You do not need to spend big money to market your business. Media is almost free. You just need to be part of the conversation and be remarkable to grab people’s attention. Digital advertising spending is growing at 25 per cent every year bring in huge opportunities to market the business.
Earlier, the business used to spend on marketing without knowing the ROI. It is at fixed cost irrespective of how many people actually watched or seen it. However with the entry of digital media, the businesses can actually measure ROI and pay only for the click the customer does. The businesses also do not need to limit themselves to specific geography. It can reach world wide audience in fewer costs or can also target specific age group, gender or geographic location while placing ads which are difficult with traditional media, said Bhaskar Anand, CEO and MD, MavenClickZ Media.
Businesses should understand that conversations are taking place online about products and services. It is time to be a part of the conversation. Every business can have a human face and be one in the community of people who like the product. It can create a group of evangelists who advocate and talk good about the product. The business also can understand what people are saying either good or bad and use it as feedback and respond accordingly to rectify it if necessary, said Kalyan Erra, co-founder and director, 84ideas.
Growing internet users enabled e-commerce growth in the country. People are using smartphones to get the information about the company or product. Around 90 per cent of people research online before buying a car and 78 per cent people read restaurant reviews before choosing one. If businesses are not online they cannot take the pie of the sale, he said.
Digital media helps all business irrespective of size. Hospitality, retail, entertainment, travel, technology, e-commerce, real estate, banking, insurance and automotives are some of the segments who can get yield maximum benefits being online, he said.
A large company can use digital media to amplify its offline campaign and create a channel of engagement online. Depending upon the vertical, online media can serve as a platform for online engagement, customer service or customer awareness. For instance, a movie can use this channel to increase the audience awareness and engagement and manage the movie sentiment effectively. A technology and telecom company can use this as a customer service channel, Kalyan added.
Analytics help identify the channels (Google Adwords, Banner Ads) which are giving them ROI and can push the campaign further. It can also be used to know which all products the people like by looking at hits to the particular page of the product. It also helps the businesses to know more about the customer(Age group, gender, location, interests), said Bhaskar Anand.