DIGITAL MARKETING: A TOOL FOR GLOBAL EXPANSION - PART 2

ECONOMIC BENEFITS OF DIGITAL MARKETING From the above developments, we can deduce that Digital Marketing helps in the growth and expansion of global economy in several ways. Below are some of them:

1. Better growth options for Small Scale Businesses: The importance of Digital Marketing for businesses lies in the option to select your method of marketing as per your budget and also the opportunity to reach a wider audience at a lesser cost. 2. Higher Conversion Rate: The businesses that are opting for Digital Marketing methods are able to measure the conversion rate real time using a simple method.the method involves identifying the percentage of viewers who get converted into leads and then subscribers who in the end make purchase of the product or service. Search Engine Optimization (SEO), Social Media Marketing and Email Marketing are methods which have high conversion rate. This therefore brings conversion to the economy.

3. Establishing Brand Reputation: For any business to survive in this 21st Century, the one thing that they truly need to work upon is establishing a brand that stands out. Customers like to patronize brands that are devoid of scandals, inferiority, sub-standard and poor quality. The importance of Digital Marketing today lies in offering you multiple ways to establish personal rapport with your customer base. Digital Marketing provides such avenues. 4. Solving Customers Problems: One of the key secrets to business and economic expansion is by solving customers’ problems. When you make customers happy by solving their problems, they in turn introduce you to other customers. This therefore leads to expansion in the business. Be it Email Marketing or Social Media Marketing, you can always offer customers the various solutions to their problems or make them relate well to your products or services by going further to even providing live chat access. Your website and social media pages can easily be converted into a place where customers can ask questions give queries or give suggestions.

5. Engagement with Mobile Customers: In more recent times, nearly almost all websites are made in a manner that makes them easily viewable on mobile applications as well. This is because almost all prospects or customers have access to smart phones and most of them always look for products on their mobile devices. 6. Expansion of Faith in your Brand: The presence of your brand and services on multiple platforms gives the option to customers to rate your services as per their level of experience. A favorable review left by a satisfied customer causes the new ones to immediately convert to loyal customers. This, in turn leads to the building of strong image in the minds of new prospects and customers thereby leading to more sales conversion.

7. Better Profit Returns on Investment: Digital Marketing tends to be more cost effective. Even a single level of investment in a mode of Email Marketing has the capacity to deliver better results in terms of customer engagement. Also, using Web Analytics helps the business owners know whether the website is providing best profit returns. 8. Computable Form of Marketing: It is very difficult to keep track of growth from traditional marketing. But with the use of Digital Marketing tactics, every step of success is measurable. Digital Marketing works in real-time situations as it shows as it shows the visible success or failures of each and every tactics that has been used. This enables the user to choose the best tactics that shows the best results. 9. Expanding Audience Reach: The most important benefit of Digital Marketing is the ability to reach your audience to the fullest. Under the traditional Marketing, the user is limited by the scope and size of the audience. Also, print media limits your visibility to certain markets and places. For instance, The Targeted Audience Approach gives the leverage to further reach out to your target audience. There are higher chances that your audience is spending time on various Social Media platforms such as Twitter, Face book and the like. You can use the Targeted Audience Approach to publish an advertisement for the purpose of gaining more engagements with your audience. 10. Easy Adaptation to Tactics and Strategies: Through Digital Marketing, you can easily understand through the results of tactics the method that is giving you results and the one that is not. Strategies that are implemented in online marketing gives you results on a real-time basis. For instance, if you want to promote your blog page, then you can easily share your blogs on various Social Media platforms. With the help of Content Marketing, you can increase your engagement with your audience in a fast and accurate manner. CONCLUSION Today is the world of Digital Marketing and this is very important to all businesses. The future of Digital Marketing seems very bright at the moment. In the past decades, while businesses were competing with each other’s marketing strategy, now the future is shifting to a fight against the entire internet. This is the time when brands will have to use different methods to make indelible and global impact on the customers.

Surviving in such cut-throat competition is only possible if you can devise and implement a unique marketing strategy that gives both potential and existing customers sufficient reasons to opt for you.