Unlike traditional marketing, digital marketing allows companies to track results and monitor consumer behavior in real-time. This makes it easy to identify and target key personas within your audience.
For example, a financial services company can prepare campaigns for people who have looked at their life insurance products or millennial entrepreneurs who have viewed their retirement plans. This helps companies to increase their sales while making their brand seem more personal.
1. Reach a Wider Audience
With digital marketing, you can reach a wider audience than traditional methods. Your ads and content can be seen on computers, tablets, mobile phones, and other devices. It’s also possible to target specific audiences based on demographic or location. This can help you grow your business quickly and connect with a larger customer base.
It can be hard to identify your audience without the help of data analytics tools. These tools can provide you with information about your customers such as their age, gender, location, and other factors. This will help you understand your audience’s needs and what type of products or services will meet their needs. You can then tailor your advertisements and content to better reach them. This will help you save time and money by not wasting resources on campaigns that won’t yield results. Moreover, you can measure the effectiveness of your campaign by tracking metrics such as post reach, clicks, and engagement.
When compared to traditional marketing methods, digital marketing is a much more cost-efficient strategy. For example, it costs less to market a product online than it does to rent out space in a brick-and-mortar store. There are also lower overhead costs associated with maintaining a website and social media accounts.
Additionally, digital marketing strategies like SEO and PPC are extremely cost-efficient. By focusing on the tactics that yield the greatest ROI, you can maximize your budget and see results quickly.
Programmatic marketing is an automated way to buy and sell advertising space on digital platforms. It uses data to match ads with specific audiences in real-time, delivering more relevant content at the optimal time and place. This allows for a more precise and effective use of marketing spend and can help brands demonstrate their ROI to senior leadership.
Data-driven marketing is a strategic approach to turning interest into leads and sales. It takes into account the specific needs and preferences of your customers, which makes it a more personalized form of marketing that results in higher response rates and increased sales.
This can be achieved by using tools like multi-touch attribution, which gives individual-level credit for conversions across pinpointed touchpoints in the buyer journey. However, before implementing any digital marketing strategies, it is essential that companies set up the proper infrastructure to collect, filter and process data. This includes setting up a central platform and ensuring that all departments are involved (marketing, IT, business analytics etc.).
For example, if you notice that a particular demographic group responds well to ads on TikTok but not Facebook, this can be used to alter your marketing strategy accordingly. Similarly, geolocation data can be used to target ads on the right platform at the right time.