An advertisement can be many things, creative, new, affordable, exciting but is that really it? What value does an advertisement earn where there is no relevant audience? Every company is looking for an ideal marketing mix to yield the highest possible returns and sales on their ads and marketing investments. So what are the odds for your ad campaign to get enough eyes on them? We’d say plenty. Given that you know where to set the stage and targetting which audience, the play will fetch enough applause.
Digital marketing worked up to be the game-changer in the dynamic landscape of advertising. It provided a new field yet to conquer and is a battle of newness and engagement. Previously, TV advertisements contributed to 72% of the origin of the sale. But the demographics have changed as the number of TV viewers has seen a decline. Over the years, digitalisation has been promising, rising to over 60% in 2019, while traditional ads saw a dip of 6% in 2020.
The majority of Millennials and Gen Z have shifted to digital streaming platforms like Netflix, Prime, Hulu, Hotstar, and other OTT platforms, seeing a rise of 49% in their revenue. The shift in the viewership had led to a crisis in the traditional marketing strategy. But this can be viewed as an opportunity to unlock new avenues. Because when attention shifts, marketing follows.
Talking about leveraging opportunities, one major publication in Myanmar offers businesses the opportunity to have their Facebook page tagged ‘within a news post for $400 a hit. The publication has seen a spurt in its audience engagement and volume with this risky but decisive move. Digitalising isn’t just limited to social media, but it’ll accompany you with platforms like Google and YouTube. Well, the list goes endless.
The advent of digital marketing and its seamless reach in this generation has opened doors to an unreachable audience. There’s no need to reinvent the wheel, just alter the form leveraging the opportunity. Digital Marketing is a vast opportunity to infiltrate and colonise the market with the newness of ideas and even gauge performance. But what would a winning strategy be?
During the pandemic, digitalisation stood as the superhero saving the economy and generating content, viewership, and sales. Digital marketing allows segmentation as the consumers can see what they are looking for and reach out to them at the time of need. A person wanting to buy black sneakers can access hundreds of websites with just one search. So the sneaker companies invested in the digitalisation of their brand to become prominently visible to the consumers. It is also extended to social media platforms as the search optimises content and ads on various digital platforms. Thus digital marketing optimally generates sales by leveraging its endless reach, the time of necessity to popularise the brand.
India stands as the 2nd most prominent hub for internet population at over 749 Million users in 2020. The Pitch Madison Report, 2022 also estimates growth in ADEX by 20%, surpassing the TV commercial reach by the end of the year. Ad spending in the Digital Advertising market (Myanmar) is projected to reach US$151.00m in 2022.
A thirty-second commercial on TV minimum costs more than what it costs in digital marketing, with more segmentation and personalisation as per the target customer. It might be reachable to millions of people simultaneously through a TV commercial, but digital marketing ensures that it is viewed by potential clientele, generating actual sales.
To conclude, many of us will go with the option to include both digital and traditional media in our marketing strategy. But going alongside the facts, TV ads will merely give you the attention span that you might enjoy at the initial stage and may not get return in the future. On the other hand, Digital Marketing excels in converting attention to sales.
Furthermore, talking about the importance of traditional marketing, it’s no longer as dominating as it once was. Marketing is a game of visibility that Digital Marketing will any day win. Nowadays, Gen Z has embarked on a significant share of decision-making at home. They can change the decision within seconds with just a click, whereby they can compare the brands’ specs, prices, and everything, which isn’t convenient in traditional marketing.
So, to sum it up, your brand should be friends with the platform that has the audacity to change the decisions in your favour and pays you high rewards. Thus, the marketing perspective needs to be molded, adapting to the changes and taking on the opportunities. Furthermore, technology keeps improving the way to communicate and create new things innovatively, so we need to keep our eyes on the new opportunities and trends every day.
SO, GO DIGITAL & BEYOND!