at all times. Thankfully, this is incredibly easy to do in the digital ecosystem.
Across various channels, you can easily track vital information like:
- The number of people who saw your advertising.
- The number of new visitors (digital or in-person) as a result of your marketing efforts.
- Key demographic data behind your audience.
- User-experience data on your product, service, and business pages.
- Changes in traffic, reach, and demographics over time.
And that's just the tip of the iceberg! In the digital world, you've got practically all the non-identifying information you can get about someone available at your fingertips as an advertiser.
Being able to line all of these data-points up into a comprehensive breakdown allows you to steer your marketing efforts in a successful direction and react to the results your getting, as you're getting them, which keeps you ahead of the business curve by a long shot.
2. It's Possible To Target Granular Audiences & Demographics
If you're coming from the "traditional" side of the marketing world, think about this - what's the last time you heard someone trying to target "single women, aged 35 to 37, who own or want to own an electric bicycle, living in a 10-mile radius of the 80201 postal code" as an audience?
Probably never, right?
That's because, with traditional marketing approaches, tackling a detailed demographic is like throwing a dart in the dark and hoping it sticks anywhere near the dartboard.
However, with digital marketing - this endeavor would be easy as pie!
That's because most digital channels collect an enormous amount of information about their users. With organic search, you can create content to get in front of your prospective customers at various stages of the buying process - whether they're just trying to find a solution to their problem, doing product research, or are ready to pull the trigger and buy. And going down the paid advertising route, you have access to targeting data that allows you to fine-tune your audience down to a granular level such as the example mentioned above.
And when you consider that as much as 98% of the buying journey plays out online these days - it should be easy to see why going digital is the only option that really makes sense in 2020.
3. You Can Compete Directly With Industry Giants From Day One
The internet-boom is a time of immeasurable opportunity. This is a time where innovation is happening faster than ever before, due to the fact that there's so much room for new companies to come in and establish themselves as key market-leaders.
Digital advertising allows any and all companies, regardless of size, to jump in and start competing shoulder-to-shoulder with established industry giants right from the get-go.
This is due to the fact that advertising your products and services on digital channels is a cost-effective, affordable, and high-return approach to marketing.
And it also allows you to compete in practically any geo-market. Whether you're targeting a local town, a state, country, or even going world-wide!
4. Get Results From Your Marketing Efforts Quickly
In 2020, it's time to forget about having to wait several months, if not years, to test business changes, new products, and marketing campaigns.
By going digital, you're able to prototype and test your ideas on the fly thanks to your ability to get instant results in real-time.
Whether you're looking to see if your new product will do well among existing customers, or simply want to see if new ad copy will drive your conversion rates upwards - it's all as simple as going live with the changes and keeping a watchful eye on the data you get from your campaign, while comparing it against previous benchmarks.
All in all, digital marketing is undeniably the best way to connect with your audience of prospects and customers in 2020.
From being able to get in front of them right in the perfect nick of time to having all the intelligence you'll need to optimize and steer your marketing efforts on the fly - investing in digital marketing offers a host of benefits that are essential to business success in today's day and age.
We hope that our insights helped you get a solid understanding of what digital marketing is, why it matters, and what benefits it poses for your business and brand.
With that, it's our turn to hear from you. What are your key marketing goals for this year, and how are you planning to tackle them? Let us know in the comments down below!