In the bustling streets of the digital age, marketing has undergone a metamorphosis. Back in the days, billboards and print ads were the only forms of marketing that were accessible to us. Today, over 89% of consumers derive their primary source of information through digital-means. With large titans such as Facebook and Google leveraging off their respective platforms, an ever increasing number of companies have began building sales funnels and lead generation channels through digital marketing.
Digital marketing has never been more important that today, as more players from each industry begin entering the digital marketing landscape, it leaves limited opportunities for traditional players that are still unable to utilize digital marketing to help their own business grow or secure sales.
What Drove The Rise Of Digital Marketing?
#1 The Ubiquity of Internet Usage
With the advent of smartphones, our world has shrunk into the palm of our hands. From ordering food to booking vacations, the internet has woven itself into the very fabric of our daily lives. Digital as well as internet penetration is at an all time high as well, so what does this mean for digital marketing?
Taking a step backwards, before the iPhone, and Facebook were around, the primary way businesses can appear infront of their customers boils down to 3 main alternatives, radio, TV, and print media. Now the most common gadget everyone brings around is their smartphone, which is connected to the internet, ready to browse their social media, watch a video on Youtube, and to make a search on Google. These are all ready venues for any businesses trying to appear in front of their target customers.
#2 The Power of Targeted Advertising
Imagine a world where advertisements are tailored just for you. With digital marketing, this isn't a figment of imagination but a tangible reality. Personalization, driven by big data, analytics, and AI has revolutionized the way brands communicate, leading to staggering improvements in conversion rates.
For example, platforms such as Meta Advertising (Facebook Ads and Instagram Ads) allow for specific targeting on the demographic of your audience as well as their interests. These includes the age group of your audience, setting it too low would suggest limited purchasing power and setting it too high might show your ads to viewers who are unable to use them anymore. Some products or services are gender specific, with some others targeting a specific niche such as vehicle customizations which cater to a specific audience with a specific interest group.
#3 Cost-Effectiveness of Digital Marketing
When was the last time you heard someone said "Facebook Ads are expensive", "Google Ads isn't worth it" ? At least for us, these are statements that we very often come along.
Let's take a step backwards and consider what are the purpose of advertising - Simply said, it's to drive more sales for your business. To us, the price of Advertising should not be benchmarked towards your expenditure but instead should be considered relative to the values they bring.
For example, you are spending RM 1,500.00 a month and achieving a sales increase of RM 3,000.00. Brilliant! As your ads is bringing a positive impact to your business. One other competitor may be spending RM 20,000.00 or more in digital marketing and brought in RM 50,000.00 or more in sales value. In this instance, is RM 20,000.00 really "expensive" for your business and should you consider going for RM 1,500.00 per month instead? Hence, relativity is important when considering your advertising efforts.
Furthermore, other marketing methods such as print media, offline marketing, TV marketing and radio broadcasting often come with hefty price tags. To people familiar with the topic, we know that these channels cost upwards of 5-figures easily. Contrasting that against Facebook Ads which you can start with lower 4-figures and pay based on the number of impressions, or Google Ads which you can start at a similar budget and pay based on number of clicks. Digital marketing not only is significantly much more affordable but also provides a more measurable approach in terms of how you are charged, offering insights that were once thought impossible and making every dollar spend count.
#4 Global Reach and Expansion
Digital marketing has blurred geographical boundaries. With businesses shipping across different continents in the world, it would not be wise to decide to neglect digital marketing. As we have discussed, digital marketing is one of the most affordable and accessible channels that allows you to tap into your target audience. Regardless of if they are based in Malaysia, Singapore, Europe, or even the other parts of the world.
With that in mind, the importance of digital marketing must not be neglected in terms of any form of business growth and expansion. It is also a must-have tool for any business looking at exploring international expansion.
#5 The Shift In Paradigm Towards Social Media
As we move into the 2023, there is no doubt that any business should manage their own social media platforms, may it be Instagram, Facebook, Tiktok or any others. As these platforms have not only changed the world in terms of how we socialize today, it has also changed how we receive and digest information. For a business, this is ever-more important. You can contrast this phenomenon to the use of printed yellow pages back in the early 2000's.
Not only are your social media pages a venue for your most loyal customers to keep-up to your latest updates, it also allows you to humanize your brand. A concept that is becoming more and more sought after today. As humans, we are very visual creatures, hence it is also important to highlight that the content that we put up onto your social media pages must be attractive, sought after, as well as suitable for your brand's digital marketing strategy/
So What Does This Mean For Your Business?
In the grand tapestry of today's business landscape, digital marketing is not just a thread but a lifeline. As we stand on the cusp of a new era, it's clear that the future of marketing is not just digital but boundlessly innovative.
Embracing the digital age is no longer an option—it's a necessity. If you're looking to harness the undeniable power of digital marketing in Malaysia, Onroas Digital is here to guide your journey. Dive into the future of marketing with us.