Digital marketing in Indian business economy
Digital marketing is still in the embryonic stages in India, while in other parts of the world it has already taken deep roots. The share of India’s online advertising in world pie is almost negligible. But developing countries like India; here Internet users are growing very rapidly, it has huge potential.
India’s leading advertisers are starting to advertise online, but at a very slow pace. Indian companies are also showing keen interest in promoting their products or services online. Currently finance sector is most dominating sector in online advertising and accounted about 40% of total online advertising in India. Some of the leading companies from this sector are HDFC, Citibank, SBI, and UTI etc. FMCG goods have just started to come in led by companies like Hindustan Lever, Procter and Gamble etc.
India is among the fastest growing economies in the world. The growth that has occurred in India since the adoption of Industrial Policy of 1991 coupled with the recent economic recession in the developed western countries has made India one of the most sought after business destinations in the world. Also, a large population with continuously increasing purchasing power has resulted in reaction of a stupendously huge market. As a result it is good for Indian Advertising Industry, which is now looking at harnessing the benefits of internet to augment its growth. Display advertisements constitute a major portion of this revenue generation followed by text advertisements.
Current Digital Marketing Scenario
Digital Marketing is among the most extensively talked about topic in the world of advertising. In Developed countries, online advertising has already become a big phenomenon. Hence it’s attracting both the advertisers as well as the consumers owing to its plethora of advantages over traditional forms of advertising.
Rupert Murdoch has famously said,
“The Internet has been the most fundamental change during my lifetime and for hundreds of years.”
This statement coming from arguably the most influential persons of our time epitomizes the importance in the world of communication and media. Internet has changed the rules of the entire communication game. Online is the only place where the world wants to be and advertisers are no exception.
The increasing predilection of the advertisers towards is not because of a rat-race. But due to multifarious advantages it provides over other forms of advertising David Meerman Scott, Eminent Marketing Guru and famous speaker once said,
“You can buy attention (advertising). You can beg for attention from the media (PR). You can bug people one at a time to get attention (sales). Or you can earn attention by creating something interesting and valuable and then publishing it online for free.”David Meerman Scott.
The claim about online advertising being completely free may be a little exaggerated; nevertheless, the cost-effectiveness of online advertising cannot be challenged. Online advertising methods are, arguably, leading to significant reductions in transactions costs between merchants and consumers.
Reachability of Digital Marketing
The methods enable merchants to deliver information that is targeted to those consumers who value the information the most and are most likely to act on it. Origin of online advertising is a disputed topic amongst the scholars. Still, there is considerable research going on the topic in the developed countries like United States. But in India amount of research on advertising is exiguous. In India, there is little data available regarding the genesis and development of online advertising.
There is almost no research being carried out regarding its future prospects at present. Although few industry specific studies are there, but there is no authentic academic research available in the area in our country. In India, however, there is severe dearth of authentic scholarly articles on the topic Reasons for the growth of online advertising.
Advertisement can reach very large number of potential buyers globally. Web superiority over other advertising medium. A web page can be updated any time and changes or corrections are painless. Online advertisement works 24 hours a day, 7 days a week, 365 days a year. In online advertisement specific interest groups or individuals can be targeted.
Online advertisement can effectively use the convergence of text, audio, graphics, and Animation. Online advertisements are cheaper in comparison to traditional advertisement. There is no printing costs, no postage costs etc.
Three keys to digital marketing success
What does it take to do digital marketing right? Here are three keys to digital marketing success
1. Manage complex customer relationships across a variety of channels both digital and traditional
2. Respond to and initiate dynamic customer interactions
3. Extract value from big data to make better decisions faster
The main purpose of data collection was to study the importance of digital marketing in the new era. What are the various problems faced by the Digital marketing. It also showed how the role of digital marketing helped in development of India. “The Role of digital marketing play vital role in business for growth. Because it’s have less time and less amount do advertising throughout the world. And also if any changes occurred in product we can it change easily and it creates more awareness rather than traditional marketing. So it plays a major role in creating a brand identity.
What we can do
Febeight Technologies Pvt Ltd can support any start-ups who wants conquer the digital media to promote their products and services. We are experts in creating a brand identity in this new digital era.