The marketing arena has changed rapidly over the years. New brands have to plan out an effective marketing strategy that meets their budget in order to make a profit. With traditional marketing methods becoming more and more futile due to the invention of smartphones and the internet, marketers are changing their techniques and switching to digital.
Traditional marketing is one that has existed for decades. Print, broadcast, direct mail, telemarketing, etc are all examples of traditional marketing. This type of marketing is still effective. However, technology has grown like never before and it is becoming increasingly difficult for brands to grow with this method.
Digital marketing refers to marketing done with the use of the internet, through various social media platforms, digital tools, and SEO. It is becoming more crucial to businesses today because the internet is one of the most used tools. More than 80% of shoppers/ buyers do their research online before they invest in a product or service. This shows how imperative digital marketing can be to brands.
There are many things to think about before deciding whether digital marketing or traditional marketing is the best fit for your brand. Factors such as location can be key. If you are marketing in a metropolitan area, digital marketing will be your best bet. However in lesser developed places, where people may lack facilities like phones, a consistent internet connection, etc, traditional marketing may be most effective in making your brand is known, such as television, radio broadcasts, and newspapers would be widely consumed in these types of areas. Secondly, the demographic. Is your product going to cater to older or younger people? For example, knowing that a product will cater to younger people will make digital marketing even more effective.
Younger people are most often the targeted audience, which has led to a shift from traditional marketing to digital marketing methods. Additionally, people prefer to start their businesses in metropolitan areas, as they stand a better chance to make a profit due to the higher population. In order to understand both concepts in greater detail, we can look at their pros and cons.
Pros and Cons of Traditional Marketing
For starters, traditional marketing enables you to connect with your local audience. It is also more sustainable and can leave a longer impression on your audience. There is no need to have to constantly produce new material as much as it is with digital marketing. And lastly, from a psychological point of view, traditional marketing gives a company more credibility. One of the reasons why this is so is because of the association of traditional marketing with established mediums and bigger budgets. A company that can place an ad in a magazine or funds a commercial on television must have the financial means to do so. Hence, the perception is that the company is growing, successful and stable.
On the flip side, not all businesses have the funds to support traditional marketing, so digital marketing is easily more effective. Secondly, traditional marketing cannot be easily measured. There are services that can draw estimates as to TV viewership and ad billboards drive-bys, but they are estimates at the end of the day. Traditional marketing also does not specifically reach a target audience and is too broad in its reach.
Pros and Cons of Digital Marketing
Digital marketing on the other hand seems to fix all the problems that traditional marketing poses. Given the advancement in technology, there is no doubt that digital marketing can help a business generate qualified leads and sales without putting a dent in the wallet. For new and upcoming brands that are trying to make a mark on a tight budget, digital marketing is their best bet.
Firstly, it allows a higher level of customer engagement, this is because of various social media tools. Through comments, likes, or email messages, your target audience is instantly connected with you. Secondly, digital marketing allows you to measure the results precisely. You can analyze how many people are visiting or leaving your website and how many of them actually end up buying your product. Thirdly, there is no question that digital marketing allows a much bigger audience range. Brands can create highly customized campaigns and widen their reach to different cities or even different countries. SEO is also an invaluable tool that helps drive more people to your site and gives you the edge over your competition. The more effective your SEO efforts, the higher your ranking and the better your visibility. Lastly, and the most beneficial, it is inexpensive and produces a greater ROI.
The biggest con, however, can be high competition. Every company has a social media platform, and trying to stand out from the crowd is increasingly difficult. Hence a set of trained professionals in the field of digital marketing is essential to carry it out.
There is no denying that digital marketing has an edge over traditional, and is definitely the way to advertise a small business. There is little risk and great reward. The key to a great marketing campaign is to find the right balance between traditional and digital.