This is an excerpt of a new series of India’s Leaderspeak with TVNEWS4U LEADERSPEAK: Think Digital With HGS Interactive Business Head Sachin Karweer. It is reproduced here with permission.
With the digital revolution, there is a shift in the balance of power that has disrupted the traditional path of buying. Being digitally empowered, today’s consumers have a voice and they wish to be heard. They have the ability to influence not just what they buy but also what others around them buy. They have the power to dictate and shape the products they consume.
Here are my top ten reasons your business requires a digital marketing strategy
- Stay ahead of, or catch up with your competitors.
An integrated digital strategy will ensure that all your digital marketing efforts are streamlined. Since the Internet has seeped into every possible aspect of our lives, it is imperative that you stay ahead or catch up with your competitors. For example, Lipton Ice Tea was the first to launch a summer-themed campaign celebrating the bright shades of the season. It showcased attractive GIFs and videos, sharing recipes of summer coolers like Citrus Punch, Pina Colada, and Mojito. The campaign used another hashtag and kept viewers updated with the on-going cricket World Cup and the popular superhero movie Batman vs. Superman. The campaign worked well in their favor, as it satisfied the young audience and incorporated current themes.
- Target the right communication to the right audience and build brand reputation.
No matter how good your communication is, it will go to waste if your audience does not understand it or does not relate to it. A clearly defined digital strategy will take into account the important task of understanding your audience, how you can make use of each channel and touchpoint, and what message needs to be communicated to your potential consumers.
- Take advantage of the leveling field for every brand.
Whether your business is small, medium, or large, the digital domain provides a powerful platform and wonderful chance for each brand to gain recognition, irrespective of its size and budget. The ground is fair and open to all and it’s up to each company to compete and attract its share of targeted traffic.
- Eliminate guesswork.
Data is what needs to be at the heart of all the decisions you make on digital marketing. With constant analysis and metrics, you can keep track of your key activities of strategy development and implementation. And with post-campaign analysis, you can also gauge what works, what doesn’t and adjust your marketing, accordingly.
- Handle competition wisely, bravely.
With constant competition come threats. You need to differentiate yourself from your competitors and know your true value. Your digital strategy can articulately communicate it to your audience while lack of it can make it impossible for you to tackle threats effectively. Brands can learn a lesson or two from Xbox’s compliments to its rival Sony on the latter’s launch of PlayStation 4. Xbox joined the Twitter discussion on the launch day and earned brownie points from the viewers.
- Achieve a higher ROI.
Though brands are sometimes reluctant to invest in the digital medium, brands that use digital marketing strategies have 2.8 times better revenue growth expectancy according to Google.
- Achieve synergy.
Understand that digital marketing is not about the battle between digital and traditional approaches. It can exist in harmony to yield better results in a cohesive manner.
- Be cost-effective.
Small businesses have very few resources and capitalization. Digital marketing provides a cost-effective marketing channel and generates positive results
- Be fast, avoid wasting time, and survive.
Time is invaluable in the digital world. Every aspect of your digital activity can be tracked and managed to ensure that precious time is not wasted. Once you have the information in place and the means to interpret it, you will be able to see that digital marketing is working to your advantage and ensuring survival for your business.
- Use technology to lead the game.
Last but not least, armed with a digital strategy, you can have focus and direction to stay in control. With expert help at hand, you can perform in the digital world like a game changer.