Advertisement and promotion are functional drivers for the growth of numerous industries. With COVID19, the disruption in the promotion and advertisement industry is going to be hard-hitting.
Though the initial marketing spending shows a decrease in digital promotion, it has multiple factors to consider.
This article discusses more in-depth from a management point of view how this will be the new change in the promotion and advertisement domain.
The various factors which drive the consumption vary from sector to sector. Yet, there are certain factors that are common across all the sectors which are under the purview of this article.
Lastly, we will look into the top 5 benefits, and how digital promotion is going to advance the marketing of the products post COVID19.
Digital Promotion & its MBA perspective:
Billboards might soon lose the race to be the best. Moreover, lockdown and working from home will increase people to stay at home.
With close to 3.5 billion smartphone users globally and an internet penetration of close to 40%, the average user spends close to 2.5 hours on social media.
This is close to 50% of the daily usage of the internet by users. It prompts that an increased focus on social media as a promotion tool will cater to larger engagement.
Moreover, targeting the right audience using the data from social media usage has made digital promotion simpler.
A marketing funnel is the stage-by-stage consumer journey that they make while purchasing the product.
Using the digital channel and an advanced targeting mechanism, it becomes simpler to enhance the efficiency of the promotion techniques.
Moreover, using search engine marketing, the costs of acquisition of new consumers are lesser compared to the traditional methods of promotion and selling.
Why is digital promotion an enhanced way of gaining traction for the products?
In this time of 2020, a brand that engages is the brand that sells the most.
With digital media being garnering the highest engagement, it is necessary that brands move to digital promotion. Digital marketing has been taken up by numerous organizations in the upcoming time.
Moreover, the importance of research for a particular product has increased for the consumers more than ever before. With more than 60% of consumers admitting to researching the product before they purchase, the best for product placement is through digital channels.
Factors that drive the demand across numerous sectors:
Numerous factors drive the growth of different industries. Though these factors most vary, there are certain common growth drivers across all the industries.
i. Disposable income:
A rise in disposable income is a major reason for the growth of the business. Businesses that drive their impetus from the purchase and sale of products will depend on the income of the common public in order to grow their revenue.
ii. Public engagement:
In the current times, before the purchase of any product, public engagement plays a major role. More engagement, it can drive the consumers to relate to the product. It plays a major factor in increasing the revenue of the company.
5 Benefits of Digital Promotion in 2020:
Digital promotion in 2020 has listed some of the major benefits. With the rise in these benefits, it is always better to promote the products over the digital media.
1. Increase visibility:
Digital promotion across numerous channels and digital media can lead to increased visibility of the product. The increased visibility will lead to an increase in brand image, thus enhancing the confidence of the buyers.
2. Using the analytics:
Analytics help in identifying where the consumers are bouncing off. It can help the companies in modifying their marketing tactics, thus improving the lead conversion in the marketing funnel.
3. Graphics to engage the consumers:
The digital promotion gives a lot of benefits compared to traditional ones. One such is the use of attractive posters and graphics coupled with the latest technologies. They can help to generate the maximum leads and engage even more consumers during the pandemic.
4. Enhance the marketing efforts:
The digital promotion comes along with a quantitative evaluation of the marketing efforts. These quantitative data can help in growing the marketing efforts in the right direction, thus helping in increasing the loyalty of the consumers. It can reduce the reneging in the marketing funnel.
5. Cost reduction in the longer term:
The most beneficial thing to notice is that it can enhance a reduction in the cost. Through digital promotion, cost reduction can happen due to increased efficiency of the marketing efforts as well as improved conversion rates dues to excellent targeting. Thus, digital promotion is an excellent platform in 2020 to enhance and grow your business.
COVID19 is not the hurdle but the inflection point in the domain of marketing. Thus, the earlier you can adapt to the change, the quicker your business will flourish