A Deep Dive into Digital Marketing

One may say marketing is a superpower. Well, sometimes, it does feel like a superpower when you manage to reach users on the other side of the earth. And it feels even more unreal when you manage to attract those users, make them like your product and buy it. Of course, this takes a long way to success and a lot of effort, but if we try to give it a name, that would be “digital marketing”; simple magic, or a well-thought batch of strategies. Let’s get a deep dive into digital marketing and beyond.  

What is Digital Marketing

Digital marketing refers to online marketing efforts for customer interaction by means of different digital channels. The blanket term includes dozens of processes and strategies that build the modern digital marketing industry. Compared to other types of marketing, digital marketing channels prioritize dialogues with customers as the first and the most crucial method of customer engagement. 

Happening in real-time, it is possible to analyze the efficiency of marketing strategies and campaigns, reveal low processes, and optimize performance. 

Digital Trends 2023, Market Share and Opportunities

The digital world is changing really fast. Just imagine, with a total population of over 7.91 billion (and the number continues growing), we already have 5.31 billion mobile users (67% of the population), 4.95 billion internet users, and 4.62 billion social media users. Today an average internet user surfs at least 6 hours on the Internet, 92% of which is accessed via smartphone. Marketing had never possessed such huge consumer resources and never had such power of global reach out with digital marketing capabilities. 

In 2022, the global digital marketing software market is valued at $65 billion, with a predicted 19% CAGR by 2032 to reach $370 billion. North America will still have the greatest share of the digital marketing software market, followed by Asia-Pacific. 

Digital Marketing Trends 2023 to watch out

Digital marketing trends

2023 will bring some amazing digital marketing stuff, forcing marketers to adopt new strategies and focus on new technologies. 
 

ChatGPT in marketing processes

ChatGPT is everywhere, and it is definitely A trend this year, ruling almost everywhere. In digital marketing, it will facilitate content ideation, market research, lead generation, and customer service through chatbots, building targeted campaigns based on specifications and detailed prompts. Of course, in each initiative, the marketing team should keep in mind that AI is not always right and the information may be vague and not user-centric. Even if ChatGPT occupies most of the processes, no one canceled critical thinking, and you should always work on AI-generated content to bring it to perfection.

Personalized marketing is at the highest priority

Personalization will be the determining factor for conversion. The best way to increase this metric is to start a "one-on-one" approach with customers. Small businesses can easily implement this strategy, while large organizations will need to implement AI for a personalized customer experience.

Personalization can be implemented throughout the customer journey, increasing the chances of conversion. With AI support, marketers will start thinking about switching from short-term customer experiences to long-term ones.

Short-form videos are everywhere

Short-form video content proved to be the most viral and effective way for social media marketing to boost brand visibility. 21% of marketers already place a strong emphasis on short-form videos as the most powerful content, not only for entertainment but also in the form of microlearning, product teasers, influencer ads, user generated content, and more.

Social media channels’ diversification

If once marketers could successfully run one campaign across all channels, 2023 proves diversification is a must to run successful campaigns on all channels. Diversification also requires an increasing variety of social media platforms. This will eliminate single-channel dependency, increase the velocity of audience outreach, and enable new opportunities for future campaigns.

Investing in influencers and affiliate marketing

Influencer marketing has become a staple for many brands, but in 2023 we will see an increased focus on long-term relationships and collaborations. 74% of customers will continue checking on influencers and affiliate websites before making a final decision. Brands will also invest more in affiliate marketing, leveraging trusted partners to drive traffic and sales.

Simple content

Users are now more likely to choose a short and straightforward text that takes less time to read and understand from numerous content pieces. With simple content not containing too many descriptive elements, users will read content more eagerly, thus generating a more effective reach. 

Sustainability & DEI

Sustainability, promoted worldwide, and the brands supporting DEI (diversion, equity, inclusion) will continue to gain better conversion and loyalty. If your brand still doesn’t comply with any of these, think of changing strategies or even partnering with a nonprofit to bring sustainability into business competence. It will certainly be a win-win situation to contribute to humanitarian efforts and improve brand reputation. 

Gender neutrality

The trend, starting in 2021, will get bigger and broader this year, implemented in the fashion industry, web design, content marketing, and more. Therefore, marketing should also become gender-neutral. 

Offline events are back

While digital marketing has dominated in recent years, there is a growing desire for in-person experiences. Offline events provide a unique opportunity for brands to engage with customers, build relationships, and showcase their products or services. By incorporating digital elements such as social media amplification, event apps, and live streaming, brands can create a truly integrated experience that resonates with attendees and extends the reach of the event beyond its physical location.

Podcasting and podcasts

Podcasts have become a powerful medium for reaching audiences from different niches. Statistics show that in 2023, the number of podcast listeners will grow to 465 million. As a result, more brands are investing in their own podcasts or partnering with existing shows to reach their target audience. Also, podcasts have become powerful marketing channels for campaigns and ads. A native podcast ad with a host’s voice is the top trend to consider.

The Benefits of Digital Marketing

Measurable and trackable results: digital marketing campaigns through any channel generate immediate results(to the extent of digital conversions) to rate strategy efficiency.

Improved conversion rates: being one click away from the potential payable customer, digital marketing provides the most outstanding conversion rates results if planned appropriately.

Global reach: using the full power of the digital environment, digital marketing opens up a global market for a brand even using a small budget. 

Lower cost: Multi-attribution digital marketing channels and multiple strategies enable customer reach and conversion at a much lower cost than traditional marketing.

Personalization: with better knowledge of the buyer persona, it is possible to develop marketing strategies with a personalized approach for each target group. 

Close communication and increased customer loyalty: being always around (social media marketing) and ready to help users (customer support) make customers feel valued. Simultaneously, those methods increase customer engagement and loyalty.

Precise targeting: modern tactics of digital marketing channels can create a detailed buyer persona (demographics, preferences, habits, social status, beliefs, etc.). This data helps configure channels’ digital marketing tactics and even make adjustments when tracking customer behavior changes. 

Consistent lead pipeline: the major purpose of marketing is to have a sales funnel for generating consistent leads and sales traffic. Online marketing efforts and channels serve the purpose of a sales funnel for raising awareness and providing lead generation.

Multiple strategies: by leveraging various digital marketing channels, it is possible to target lead generation or lead conversion from different sources and increase the probability of accomplishing business objectives. 

Huge ROI compared to traditional marketing: return on investment is the first objective when implementing any new business model or strategy. Using digital marketing channels, for example, social media marketing or email marketing, requires minimal investment but, as proven, provides much higher ROI. 

Increased brand credibility: content marketing, mainly blogging, is the fastest way to gain brand credibility by providing customers with helpful information and addressing their needs.

Customer interaction through buyer journey: digital marketing pushes customers to interact with the brand and make a final purchase, while multi-touch attribution evaluates which touchpoint has been crucial in the buyer’s journey.
 

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What is a Digital Marketing Channel?

Digital Marketing shares per channel 

Digital marketing channels are the actual platforms and “tools” used to deliver brand, product, or service information to the target audience. Digital marketing strategies utilizing a group of channels are more targeted and productive for lead generation, improved conversions, and brand awareness. 

How to choose a Digital Marketing Channel for your business?

Main channels of online brand reach

 

You may think that the best way to reach success is to implement all the digital marketing channels at once. In reality, you can’t use all the channels because it is not cost-effective, and you don’t have to. 

The questions to ask when choosing a digital marketing channel.

• What is the brand?
• What are the business goals?
• What are the marketing goals?
• What is the target audience?
• What is the budget?
   

There is a general digital marketing formula with a “basic” package that works for any business model, product, or service:

• Website
• Blog
• Organic Social Media
• Email
   

Those golden oldies still can be relied on as stable channels to provide brand visibility in the digital environment.

Does Digital Marketing Work for all businesses?

Virtually any business can benefit from digital marketing regardless of the service and product type. Digital marketing strategies involve building a buyer persona or personas, understanding the audience’s needs, and creating an online presence. However, not all businesses implement digital marketing in the same way.

B2B Digital Marketing

The business-to-business (B2B) model requires digital marketing efforts focused on supporting sales activities, online lead generation, attracting quality leads, and directing B2B decision-makers via business-focused digital channels.
 

B2C Digital Marketing

The business-to-customer model is centered on attracting potential customers to the product and converting them into payable customers without the necessity to connect them to salespeople.

An accelerated buyer’s journey is the most effective way to convert users through strong calls-to-action (CTAs). Social media channels arm businesses with all the possible tools to reach out to their target audience. The only thing is to build a powerful marketing strategy and gain a competitive advantage. 
 

Generally, B2B marketers invest in blogs, websites, email marketing, and social media, whereas B2C marketers prioritize the same top channels but in reverse.

Awareness Stage 

• Blog posts: an excellent strategy to increase organic traffic and present your customers with a piece of useful information.
• Infographics: shareable visual content attractively presenting helpful information on social platforms.
• Short videos: more interactive type of content shared through social platforms and providing better customer engagement. 

Consideration Stage    

• Ebooks: more comprehensive than blogs and better for user engagement; this method can be used for lead generation.
• Research Reports: a high-value content piece that engages high-quality leads from niche industries.
• Webinars: more professional content generates immediate conversions and trackable results. 

Decision Stage

• Case Studies: white papers, case studies, and surveys are marked as valuable content by customers ready to make a purchasing decision.
• Testimonials: a good way to create a personal impact on customers. This strategy is more crucial in B2C, where customers pay great attention to reviews that may even keep them back from the purchase or push them to decision-making.
   

What are the prerequisites for starting effective digital marketing:

It is often asked when to start with digital marketing or what is the most appropriate time to implement digital marketing strategies into business processes. The ideal answer is NOW. As soon as you get a business idea, you may or even should start implementing digital marketing tactics as your idea becomes a reality and grows. If you haven’t done it yet, no worries, the flexibility of digital marketing strategies enables implementation at any stage of your business growth.

“Check the business growth stages and the ways to implement digital marketing on each stage.”
 

Before you start with digital marketing, consider those three critical steps.

Define goals and KPIs to be tracked

First, define the goals and KPIs to understand what you want to do and how you are going to measure to understand if you were successful or not. Then carry out a comprehensive analysis of all digital channels to reveal which one gives you the ability to reach your goal and what reporting metrics you should pay attention to. Of course, those companies with no budget limitations can test the ground for each channel, measure the conversions and stick to the top best-performing ones, but that’s not a universal case. 
 

Your digital marketing KPIs will most likely include one or many of the following metrics:

• Brand awareness KPIs
• Lead generation KPIs
• Conversion and sales growth KPIs
• Organic traffic (SEO) KPIs

Those KPIs will come from your social media channels, PPC, web and SEO analytics, lead generation tools, and various DSP (demand-side platforms) used to carry out your paid marketing initiatives. 
 

Define personas

Buyer Persona 

The choice of digital channels and type of content depends on the business model (whether it is B2B or B2C) and customers’ needs. Marketers start with building a buyer persona to determine the type of content. Ideally, digital marketing should address customers’ needs, help them overcome fears, and meet their goals. 

Defining buyer personas is a matter of extensive research, especially if you are a startup and just starting to test the market. 

The research should cover the following components;

• Professional status
• Influences and information sources
• Purchasing process
• Demographics - age, gender, income level, level of education, occupation/profession
• Behavior - interests, hobbies, personal challenges, excitement, decision-making
• Anything else that will help you to tailor your sales strategy around the persona

The following research is based on best practices and real-life people analysis. At each stage of business development, buyer persona or personas may be changed and updated. 

When a buyer’s persona is determined, it is time to build a buyer’s journey and create a content mapping that helps meet buyer needs at different lifecycle stages. 

One last tip, it’s ok that your buyer persona will change or evolve right after the first marketing initiative, but it’s still crucial to have a firm basis to start from. 

Try and test your assumptions

In the end, with all the data by your hand, your buyer personas, and KPIs defined, it is time to try and choose the digital marketing channels that will become your “killer tools” for your success. Check out the updated list of 11 Most effective Digital Marketing Channels in 2023 that will help you figure out the most effective ones for your marketing purposes.  

Why do you need Digital Marketing: Afterword

Digital marketing is the "air" or "water" for your business. In the modern world, be your product online or offline, digital service, or jewelry sold in a brick-and-mortar store, it cannot survive the competition without digital marketing and an omnichannel approach. Neglecting the role of digital marketing and relying on your product's value can cause you a loss of resourcing. Timely implemented digital marketing efforts (by "timely" we mean from the very moment of ideation) make your business succeed.