The Cost of Not Investing in Digital Marketing
Digital Marketing
Feb 20
For the majority of modern advertisers, digital marketing has become something of a prerequisite for success. The tools and technology available today to even the smallest businesses have enabled some brands to grow into household names purely through digital means — however, either out of daring dedication to traditional marketing or willful stubbornness (or maybe a bit of both), some remain hesitant to make the digital leap.
Here’s a closer look at the potential roadblocks, benefits, and strategies that define today’s digital marketing, as well as the potential consequences for those brands reluctant to evolve.
Why Some Brands Haven’t Made the Leap to Digital
For years, traditional marketing has been the go-to strategy for certain industries, causing them to view digital marketing techniques as risky or not suitable for their brand. Major players in these industries might be reluctant to invest in new and unfamiliar strategies, even though it could give them an advantage over competitors.
Some brands also continue to underestimate the extent of digital marketing’s reach and the impact it can have on their business. In addition, the abundance of channels, strategies, and tools that are readily accessible can initially appear daunting to those just venturing into the digital landscape. As a result, they fail to allocate time or deem it worth their effort.
What Brands Are Missing When They Skip Digital
Failing to invest in digital marketing could potentially cap your profits and give your competitors an edge in capturing a larger market share. Even though it requires some trial and error and financial commitment, it’s crucial for success.
Other downsides of delaying digitization include:
Limited reach and visibility: Without an effective digital marketing strategy, businesses risk being overlooked by potential qualified customers. Forgoing a digital presence also means limiting all ad strategies, data analysis, measurement, and future campaigns to strictly offline activity.
Reduced competitiveness: Competitors who have embraced digital marketing will likely gain an advantage in terms of brand visibility, customer engagement, and market share.
Inefficient targeting: Digital marketing platforms enable precise targeting and personalization to specific customer segments, as opposed to blasting one singular ad to every type of audience. Personalized ads provide a better customer experience and are more cost-effective for advertisers.
Missed data insights: Online data analytics tools can collect, store, and interpret marketing information to guide future campaign decision-making.
Which Industries Benefit From Digital Marketing?
Almost all industries have been influenced by digital marketing, changing the way traditional advertising works. Digital marketing has especially benefited retail and ecommerce businesses. Many of these businesses operate both a physical and an online presence, leveraging digital marketing tools and technology to their advantage.
The healthcare space has also experienced a significant push toward digitization. In recent years, digital marketing has enabled healthcare organizations to communicate more freely with patients through social media, targeted advertising, content marketing, and telemedicine platforms, encouraging patient engagement and improving overall healthcare experiences through user-friendly online portals and apps.
Other major segments benefiting greatly from data-driven digital marketing strategies include hospitality and travel, financial services, education, and real estate. By understanding and implementing effective digital marketing strategies, businesses in almost any industry can earn a competitive edge and achieve significant growth.
Digital Marketing: Where To Begin
No matter a brand’s size, industry, or target audience, there are a few foundational strategies out there to help any business get its digital marketing efforts going. These key components of any well-rounded online campaign include:
Content Marketing: Blog posts, articles, videos, infographics, and other creative uses of digital content to either entertain or provide value to customers make up the building blocks of any successful digital strategy.
Social Media Marketing: Social media platforms (Facebook, Instagram, Twitter, LinkedIn, and YouTube to name a few) allow brands to engage directly with the audiences they determine to provide the most long-term value to their business.
Video Marketing: Video is one of the most versatile ad formats available to digital advertisers. Through channels like TikTok and YouTube (or any other social platform), video can be used to showcase products, provide tutorials, share testimonials, and tell your brand’s story in a way that resonates with your audience.
Failing to implement a digital marketing strategy can be a costly mistake. Despite potential obstacles, emerging technology provides answers to these challenges. Brands unwilling to adapt to change risk falling behind in a continuously competing market. Utilizing essential digital marketing tactics allows brands to build more robust bonds with their customers and enhance their visibility.
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