If you are involved in any form of business, chances are you are trying to take it to the next level in the most cost-effective, efficient way possible. Digital marketing is a key facilitator of this goal by levelling the playing field and putting your business in a position to compete fairly against bigger and even more established companies.
The unique ability to reach markets far beyond your geographic location, identify new customers, as well as expand your brand’s exposure and potential for foreign exchange earnings without setting foot abroad demonstrate the power and beauty of digital marketing.
Digital marketing generally removes tangible barriers like distance, allowing businesses greater freedom to connect with audiences. At the same time, this form of marketing allows for maximising and optimising ad spend, down to the very dollar and even cent. This benefits small, medium, and large brands, especially those that have the potential to service international markets.
In a world where attention spans appear to be getting shorter, it can be challenging to get your brand noticed by the right customers. With a vast array of ad platforms such as Google Analytics, search engine marketing, and paid social, using the appropriate digital marketing elements in your marketing mix can be the change that pushes your brand to the top. These elements boast algorithms which are uniquely designed to maximise your budget while gaining as much reach and impressions as possible. Other niche tools such as AdRoll for re-targeting, programmatic advertising, or audio ad platforms such as Spotify can also expand your advertisement reach via podcasts.
Essentially, digital marketing allows you to expand your reach far more than traditional marketing ever will. What’s even more impressive is how digital marketing tools allow you to break down targeting based on behaviours and habits. For example, it’s now possible to target people with iOS devices only, people who consume DIY content on Sundays, people who live alone with small pets and even new parents. It is also possible to create look-alike audiences, re-target people who haven’t converted (recall that one ad that follows you everywhere, that’s what that is), outbid your competitors on industry keywords and serve ads to people at various times in the day. All completely fluid and in real-time, at any budget you can afford. With this said, going digital allows your ads to not only be every and anywhere, but specifically to appear in front of the right people, at the best possible time!
Armed with these capabilities, you can capitalise on a host of economic advantages locally and internationally by creating more revenue, especially via foreign exchange. Equipped with digital marketing skillsets serving your business, opportunities for growth become available to you no matter the size and scale of your operations.
Digital marketing has created further room for the globalisation of marketing, minimising borders and decreasing the need for high traditional marketing costs. The effects of COVID-19 have caused many businesses to think differently about digital, and this has safely secured its place more than ever as a must-stay in any brand’s overall marketing mix.
Partnerships like the Digital Marketing education partnership between the University of the West Indies (UWI) and Imagine Digital, the digital marketing arm of Yello Media Group, are massively important to nurturing the digital acumen of our next generation of marketers. Better equipped marketers bridge the existing digital gap in the Caribbean economy, contributing to the development and growth of regional businesses.