Reasons Entrepreneurs Must Embrace Digital Marketing

© March Oyinki 2017

Business is no longer as usual because times are changing, and the ways business is carried out is evolving in neck-breaking speed. New technology and applications are introduced in rapid frequency, and the traditional brick and mortar shops and offices are moving online. Payment processes are becoming more simplified, and funds can be easily transferred via mobile devices. Data storage has moved to the cloud, customer engagement has now gone social, customer support is done by live charts, and technical support is implemented through remote access and automated email marketing tools have taken over and now responds to customer request 24/7.

The operations of businesses are quickly gravitating towards fully technology-based systems. The Internet of Things (IoTs), have provided businesses with network connectivity and data capabilities with programmable modular devises installed on  physical, electronic and mechanical equipment, such as cameras, gadgets, cars, premises, technical plants, that allow remote access, control and functionality of these objects. Evidently, in the not to distant future, there will be sweeping changes in the way business is done, and digital marketers and technology experts are drawing attention to this eminent economic renaissance, where every simple process involved in executive a transaction will become fully digitalized.

Digitalization of business processes and introduction of new technology is creating new ways of doing things and ecommerce is evolving likewise, introducing new methods of payment and embracing increasing numbers of merchandise. A mobile funds transfer has made online shopping fast and easy. Learning and training processes have also gone digital, webinars and e-courses are the new ways education is imparted in both the formal and informal learning environment. Just as businesses are evolving, so too are the ways they relate with customers changing, and digital marketing has taken over most part of the corporate marketing strategy. Many businesses will be caught unaware, because the transformation will be rapid and almost total.

There are available reports and data that can be authenticated from both official government sources and the private sector supporting this position.  It has become a trend for businesses to have both physical and online  presence. The Internet is the single largest and most accessible marketplace in the world. A staggering 94% of buyers conduct online search for product information before making a purchase. Mobile technology is increasingly simplifying purchasing and payment processes. Google Consumer Barometer shows that about 90% of the market is dominated by mobile phone users, which is 3.4 billion Internet users worldwide, and  about 54% of the 7.4 billion world population.

On a global scale, we know that there are over 1 billion websites in the world, and search engines are the path through which 3.4 billion Internet users worldwide access these websites. In 2016, 68.3% of internet users connect through social networks, making social networking one of the most popular online activity, with the highest user engagement rates. Data from wearesocial also show that about 84% of active social media users globally, use mobile phone. The dominance of mobile devices in both social media and search engine optimization, show the critical role mobile devices play in search engine ranking and in the digital marketing industry. At the end of 2016, Facebook was reported to have 1.86 billion monthly active users, making the social network giant the current market leader in terms of reach and scope (Statista).

Ecommerce is said to be growing at a rate of 200%, and has continued to experience rapid changes in the retail business models across all industry segments. The revenue derived from ecommerce in the United States alone, in the first quarterly report for the year 2016, reached $1,183.9 billion, which accounted for 7.8% of total sales, and according to the States Department of Commerce, Digital Advertising revenue will account for US$198,439m in 2017, and Global mobile advertisement spend in the same period will account for nearly 62%, while Social Media Advertising will reach US$27,065m. Affiliate Marketing earnings accounted for $6.8 billion, making it one of the highest revenue earner globally, and earnings from Blog content marketing is about $100 billion in 2016, explaining why blogs are the most effective and most used digital channels by marketers (BloggingTips).

Digital Marketing experts have predicted that In the next three years, 80% of the buying process is expected to occur without any direct face-to-face interaction, and according to Go.market-bridge 94% of buyers conduct some form of online research before purchasing a product. Also,   Demandmetric report shows that 90% of all organizations use content in their marketing efforts, and that content marketing costs 62% less than traditional marketing and generates about treble as many leads.

As the world evolves,  and the need for entrepreneurs to start accepting the new world economic order increases, the emphasis should be focused on learning how to combine and gradually disengage from existing traditional processes which have been proven to be more expensive, less efficient, and often difficult to measure, in terms of value for money.