Reasons Entrepreneurs Must Embrace Digital Marketing

Business is no longer as usual. Times have changed, and the way we do business has evolved tremendously. New technologies have emerged and software applications introduced into the market on regular bases. Traditional brick-and-mortar stores and offices can now go online. In addition, payment processes are now more secure and simplified. You can now transfer funds via mobile devices conveniently.

 Data storage has moved to the cloud, customer engagement has now gone social, while customer support is through live chat, and now respond to customer requests 24/7. Technical support implemented by remote access and automated email marketing tools have taken over.

 The conduct of businesses is rapidly gravitating towards fully automated systems. The Internet of Things (IoT) now provide businesses with the opportunity of network connectivity, data capabilities, and programmable modular devices can be installed on physical, electronic and mechanical equipment, such as cameras, gadgets, cars, premises, technical plants etc.

 IoTs allow remote access, control, and functionality of these objects. Evidently, and indeed soon, there will be a transformation in the operation as digital marketers and technology experts are drawing attention to this eminent economic renaissance, where every single process involved in executing a transaction will become fully digitalized.

The digitalization of business processes and improvement of funds transfer technologies have created an upsurge in the number of business websites that use e-commerce. Mobile funds transfer has made online shopping more convenient.

Learning and training processes digitalized; webinars and e-courses are now the new ways of educating learners in both formal and informal sectors. As businesses evolve new ways to relate to customers, so have digital marketing channels increased. Many business owners overwhelmed by the enormity and pace of this digital transformation.

Reports from both official and private sources regarding the transformation of the digital marketing industry have led many businesses to have both physical and online presence. The Internet is the largest and most accessible marketplace in the world where about 94% of buyers conduct an online search for product information before making any purchase.

Mobile technology is increasingly simplifying purchasing and payment processes. Google Consumer Barometer analysis shows that mobile phone users dominate 90% of the market, which make up 3.4 billion Internet users worldwide, and 54% of the 7.4 billion of the world’s population. 13

On a global scale, there are over 1 billion websites in the world, and search engines provide 3.4 billion Internet users worldwide access to these websites. In 2016, 68.3% of Internet users connect through social networks, making social networking one of the most popular online activities with the highest user engagement rates. Data from WeAreSocial also shows that about 84% of active social media users globally use mobile phones, which goes to show the leading role mobile phones play on the Internet.

 The dominance of mobile devices in both social media and search engine optimization, confirms the critical role mobile devices play in search engine ranking as well as the digital marketing industry. A Q4 2017 Statista report indicates that Facebook had 2 billion monthly active users, making the social network giant the current market leader in reach and scope. 

Ecommerce is growing at a rate of 200% and has continued to influence rapid changes in the retail business models across all industry segments. A States Department of Commerce report shows that revenue derived from e-commerce in the United States alone, in the first quarter of 2016, reached $1,183.9 billion, which accounted for 7.8% of total sales. 

A 2018 digital marketing report published by IAB Global Network, shows that digital advertising revenue accounts for US$281,407m in 2018. 17 Global mobile advertisement spent in the same period account for nearly US$107,08b and social media advertising amounted to US$23.39b in 2017 – Statista. 18 Earning from affiliate marketing accounts for $6.8 billion in 2017. BloggingTips, one of the top revenue earning blogging sites, reveal that earnings from blog content marketing reached $100 billion in 2018, and expected to rise in the coming years.

Digital Marketing experts have predicted that in the next three years, 80% of the buying process will occur without any direct face-to-face interaction.  Go.market-bridge, in a report, published on its website in 2017, shows that 94% of buyers conduct online research before purchasing a product. 20 Another report by Demand Metric reveals that 90% of all organizations use content in their marketing efforts, and content marketing costs 62% less than traditional marketing and generates triple as many leads. 

As the world evolves and the need for entrepreneurs to start accepting the new world economic order increases, emphasis should be focused on learning how to use digital marketing channels 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.