There is no growth without digital marketing. The global shift towards digital platforms has been immense in the past 2 years. Companies have been responding to accelerated market trends, shaping their digital marketing strategies, and diversifying their spending across several media platforms. This has resulted in huge demand for digital marketers and in turn, led to a boost in the digital marketing industry.
This blog tells you all you need to know about the recent boom in the digital marketing industry along with certain statistics and how the expanding digital marketing industry can help your business flourish.
Digital Marketing Industry Overview
The digital marketing industry market size was valued at USD 49.43 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 18.2% from 2021 to 2028 globally. This growth can be attributed to the rise in the consumption of online digital media, which has prompted businesses to spend more on advertising on various social media platforms to expand their reach and generate sales and revenue.
Continuous digitalization has revolutionized the way businesses operate and execute their digital marketing strategies. Digital marketing services have proved to be the most effective solutions to interact with customers and stakeholders in the market using platforms such as email, instant messaging, and social networking.
To bolster up their geographical reach, businesses have been turning towards a few of the most innovative solutions which include the following.
- Artificial intelligence and machine learning, computer-driven programs, interactive chatbots are some of the widely used tools nowadays.
- Businesses have been tracking their target audiences and applying measures that boost customer engagement using tools driven by blockchain technology and artificial intelligence.
- Influencer marketing also proved to be one of the effective ways to attract audiences on various social media platforms.
- As individuals continue to obtain information online, there has been a visible preference for mobile phones owing to their convenience. As a result, there has been a paradigm shift in the way people use apps and this has had a positive impact on the digital marketing industry. App developers have been offering new updates and features for users.
- Lastly, retailers have been emphasizing the usage of location-based advertising services and offering customers updates on newly launched products, discounts, and offers.
All these above techniques have driven the demand for digital marketing significantly. If you wish to gain an in-depth understanding of how digital marketing works, this MBA in Digital Marketing can be the perfect start you need.
Now that we’ve seen how crucial digital marketing is for the sustainability of businesses, let’s have a look at how you can use digital marketing techniques to your advantage.
How can digital marketing techniques help your business?
Improves return on investment
Digital marketing is one of the most essential ways to increase your return on investment. As you continue to market your products and services online, your website generates more traffic. The higher traffic your website receives, you are more likely to generate sales. However, there are several aspects that one needs to consider to effectively attract customers, such as ensuring a smooth buyer journey, optimizing your website, etc.
Online Advertising Campaigns
Launching an advertising campaign is an important step towards expanding your digital presence and boosting your online sales.
Given below are the best ways to attract traffic to your site.
- Google Ads
- Google Shopping Ads
- Affiliate marketing
- Facebook and Instagram Ads
A marketer chooses a traffic source that is cost-efficient and relevant to your product. Once you find a high converting and cost-efficient traffic source, it becomes easier to buy more traffic.
Moreover, retargeting is also a smart way to attract more visitors and potential customers and optimally utilize the ad campaign.
Higher Conversion Rates
Digitally marketing products online leads to higher and faster conversion. Lead conversion is a marketing activity that converts leads into paying customers. Digital marketing makes lead conversion smooth and highly effective as compared to traditional marketing techniques.
For example, launching effective advertising campaigns and analyzing where the maximum number of leads came from using tools such as Google Analytics, Hootsuite, and more enables conversions via a digital sales funnel relatively easier. Therefore, in order to understand how you can target an audience efficiently and generate higher conversions, gaining adequate knowledge about conversion rate optimization can be very helpful.
Measuring Metrics Effectively
Digital Marketing enables you to measure your online performance highly effectively and with utmost accuracy. Hence, tools like Google Analytics give you a clear picture of where your business stands and what alternative actions you need to take to improve your online presence.
When it comes to digital marketing, one of the things to ponder or measure is to study what HVAC SEO Agencies can do to your business. For example, how are you going to promote your business, on social media platforms, is it accommodating? In the ranking, what do customers and stakeholders see on your business, is it helpful? or anything that would help you expand your marketing strategy. Those measures would make sense considering HVAC SEO on your business.
Having read how digital marketing techniques can help your business, the recent boom in the digital marketing industry is highly justifiable! Digital marketing has proved to be the only way to reach target customers.
Hence, being in sync with changing market trends and making appropriate changes in your marketing strategies would prove to be very beneficial. A comprehensive online digital marketing course can help you master different marketing techniques and tools in-depth.
We hope this blog on the boom in the digital marketing industry has been an informative read for you. Let us know your views in the comments section below.
Founder and CEO at IIDE
Karan Shah is an Edu-preneur, Tedx speaker, Harvard alumnus specializing in eCommerce, and the founder of IIDE – The Digital School.
He is a reputed author on the topics of education, digital marketing, and Ed-techs. Over the years he has penned a plethora of articles in leading news outlets such as Entrepreneur, BusinessWorld, Education Times, and Youth Magazine to name a few.