The rise of digital has presented both opportunities and challenges for marketers. “The offline world is not going anywhere. But the web is becoming central to every aspect of our existence” (Kaushik,2010, pg.xxii). The goal is to effectively use technology to develop strategies and evaluate them to see where improvement is needed.
Many opportunities exist for marketers. The amount of people who are actively online continues to grow. The use of the web continues to integrate itself into lifestyle habits. This major impact is based on how people access information, communicate, collaborate and make personal decisions. “In a constantly connected world, the ‘brand’ has become the customer’s experience of the ‘brand’ – experiences that are widely shared online. Positive word-of-mouth spreads quickly; negative word-of-mouth spreads even quicker” (Hamill,2015). The use of online initiatives enables brands the opportunity to instantly connect with the consumer. The rise of the web has empowered consumers and presents them as potential brand advocates.
The use of digital initiatives also presents challenges for marketers. “In other words, there’s always room to optimize the various components of your strategy and turn your marketing into an even more effective revenue generator” (Kolowich,2015). The first challenge for marketers is determining if marketing activities are generating enough ROI. Measuring ROI is critically to a brand’s success because it helps marketers understand the effectiveness of its marketing initiatives. Tracking ROI helps a brand understand how to effectively manage its budget towards marketing efforts.
The next challenge is targeting, which is a key component of all aspects of marketing. For marketers to be effective at targeting, they must be able to identify buyer personas to determine who it is they should be marketing to. The use of segmentation enhances a brand’s ability to effectively target its audience. Through segmentation, a brand identifies its bases and determines the important characteristics for each market segment. Once this process is effectively evaluated, a brand is able to evaluate the potential of each segment, select certain segments, and develop a product positioning for the selected segments.
The last challenge is finding the right technologies to implement in a marketing strategy. The goal of finding the right technology involves marketers evaluating how these certain technology or tool helps solve a marketing problem. The use of these tools provide marketers with multiple data sources such as quantitative, qualitative, and competitive. The use of tools and forms of data helps marketers make more informed and strategic decisions. The ultimate goal for marketers is to understand who they are targeting and how to create content that enables a brand to connect and engage with its audience.
Hamill, J. (2015, June 10). Top Digital Challenges and Opportunities Facing Businesses Today. Retrieved from http://digitalmarketingmagazine.co.uk/articles/top-digital-challenges-and-opportunities-facing-businesses-today/2073
Kaushik, A. (2010). Web analytics 2.0: The art of online accountability & science of customer centricity.Indianapolis, IN: Wiley Publishing
Kaushik, A. Digital Marketing and Measurement Model: Web Analytics. Retrieved from http://www.kaushik.net/avinash/digital-marketing-and-measurement-model/
Kolowich, L. (2015, November 3). 8 of the Top Marketing Challenges Marketers Face (And Their Solutions). Retrieved from http://blog.hubspot.com/blog/tabid/6307/bid/33820/5-Major-Challenges-Marketers-Face-And-How-to-Solve-Them.aspx