While having a marketing budget is important for any small business, it’s equally important to spend it in the right direction and make the most of it. How do you know where to spend it when it comes to digital marketing vs traditional marketing?
For many businesses, reaching the right “marketing” decision is not easy, even though it can make a huge difference in their results.
By gaining clarity on the digital marketing vs traditional marketing aspect, a business can get a better idea of which marketing method is appropriate and how it is should be applied. For instance, if you decide to use social media marketing to build your brand and increase your customer base, you could do it yourself or hire a reputed digital marketing firm like Exemplary Marketing to take care of it. Quality SEO Services Company
Running a successful business is not just about choosing the appropriate market or having a high quality product. It’s also about leveraging the right kind of marketing techniques in order to reach out to your target audience and convert them into leads or customers.
Some businesses may give less preference to marketing, but if any serious business wants to increase profits, it will almost always have set aside a proper budget for marketing.
Even if you do acknowledge the need for effective marketing, the whole digital marketing vs traditional marketing debate might stump you. The reason for this confusion may arise due to the fact that even though a lot of marketing is done in the traditional way, digital marketing is steadily gaining an edge.
Yes, there are a percentage of people who don’t use the Internet for conducting any transactions. However, a considerable chunk of the population is regularly using the Internet for multiple purposes, including making their day-to-day transactions.
As a business, you need to ensure that you are ahead of your competition. Which means you cannot just depend on outdated marketing methods anymore. You need to look beyond and understand how you can leverage the latest digital marketing techniques to grow your reach.
Let’s take a brief look at each of the 4 P’s that power every form of marketing technique:
- Product: Effective marketing starts with a good understanding of your own product. Which could be an intangible service or type of a good that fulfills the demand of a target market.
- Price: The overall cost of the product depends on how well you know it. Price is always the determining factor when it comes to things like supply, demand, profit margin, etc.
- Promotion: How you get the word out about your product and market it to your target audience is promotion. Any method that helps you promote the product and help it gain more visibility/exposure comes under promotion — whether it is advertising on a billboard or setting up an ad campaign on Facebook.
- Place: Traditional marketing heavily relies on getting your product in front of your target audience at the right time and place. Which also means pricing it right. In the marketing world, placement plays a crucial role. Because when a product is placed in an ideal location, the chances of converting prospects to customers or clients increase manifold.
On the surface, digital marketing may look different than traditional marketing in a big way as it is all about the fourth P: promotion. However, the fact of the matter is, digital marketing is highly effective because it does not ignore any of the four Ps of marketing. It rather uses each one of them in a unique manner, and sometimes even better than traditional marketing.