What makes going digital so important?
The importance of marketing in the digital space becomes more and more apparent with each passing year that we witness companies with decades of operation succumbing to market pressures. Each one of their stories has become a cautionary tale fraught with decisions failing to acclimate to a changing marketplace. Most recently, the demise of the juggernaut that was Toys’R’Us has shown a spotlight on not only questionable corporate management but also an over-reliance on brick-and-mortar locations. While in contrast, the domination of Amazon in the marketplace is a prime example of harnessing the power of the Digital Market to make smart decisions and reap the rewards of reliably meeting customers’ expectations.
When working with the online market, there are numerous features to consider but a few key ones to understand are:
- Larger customer base – beyond the limits of just local
- Customer feedback – fewer barriers, more input
- Product analytics – easier access to competitor’s pricing
- Marketing efficiency – save capital by using targeted ads
- Greater business scalability – be limited by supply and not demand
- Networking – gain insight from others in a similar situation
A businessperson’s drive and imagination are the true limitations to their success in the Digital Marketplace. Online resources are a simple Google search away and can go a long way to reducing a person’s marketing deficiencies.
Is going digital right for your business?
Only if you want to succeed. For example, let’s consider the daily newspaper. Once a staple of society’s morning routine, physical newspapers saw a decline in customers and were steadily replaced by online publications. Offering the same product, but on a different media has allowed publishers like the Wall Street Journal and The Record to remain viable companies.
The Digital Marketplace is a space that fosters direct communication with customers. So gone are the barriers of customers having to navigate a labyrinthine call center to voice their opinion on a product. A simple review on a product’s webpage or a tweet to a CEO’s Twitter account are become more and more commonplace. Businesses are being afford the opportunity to socialize with their consumers and earn their loyalty in ways nonexistent 20-years ago. As long as a company is willing to be flexible and adapt to their environment, it can stave off becoming a footnote in history and remain in operation for decades to come.
So in summary, yes. No matter what kind of product a business is selling, there is a place to do it online.
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