What is Digital Marketing and What does it mean to me?
The Evergreen, unchanging formula to Successful Business has been about identifying new opportunities and developing successful competitive business strategies based on the creative application of cutting-edge technologies.
Okay… All of the above,
And about finding a market and serving that market with a product.
The technological jump from the invention of the printing press — sometime between 1440 and 1450 to the first telephone that was sold to the general public in 1891, represented exponential growth of the kind that the world had never seen before and you can imagine the sheer public disbelief when on January 23, 1926, John Logie Baird (of Scotland) gave the world’s first public demonstration of a mechanical television.
The world as we knew it would never be the same again. And that was the understatement for these simple steps were only the foundation of what was to come.
By the early 1940’s in the United States, engineers from Bell Labs started cell phone technology
And not to stop it all there, launch of the iPhone in 2007 was just one step closer to an Indian company launching the cheapest smartphone in the world today, at just over $4.00
In fact, the smartphone has been the fastest growing commodity that the world has ever experienced
- 2014: China tops 500 million smartphone users for the first time.
- 2015: Russia surpasses Japan as the fourth-largest smartphone user population.
- 2016: India exceeds 200 million smartphone users, topping the US as the world’s second-largest smartphone market.
- 2017: The US surpasses 200 million smartphone users, or nearly 65% of the country’s total population.
- 2018: Indonesia passes 100 million smartphone users, firmly established as the fourth-largest smartphone user population.
What this means is that by 2019. The world population will be over 7.5 billion people, smartphone users will be over 5 billion and internet and Facebook users should not be far behind.
With the constant world population growth and the growing demand for technology, that statistic is progressing exponentially upward.
These people are ALL looking to their smartphones for information.
Along with these figures, has been a constant change in the utilization of these technologies as applications like Facebook, Snapchat, Messenger, online business, shopping and trading where all of these industries have developed to become more and more integrated and interdependent.
And this continues to fuel the demand.
The printing press was a major breakthrough that by directly impacting the lives of a few million people, changed to world forever.
Without doubt, so too is the smartphone that will directly impact the lives of a few billion.
We are now in the Digital Era, where it is unusual to not own a smart phone.
And that smartphone is an incredible source of information – it is the Incredible Connection.
Where anyone can ask anyone, anything from anywhere in the world and by just looking on their smartphone they could quickly determine an answer.
A lonely traveler visiting the quaint remote town of Crested Butte, who may be reminiscing about their own Pooktre Art collection, may decide to go online and do a bit of research in their field in order to help pass the time.
Or better they may Google the local Pooktre Art Society and so meet up with some fanatical fellow Pooktre Art People.
At worst they could be in direct contact with their fellow club members back home who would promote some sort of spiritual upliftment.
Like it or not are all using it, more and more so, to a point where The Digital Future will have far more impact — the next 25 years will usher more change than in the previous three centuries.
There is no changing that and the use of that knowledge is the power to generate from it what you want. Be that your peace, and mapping the path to it, or your business and finding commercial success in it.
The use of this knowledge will enable us to envision our goal and manifest our success.
This article is about that AND How to embrace the opportunities of the Digital Future.
Now earlier on, I mentioned finding a market and serving that market with a product.
And with or without the changes this world has undergone, this principal remains. The formula will not balance without both components. And the most fragile component being the market.
An entrepreneur may have a product that he feels is a winner, but the market will decide.
The online world we live in, is a real bunch of consumers
These consumers commute, in a world of:
- Traffic moving through the labyrinth of cyberspace like a swarm of bees. Some dense and some somewhat sparser, weaving through the remote corners of a virtual wonderland.
- Eyeballs who view and regard, who may stay for a while or perhaps just move on.
- Leads who become interested and may start browsing your display wonderful wares.
- Sales, well, why are we here, if not to generate sales?
Now Digital Marketing is the world of how you move that traffic which is there among the billions of users to the billions of sales that the businesses offer.
When anyone these days is looking for a commodity, the first thing that they do is pick up the telephone. Correction, their smartphone and do a search.
But not only those that search are relevant customers. People enjoying leisurely Social Media are equally good traffic to a business owner wishing to share information on their brand or highlight notifications about their current specials.
The trick is to know how to get a portion of that traffic through the door of the business owner.
And the business owner doesn’t want just any traffic to pass their window.
They want traffic that is the most likely to buy their product.
PAY PER CLICK
In online marketing there is a self-explanatory term of “Pay Per Click” or PPC, which basically means that if a business is getting traffic and that traffic is not necessary or likely to buy from that business, that business is investing in traffic that offers no return.
Now, Imagine if you had just signed up to take part in that marathon this upcoming weekend. And then the next time you picked up your smartphone, you got notified of a special new feature that Nike had built into their running shoes, or perhaps of a special that the local sports shop down the road was running.
You have to admit, that that is incredible. And what is also incredible is that that kind of association can be done within seconds…
Within second of the sign-up
How is that possible, you ask?
The secret, that is not so much of a secret anymore.
Everyone has a smart phone…That phone
- Tells us where we are and knows where we are
- Shows us what we like to see and knows what we like to see
- Knows if were married, our shoe size, our favorite shampoo and when we go to the toilet. (okay, maybe not everything, but you get the point).
The fact is that we are highly social creatures, which is no doubt the foundation of our success on this planet.
Because of that we love… we love to share, we love to be liked, we love social credibility, and we love knowing what others are doing.
Mark Zuckerberg recognized that in us and because of that, along with our own enthusiasm, developed Facebook into the incredible parallel representation of humanity that it is.
And along with that our digital profiles have developed from a blurry rough and grainy image of an average human, to a crisp clear representation of the exact category, genre and orientation into which we fall.
And now, Facebook is not the only one collecting this data. There are our banks, our LinkedIn, our Twitter and our Instagram and many more, all have an AP out, all are asking for personal details and all are collecting data on us. All adding together to manifest our perfect digital clone.
This is an intimidating picture I know as, as much as we love sharing we hate being violated. Our privacy is an all important personal need.
And the dynamic Digital World has generated as many security systems to patrol and guard our privacy. There are major repercussions to the leaking of this Digital Goldmine of Data into the wrong hands.
Today Billions of Dollars are annually spent on cyber security, because a company like Facebook cannot afford to and will not tolerate a loss of this nature to occur.
Have you ever felt violated though by ads and felt irritated by them following you?
It’s not uncommon for people, merely out of frustration for these ads, to click on an ad and tell Google, Facebook or Instagram that the ads that they are seeing are not relevant.
They may or may not be, but undoubtedly, the more time one spends online, logging onto sites or just browsing and leaving ones “digital footprint”, the more accurate and relevant these ads become.
So, the question is…
Would you rather see random ads, like they used to show in the old days on TV? One of washing powder, when you’re thinking about a hike you plan to do over the weekend? Or whatever.
The point is the consumer could be finding out about the things that they are really interested in. At a time when they need it most.
This is after all a mutually beneficial relationship on many different platforms:
- The cost of Digital Marketing is marginal when compared:
The ability to get products onto the digital platform has become equally accessible for the small business owner to the enterprise owner.
This not only benefits the business, but the cost of marketing, which has varied from 10 – 90% of a products value is dramatically reduced, which opens the doors to competition – a consumers dream.
- Time to generate Digital adverts
A product can be put on the shelf within minutes.
This opens the doors to consumers and entrepreneurs alike.
- Instantaneous market response
Because the business person has statistical data on their audience that reflects almost instantaneously. This data shows whether the products they are trying to market have any place in the market at all.
- No business owner wants to try through blood sweat and tears to try and sell a product that just doesn’t work.
As much as
- No consumer wants to be driven into a product that just doesn’t work.
This has got to be, undoubtedly the most significant benefit that Digital Marketing has to offer the business and the consumer.
Because now, businesses can place a product, that they know consumers like, in front of an audience that likes that product.