The rise of digital marketing and advertising has transformed the way businesses reach and engage with their target audience. Traditional marketing channels such as print, radio, and television are being replaced by digital channels, including social media, email, and search engines. This shift has had a huge impact on the marketing team, with significant changes in roles, responsibilities, and the tools used.
According to Forbes as recently as 2019, "Digital marketing is not just a buzzword, but a fundamental shift in the way consumers interact with brands." This shift has meant that marketers must be able to adapt quickly to new technologies and trends in order to keep up with the changing digital landscape.
Marketing Week reports that "The role of the CMO has shifted dramatically in recent years, from a focus on creative and brand-building to data-driven decision-making." With digital channels providing marketers with more data than ever before, it is essential that they are able to analyze this data and use it to inform their marketing strategies. This is good news for marketers as they no longer have to rely on ratings from traditional media or the impressions estimated that OOH can generate, now the tools that analyse reach data are more accessible than ever before.
One of the most significant changes brought about by digital marketing and advertising is the ability to target specific audiences with personalised messages. Campaign notes that "Personalisation is the future of marketing, and brands that fail to embrace it risk falling behind." By tailoring marketing messages to individual consumers, businesses can increase engagement and build stronger relationships with their customers. With loyalty programmes and branded apps capturing every interaction with a brand, it is a wasted opportunity to offer a coffee pods promotion to a tea drinker.
In addition to personalisation, digital marketing also provides businesses with new opportunities to measure and optimise campaign performance. According to Marketing Week, "Analytics is now a core competency for marketing teams, and those that fail to invest in it risk being left behind." By using analytics tools to track the performance of their campaigns, marketers can make data-driven decisions that improve ROI and drive business growth. The cautionary tale in analytics is that sometimes all of the information isn’t all of the information, therefore being able to interrogate the data with all other influences is extremely important - and this intersection of analysis relies on a data journalist.
Storytelling is also becoming increasingly important in the digital age. Forbes notes that "Consumers are looking for authentic and relatable content from brands," and those that are able to create compelling stories around their products or services are more likely to engage and connect with their target audience.
Despite any challenges brought about by the shift to digital marketing and advertising, it has also provided marketers with new opportunities to reach and engage with their target audience. As Campaign notes, "Digital has given marketers more budget and resources than ever before, and those that are able to adapt and take advantage of these opportunities are more likely to succeed in the digital age."
And a final thought from Field and Binet is, "Digital media, when used correctly, can be a highly effective tool in brand building." They note that digital media is particularly effective when combined with other channels such as television and print, as part of a long-term, integrated marketing strategy. In their research, they found that brands that allocated 60-80% of their budget to long-term brand building, rather than short-term sales activation, were more likely to see sustained growth over time. This highlights the importance of taking a holistic approach to marketing and using digital channels as part of a wider strategy rather than relying on them in isolation.
My question is as digital marketing continues to evolve and shape the marketing landscape, how can you as marketing leaders ensure you are using digital channels effectively and integrating them into a broader marketing strategy to drive long-term growth and success? What steps can you take to adapt to the changing digital landscape and stay ahead of the competition?
References:
Forbes. (2019). The Digital Marketing Revolution: What Does It Mean For Your Business? https://www.forbes.com/sites/forbesagencycouncil/2019/04/02/the-digital-marketing-revolution-what-does-it-mean-for-your-business/
Marketing Week. (2019). How Marketing Teams Can Adapt to the Rise of Digital. https://www.marketingweek.com/marketing-teams-adapt-rise-digital/
Campaign. (2021). The Future of Marketing: Personalisation and Collaboration. https://www.campaignlive.co.uk/article/future-marketing-personalisation-collaboration/1697859
Field, P. & Binet, L. (2013). The Long and the Short of It: Balancing Short and Long-Term Marketing Strategies. London: The Institute of Practitioners in Advertising.
