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Businesses today are shifting their focus to online marketing, by allocating more funds to digital marketing. This transition is not specific to a particular industry as companies who were reluctant to adopt this change are also changing their mind. But many still have very logical and practical questions for making the transition
While the need to adopt and harness digital technologies may be known as the way to succeed, many organizations are not sure how or where to begin
All the businesses big or small have heard about the significance of digital marketing, but what does this actually mean?
Definitely, Digital Marketing is necessary to reach out to your target audience, yet many businesses face challenges like where to begin. They don’t have any previous data, how much funds should be allocated, what should be the right mix of the budget across channels, how to keep up with this media, are the businesses overdoing it or are they being left behind?
Our experience in the digital sphere makes us uniquely placed to understand the hurdles organizations come across. Below are some of the biggest challenges and opportunities in digital business today.
As digital marketing is evolving very rapidly and quite differently from traditional marketing, companies are not sure about the right metrics to calculate the ROI. Although digital marketing provides the user with greater data points they find it hard to decipher the right benchmarks, like what is considered a good cost per thousand (CPM) or cost per click (CPC) or cost per sales (CPS)? What kind of return should the business be expecting and what should they do if they are not getting it?
Companies are finding it hard to understand digital sales funnel. What are the conversion rate optimization techniques for each sales stage? Which digital channels need to be mapped as per customer journey. How do assisted conversions need to be measured and accounted?
Many companies are still struggling with getting enough funds allocated to digital marketing. The main reason for this; businesses are still finding it difficult to understand the digital sales funnel, and how they need to evolve the sales funnel for the digital channels. Due to this unclear path the businesses are not able to judge, how much spends will increase what percentage of business at what customer acquisition cost (CAC).
So the digital marketing manager should be able to track the activity, with the number of visitors to the website or mobile app, the number of conversions that happened and what was the additional benefits observed.
Whether it’s performing a search, opening an app, visiting a website or watching a video, people turn to their mobile device to get answers or take action. We call these Micro-Moments (I want to know, I want to go, I want to experience, I want to buy), and they are chances for brands to meet their customers at their moments of intent when decisions are being made or preferences are being shaped.
The buying funnel is influenced by multiple touch points & Digital Marketing Experts manage to create a semantic flow across channel strategy by using digital tool execution excellence.
Let’s discuss your business, right digital marketing mix & budget allocation for targeted COA.
Paid digital advertising campaign effect diminishes once the online marketing campaign is stopped. The spike in the online traffic subsides. Businesses should, therefore, think of taking their campaign ahead by keeping the customers engaged and encourage discussion on social media, organic search, other platforms and concentrate on earned media.
One way of building long-lasting value from digital paid ad dollar spend while still on campaign-based budgets is by spending the money to create the desirable social actions like sharing, discussing or reviewing rather than just buying likes where the user doesn’t come back after the campaign is over. To ensure assisted conversion & brand recall digitally you need strategy and execution excellence.
Digital marketing is in a constant flux. It seems like every other day there’s a new organic search algorithm update or social media platforms businesses need to be on.
Sometimes a new technology comes onto the market that does exactly the thing you’ve been needing – but requires that you make room in your budget for it and find time for training. In the end, it feels like one more activity to manage. The never-ending evolution of digital marketing can be overwhelming. That’s, quite simply, because it is. But you have to make an effort to ensure you and your team keep pace with change. If your marketing organization is going to stay on top, you have to be proactive about it.
All in all, businesses are at various levels of complexity and face one or more of the above challenges in digital marketing. So you are not alone out there, with a continuous focus on business impact and ROI, you can and should always ask the hard questions when some new “quick success” route gets pitched at you. And you should experiment and learn to quickly find out what will work best for your brand, product, company, and industry.
The key challenges we experience are two-fold. The first is the scale of change needed to make a business digitized to compete and thrive in the digital economy. The second is the lack of skilled digital professionals available to guide and support an organization. Both pose great challenges, but with our support, both are solvable.
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