Changes in the Economic Scenario post-Covid
Although commercial activity in the physical world is considerably affected, the internet and e-commerce have gained momentum since March 2020. The digital world is evolving -new prospects and digital marketing trends are now the mantras to survive in the market. According to Statistic, people spend 44% more time on social media such as Facebook, Twitter, and Instagram.
Another significant change post-Covid is the increase in popularity of online shopping, not just through e-commerce giants Amazon and Flipchart, but also via social media channels such as Instagram. The digital marketing potential increases by a significant amount using the above-mentioned digital marketing trends.
To understand digital marketing’s importance, let us first review the current financial scenario of businesses. Post Covid-19, businesses have encountered a huge setback due to the lockdowns. We are all aware that there is a drastic loss of income and the economy faces the following problems:
- There is a decrease in the consumers’ spending power, and they mostly buy or use services that they feel are necessary.
- Marketing is essential to convince buyers to buy a product or avail of services offered by the company.
- The usual methods of marketing are not as effective as before. Businesses and organizations are employing digital marketing trends to promote their products/ services.
Before we detail digital marketing’s importance in this scenario, let us first have a brief overview of digital marketing and digital marketing trends.
Marketing is a group of activities that aim to promote services or products to consumers. Digital Marketing is the use of digital/online channels to promote and sell services or products. The digital channels include various components such as:
- Social Media Marketing (SMM): Use social media channels such as Facebook, Twitter, Instagram to create brand awareness and promote products or services.
- Search Engine Optimization (SEO): Techniques to organically rank the website higher in the search engine ranking and create visibility for a business.
- Search Engine Marketing (SEM): Paid advertising rank higher in the search engine ranking and creates traffic for websites.
- Email Marketing: Market products/services directly to the customer through newsletters/ promotions by email.
- Mobile Marketing: Marketing directly to customers using SMS or adverts in mobile apps.
#1 Traditional Marketing Media Is Less-Effective Post-Covid
The most common offline marketing method is billboards (hoardings) and posters. Billboards provide maximum visibility while driving on roads or from the top of buildings. Posters are effective due to their repetitive nature and instill an idea in buyers’ minds while they are en route to offices or markets.
We have all experienced the relief of seeing the red and yellow McDonaldâ€™s sign while traveling by road and have certainly satisfied our hunger pangs at the fast-food restaurant. The tempting McDonaldâ€™s ads on billboards created a familiarity with the brand and were a good marketing strategy before the Covid-19 pandemic and lockdowns.
But can McDonaldâ€™s relies on billboards to entice customer’s post-Covid?
The movement of people has reduced post-Covid due to restrictions/precautions taken in society. We are confined either to our homes or areas near our homes.
Unfortunately, less traffic on the road also means fewer customers. We would say the Return on Investment (ROI) of the billboards and posters has now been reduced in business terminology.
What is the alternative but to understand digital marketing importance and employ them as per our requirements!
Similarly, other marketing techniques such as offering membership and discounts at stores/supermarkets are also not viable nowadays. But, we still need to advertise and create a business.
We can achieve the marketing done by billboards digitally by online ads that appear on various digital marketing trends and create an interest among the consumers. With the Work-From-Home (WFH) becoming the new normal, restaurants are now adapting to bringing the dining experience to peopleâ€™s homes and provide a tasteful experience. Grasping the digital marketing importance, they now use social media to create an online presence. The shift to digital marketing keeps the restaurants’ business rolling and increases the employment opportunity for delivery-personnel.
According to the Wall Street Journal, an average U.S. adult spends over 16 hours with digital media. As digital marketing trends are becoming more commonplace post-Covid, most consumers are now accepting the idea of sharing personal information if it leads to a faster and easier shopping experience. Companies can gather user data across multiple digital channels such as websites, shopping apps, PoS systems, mailing lists, etc. This enables businesses to promote their products/ services to select clientele by accessing a target buyers database.
Another factor that increases the digital marketing importance is that consumers are more willing to provide information digitally due to the following reasons:
#2 Data Collection and Analysis is Easier
- To avoid filling paper forms while trying to maintain social-distancing at a shopping center or mall.
- It takes less time to fill a short feedback form/ take a survey online
- It is also easier to collect data from consumers online because they do so at a convenient time.
- Information can also be collected indirectly as part of any digital channel on social media or common search phrases in a shopping app.
Why Collecting Consumer Data Increases Digital Marketing Importance?
Collecting data from buyers is essential for a company. Businesses can also analyze the feedback provided by consumers to incorporate modifications and improve their products. It helps them to further promote their products using various digital marketing techniques.
For example, digital marketing importance comes into play when companies selling baby products can send personalized emails related to their products’ discounts to parents having children less than one-year-old children. In this case, we can use digital marketing trends such as Video Marketing and Instagram to promote products to specific buyers in the age group of 30-40yrs.
If you want to promote company services such as online tuitions, understanding digital marketing importance can be a game-changer. Maths-aid.com is among the top 25 websites visited by females (86% females, presumably mothers or teachers). Therefore, advertising on that educational site is a good strategy to get maximum coverage among the target clientele.
Thus, relevant and insightful data analysis of consumers’ online activity can help organizations decide on the best use of digital marketing trends.
#3 Traditional Marketing Events Such As Seminars and Conferences Have Been Discontinued
Many professions such as financial consultants, life-transformation coaches, and resort groups rely on seminars and group events to generate interest among the audience and create a turnover in terms of future clients or club members. Due to the travel restrictions and lockdowns post-Covid, people are reluctant to attend such conferences or seminars.
As a result, the above organizations/ professionals have to turn to digital marketing trends to create the same marketing impact. Adapting a new marketing technology might seem tedious, but imagine lessening the burdens of event management of booking a conference hall and still being able to connect to your audience through online webinars. The lockdown norms will not affect the marketing strategy drastically, and it truly reflects the digital marketing importance post-Covid.
Visualize another scenario of a car dealership after the launch of a new car. Post-Covid, very few people would visit the showroom to take a look at a new car. Alternatively, the car manufacturer can advertise the car’s launch on various digital marketing trends such as Twitter and YouTube. Instead of waiting and interacting with a minimal clientele, the car dealer can send an e-invitation to online visitors who might have approved/liked the launch. Next, the potential buyers can attend a virtual test drive of the car, and the features of the car can be explained to many prospective clients simultaneously. Here, digital marketing importance becomes evident.
#4 Digital Marketing Is Faster, Flexible, and Economical
While the physical world is still reeling under the lockdown chaos, the Digital world is advancing by leaps and bounds. The need for survival has caused technology related to digital marketing trends to advance at a faster pace.
In case a company wants to run an ad campaign, they conduct research related to the most effective digital marketing trends suitable for their purpose. It is also possible to run the same campaign across multiple digital channels such as YouTube, Instagram, and Facebook.
Besides, marketers can easily gauge the netizens’ response by something as simple as the views/likes that a campaign receives.
Depending upon the feedback, modifications in strategy are prevalent. The company can continue with the marketing campaign or change it within a concise duration of time.
In short, digital marketing trends here can be aptly related to the word â€˜viralâ€™. Digital marketing is faster and far-reaching. Strategically changes can be easily incorporated in online marketing, making it much more flexible than offline marketing and again increasing the digital marketing importance post-Covid.
Another feature of digital marketing trends is their cost-effectiveness. The entertainment industry is starting to shift from cable and satellite TV to digital channels such as Netflix, Disney Hot star, and Amazon Prime because of their value for money. Therefore, advertising on these channels has a better return for money and is also economical. The same advertisement can be run on multiple digital devices such as mobile, laptop, or TV screens.
The marketing strategy helps in increasing the viewing percentage and hence ROI.
#5 Digital Marketing is Futuristic
The digital marketing trends may change. Facebook was the most popular digital media to stay connected. But, over the past few years, WhatsApp has also gained popularity as a sharing app. Plans are already in progress to allow advertising on WhatsApp to benefit from its popularity among mobile users. An app may gain or lose favor among consumers (changing trends), but the strategy or method to channelize the digital media for marketing stays the same. Hence the digital marketing methods will be effective even in the future even if there are advancements in technology.
If the thought comes to your mind that digital marketing importance will decrease after the Covid pandemic has run its course, you need not worry. Once consumers have gotten used to working from home (WFH), it is the new normal. Similarly, the habit of purchasing products/ services online will stay with the consumers due to its ease of use and convenience of time management.
#6 Digital Marketing Trends to Create a Brand Image
Digital marketing importance is not restricted to selling products/ services by a company or organization. Another vital function of digital marketing is to create or promote a brand image.
All age groups of people are in one way or another interacting with digital media, whether it is for entertainment, information, or professional work. There is an increase in our daily exposure to online content, which contributes to shaping our needs and opinions. Add to this the fact that if multiple people in the same family view the same content, the impact on the family will be greater.
It is a known fact that our brain reacts better to audio-visual stimuli. Well-created Videos posted on social media such as Instagram, YouTube, or Facebook are powerful enough to go viral and establish a company €™s brand image within no time.
Post-Covid, this effect of digital marketing is even greater. Companies can create brand awareness by associating themselves with some trending social cause or supporting some NGO for community uplifting. The company can associate themselves with a cause that sits well with their vision or brand image.
For instance, a book publishing company can contribute a small percentage of their book price towards sponsoring a child from the economically weaker section of society. The movement can be projected across multiple digital marketing trends. When consumers relate with the cause, they also tend to buy books published by the company.
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International Institute of Digital Marketing ™ is a certifying body founded in the USA by several long-standing marketers. We have years of experience in business, marketing, and more, and have put forth our combined experience to develop DMI. Digital Marketing is something that’s all around us, yet there has been no solid foundation for marketing in many, many years. In the news, there are blunders again and again by companies, failing some of the core aspects of modern marketing. Because of this, the need for a solid, stable foundation for marketing in the modern world is needed– a foundation with the ability to be built upon and developed with time.