Digital Marketing not for growth, but for survival!
Marketers realized the importance of digital marketing (they called it internet marketing then) few years back and some started investing significant money to engage customers through a different medium. Very quickly, some brands saw significant growth attributed to this relatively new channel. Today, this channel isn’t only about your new growth avenues, but it has become the core and now required for your survival.
Customer attention span and digital marketing
Marketing is about the engagement with customers, which requires attention span. The marketing currency can be time spend with your brand. Hence, the value of a marketing platform depends on the attention span (time spent) of potential customers on that platform. So, let me share some data, which I extrapolated for various sources:
- People spend more than 50% of their digital time on mobile
- Users spend 20 mins/day on Facebook and 28 mins/day on WhatsApp
- A lot of online+ offline activities are done in parallel e.g., using mobile phones while watching TV or radio
These are important numbers. People spend 90 more mins on digital activities (6+ hrs/day) per day compared to TV. The combined time spent of TV, radio and print is now less than time spent on digital channels. Mobile has driven the growth for digital medium dramatically.
Marketers are looking for interaction points with their target group. As a marketer, I will interact with my customer on channels where I am more likely to find them. Hence, going digital to interact with your customer is not a choice, it’s a necessity.
What is the impact of this change?
The biggest change is obviously in marketing functions and their strategy. Here are some important impact of growing importance of digital marketing:
As per CMO Council, 28% of marketers have reduced their advertising budget to fund more digital marketing. While 1/3rd of the companies have some digital transformation programme, others are planning to introduce it. At this stage, 50% companies still do not have a proper plan to use digital marketing but they have started to work in the right direction.
Digital medium required different way to communicate and develop your content. Hence, there is a great focus on innovative content creation and distribution digitally. According to KaPost, content creation and management claims second largest share of digital marketing budget. In all digital marketing efforts, there is a focus on video marketing and new ways to engage customers.
There is a constant growing demand for digital marketing skills. 60% of the marketers’ time is devoted to digital marketing efforts. 70% of the marketers are now looking to add digital marketing skills to grow. These skills are required at every level. However, all companies are facing challenges to hire digital marketing teams with right skills.
Takeaway for marketers
The customer decision journey is still changing and the devices are still evolving. We will continue to see changes in the way brands interact with their customers. However, one thing is for sure that marketers can’t ignore this medium and expect to grow.
This also presents a great opportunity of professionals trying to make a career in marketing. Digital is a great way to enter marketing as companies are finding it really difficult to hire right digital marketing talent. We will also see specialization such as mobile content marketing, micro-blog marketing, email marketing in future and these skills will be useful to build.