Global trends show that there is a decline in traditional marketing, with digital marketing remaining consistent concerning growth. Data from Statista show that chief marketing officers had increased their digital marketing budget in 2018 by 12.3 percent while leaving traditional marketing at -1.2 percent. Other data shows that by 2020 the spend for the new age marketing method will be at over $342 billion, with higher projections showing up for subsequent years.
Whether you are a late adopter or still working through your 2019 budget, as a marketer, it is essential to factor in what the statistics say. The reason why the internet is making for better advertising space is primarily the convenience. An auto insurance company can put out ads via the two mediums and feel the impact. Marketers can measure the return on investment (ROI) via the latter medium and this justifying their spending and potential budgetary increases.
The other reason for the uptake is the availability of tools. With companies competing to be the priced tool, the levels of continual innovation inspire a generation of tools that make data accessible as never before. They are also highly customizable for effective marketing initiatives, as compared to the “information blast” a newspaper ad would have. It additionally allows for a region, gender, and other demographic-specific advertising, making it all the more a useful tool.
Equally, the availability of affordable smartphones leads to a connected world and one that spends more time on their phone screens than that of the television. That kind of direct access ought not to be ignored. A person on their phone would perhaps take more note of the banner on a website they are visiting that the one they drive past during their commute.
Making the change
The internet has radically transformed the universal landscape. It would almost be ignorant to dismiss the effect it has on the world when recent history shows social media bringing about revolutions. It is an indication that you ought to let digital marketing revolutionize how you conduct business. With sound approaches and a solid plan, 2019 could be the year your company drastically grows.
However, such promises are not without caveats. The digital space can equally be treacherous for those who navigate without skill or tact. You ought to, therefore, understand the implication of the undertaking and pitfalls to avoid if you are to have a fruitful year ahead.