As the world continues to expand on world-wide-web and businesses widen their online footprint, digital advertising continues to gain in importance. Be it search engine marketing, social media ads, or display banners on third-party websites, digital advertising is present everywhere around us.
How many of you have clicked through the first couple of links on google search without noticing the small “AD” icon over them? Or been captivated by the 30-sec video on your Facebook feed for the exact product that you have been looking for? Yes, you guessed it right. The power of digital marketing is mind-boggling. It is omnipresent yet it can reach the right audience at the right time thus making it one of the most powerful tools in the marketing world today. Here are some key facts and figures that tell us exactly why digital advertising may be the best investment for your company.
Digital Advertising is Growing Despite an Economic Slowdown
According to a recent report in Economic Times, 2019 was a challenging year for businesses across the world including the Indian advertising industry. However, despite the cutback in overall spending, digital advertising spending continued to grow. At the end of 2019, India’s digital advertising industry stood at 14,000 crores INR with a growth of 26% from 2018.
Today, the Indian digital media market is one of the fastest-growing in the world, especially because of the burgeoning middle-class population that is researching more and buying more online. In fact, it is predicted that digital will surpass print as an advertising medium by 2021. The advent of a global pandemic that has forced people to stay indoors has only added to this growth trajectory.
Digital Advertising is Affordable and Analytical
Compared to other marketing techniques, digital advertising is affordable, easy to use, and definitely more analytical. You can start your own digital ads for as low as $5 on Facebook and scale up as you grow. Plus, it is easy to track the efficacy of your digital investments through website analytics and conversion-tracking dashboards.
Another critical advantage is that digital advertising can be extremely targeted to your audience. Unlike print advertising which reaches a large swathe of customers (most of who are not interested in your products), you can contextually target your digital ads thus making them extremely relevant and non-intrusive at the same time.
Gearing Up for a Digital Future
As consumers spend more and more time on their mobiles, depend on exhaustive online research, and respond to influencer endorsements, it would not be wrong to assume that digital advertising will play an increasingly bigger role in driving sales and improving customer loyalty in the near future. So, it is important to jump on the digital media bandwagon now rather than risk getting left behind.
Advertising across multiple digital platforms such as social media, apps, email, blogs, and third-party websites is a great place to start. However, it is also crucial to regularly analyze customer behaviour data to gauge what works for your business and what doesn’t so that you know you are headed in the right direction.