One of the biggest changes in the last decade has been how people consume content. Advertising has adapted to that change by getting their products in front of people where they spend most of their time – on their screens! The space to communicate personal content and connect is now becoming a space to discover the latest news or trends as they develop.
The debate on the pros and cons of digital media versus traditional media is ongoing. We may not know the answer to that question, but we do know that having a digital marketing strategy is extremely important for any new age business.
One of the biggest advantages of digital advertising is that it is measurable in terms of impressions, clicks and conversions. Businesses can calculate the exact return on their investment and optimize based on which platform or location is giving them the best results. Unlike traditional media, where advertisers threw darts in the dark hoping their investment would pay off.
There are ways to measure the monetary value of traditional media, but at the end of the day, it's mostly relative and approximate. With digital media, that is not the case. It's specific and involves a lot of number crunching so you can really see the results in monetary terms.
Digital media, unlike traditional media, does not require us to pay upfront and then wait for the results. It typically follows a pay-as-you-go model; Whether you choose pay per impression or clicks or conversion, you only pay for what you use. As with traditional, it is necessary to have a budget beforehand, but the money used is usually based on the model that you create. This means that you don't pay the entire budget, but pay only according to the clicks you receive. In contrast, TV, magazine, and OOH ads are notoriously expensive and unpredictable.
In traditional marketing, one can choose the medium that best suits the goal and use guidelines based on that. Like which television channel to choose or which radio station to use, etc. However, once the investment is made, there is little change that can be made to the plan, as guidelines or channels cannot be easily swapped if the campaign is not doing well. Digital marketing allows us to target the exact audience we want to reach and in a way that resonates best with them. It could be with organic posts, video ads, etc., and in case the campaigns are not performing well, we can update, change or remove them altogether if necessary.
Smaller companies and brands sometimes don't have the resources to implement advertising and data analytics as they are focused on the product. Digital marketing platforms help to optimize ads according to the target segment and show them only to those people. That being said, it's important to review your ads on a regular basis, because at the end of the day, no one knows your customer better than you do.
With the introduction of new digital ad formats, the possibilities for storytelling seem endless. Each format has a purpose in the type of storytelling you want to do. For example, Facebook offers ads that allows the user to click on the ad and is redirected to a native Facebook page with your products, videos, and text that allows you to put together a story around your products. Google introduced "showcase" ads in shopping posts that allow different products in the same category to be grouped together and displayed to the customer. There are several text-based and visual ad options you can try and see which format allows you to represent your product in the most creative way.
There has never been a time when advertisers can get feedback on their products in a matter of seconds. Digital marketing gives space for direct interaction with customers. Even though the ads are across the platforms, one can see how customers are engaging, what they like or prefer over the other. This gives us a lot of scope to understand the client's perspective on our campaigns and how we can improve and expand them. With each change, we gain a new perspective which, in turn, helps us improve the entire strategy.
It's important to understand that advertising moves with how consumers interact with each other and where they get information from. Traditionally, consumers used magazines and newspapers, now they consume information on Google, Facebook and Instagram. It is important that advertisers recognize these trends and modify their advertising strategy accordingly.