Digital Marketing - Union of Digitization and Marketing
Is It Used Enough Or Over Used? No answer would be appropriate for this question.
Truly speaking Digitization started 30 years back and marketing HAS always existed in some form or the other. It was only a few years back that the two started to merge with each other.
Screens had a BIG ROLE to play in Digital Marketing. Now, the way a manufacturer, a trader or even a service oriented business have started to use behind the scenes information to reach out to these screens is very interesting.
Digital Network has always been the backbone of technology; it is more important and relevant for Digital Marketing. But the biggest change has been the consumerization of networks and the low cost at which these networks are being serviced. Telco’s, Private Network operators and others have made strides faster than one would have thought.
Consumer is one of the biggest impact makers in the digital world, where there is a complete breakdown of the AGE BARRIER to consume information. Even three years old can search and navigate to its potential target by using some swipes and finger actions. Whatever I have said is probably known to everyone, but if you combine these three dimensions of Screens, Digital Networks, Consumers, and evaluate what Digital Marketing is doing, it’s pretty amazing. Few examples are-
The Content which was probably made for 70MM format has made way to the 4” screen format and the content which was designed for a PULL model is now transformed into a PUSH model. The whole Business model has changed for the Digital Marketer as the content owners now do not have to sell to Business (es) where Large CAPEX is involved. Hence cost of doing business has reduced. Add to the same the CHANGE MANAGEMENT was a BIG PROJECT by itself. The DIGITAL MARKETERS now are nimble, cost effective and smart to deliver the content just around the time of Product Launch and bring in the changes required in no time, should there be a change in a campaign or some key messages. All thanks to DIGITAL MARKETING that this is now a reality, without much delay and cost involved.
Another example where DIGITAL MARKETING has really got on well is in the FINANCIAL WORLD. As more and more people, transact online seamlessly, from different SCREENS and from anywhere, it’s a dream come true for DIGITAL MARKETERS to try their hands at UPSELL and CROSS SELL. As one transacts digitally (financial transaction), an advertisement POPS UP to evaluate and buy the most suitable companion product / service. Just as you go to buy a movie ticket online, an offer to buy the food / snack of your choice is displayed. This is the future of not just an Online Cinema or a F&B company, but also of a financial services company; be it a Bank or an Insurance provider who has to sell products to the right audience digitally (you know he is a genuine buyer as he is just committed to a transaction)at a fraction of a cost, as compared to the Branch model or a Relationship Manager cost.
Again, probably we have already experienced this and nothing new is being mentioned here, and we could narrate more examples.
But if we look at where adoption of DIGITAL MARKET is, we can broadly summarize it-
1) Early Adopters: These guys jumped in early and tried a few things. Some of the ideas worked and some missed the mark, but it is innovative and brave of them to do so. These companies realized that SMAC was happening and somehow got their act together with the business heads to roll out.
2) Real Innovators: We all know of the mobile handset makers using this strategy of Digital Marketing to be successful at a lower cost as compared to the traditional means of marketing and selling. These innovators used ONLY DIGITAL as their route to market and could compete very well with the traditional players and play the COST ADVANTAGE model to their benefit.
3) Evaluators: Most of the Industries can be categorized in this category as they are evaluating the impacts and ROI of the digital fun.
4) Laggards: There are still a few who think that DIGITAL MARKETING is not for them.
There is a change happening where Marketing Heads are rolling out and deciding on various business initiatives that are led by DIGITAL as a means and channel to market their products and services. There are also companies which are in the phase of deciding which business products are ready to adopt digital marketing. On the consumption side there are more individuals making decisions influenced by digital marketing.
Possibilities and opportunities are enormous, as everything goes digital the marketer would be able to push content that is relative to you at that moment, irrespective of the form factor that you would have in front of your eyes.
In my personal view, DIGITAL MARKETING will ATTACK US with PERSONALIZED CONTENT and influence what we buy or consume.