Task 1 : Basics of Designing
Let me Introduce you to the world of Digital Marketing and Answer a few Questions in your Mind.
What is digital marketing?
The first step in our introduction to digital marketing is to determine what it is exactly. Essentially, it’s a term used to describe any marketing efforts that take place on the internet or on a digital device. There are many different channels that businesses use to entice customers into buying their products and services.
As we’ll see, there are many elements that go into digital marketing, as well as a host of different devices businesses can market on. It’s a practice that goes from the subtle to the obvious, and it often takes a variety of specialisations working together to be effective.
Why digital marketing is important ?
There are many stats that highlight the importance of digital marketing. With global eCommerce sales expected to reach $4.5 trillion by 2021, it’s clear that there’s significant potential for online promotional activity. What’s more, 51% of shoppers research their purchases on Google before making them.
With around 4.5 billion internet users worldwide, digital marketing gives businesses the chance to reach people on platforms where they spend a lot of time and money. It also gives smaller companies an opportunity to compete with their huge rivals, allowing them to use data and insights to target customers.
We’ve also seen how vital online shopping is in the first half of 2020. At the peak of the COVID-19 lockdown in the UK, online orders were up 200% compared to the previous year. For all kinds of companies, digital marketing and the sales it generated were a lifeline when stores were closed.
How much do companies spend on digital marketing?
Online marketing is big business. Data from 2019 shows that marketing budgets make up, on average, 11.2% of companies’ revenue. In the US, this equates to an annual industry spend of over 24.21 billion.
For those looking to get an introduction to digital marketing spending, there are no hard and fast rules on how much you should spend and what you should spend it on. However, as with many decisions related to the subject, web analytics can give you the insight needed to make decisions on budgets and spending.