Did Your Organization Board the Digital Marketing Bandwagon?
The verdict is out and there’s no way we can avoid it. In a customer-driven networked world, organizations around the world, both local and global brands, are now compelled to embrace digital technologies. Today’s business therefore is all about developing a new business strategy in order to engage customers through different digital technologies. Traditional media spending are now being reduced as there are increased investments on digital marketing.
Data is clearly pointing towards this revamped equation. Gartner predicts that in 2013, marketers will increase their spending in social, media, mobile, and analytics (source: gartner.com). The major challenge for CMOs would be to trail money and ensure higher return on investments.
Central to all digital strategies are digital marketing initiatives. Digital marketing refers to system of marketing that focusses on engaging customers and business partners using electronic devices such as computers, mobiles, tablets, digital billboards, and gaming consoles. Digital marketing promises to enhance customer experience, reduce buying cycle, decrease selling expense, improve product development, increase retention, and introduce new ways of gaining customers.
Digital marketing offers immense scope for companies offering marketing software and services in this area. Today, organizations are putting their strengths on developing powerful and meaningful websites, apps, and marketing analytics software. The demand for fast, functional, secured, and easy-to-use websites are more than ever before. Following are some digital marketing areas that, I feel, are likely to draw huge investments in the coming years:
- Social Media
- Mobile and Tablet Applications
- CRM and Customer Analytics
- Predictive Analytics
- Content Management
- Search Engine Optimization (SEO)
- Collaboration Tools
- Campaign Management and Reputation Management
- Email Marketing
- Score Cards or Dashboards
- Single View of Customers
Each of these areas further segregates into a host of sub-areas. Software organizations will now need to see how they can build their competencies around these areas and benefit their customers. And if organizations fall flat in this digital race, it won’t be long before they are relegated to oblivion. So are you ready to board the digital marketing bandwagon? Better late than never!