3 Newsworthy Articles for Today’s Marketers
We all know that the marketing world is an ever-changing one. While, on one hand, this is largely due to continuous advancement in technology, the need for businesses to stand out amidst stiff competition also contributes to it. Even 10 years ago it was almost impossible to think a startup like Madtrix would be able to advertise on the same platform as a giant like Microsoft. The accessibility of digital marketing has changed the playing field for all companies.
In line with these changes, the question is what is the latest in digital marketing? Let’s have a look at the top news from leading sites, and what this news means to today’s marketers.
1. SMEs are Beginning to See Brand Building as Competitive Advantage
An article in the Economic Times by Neena Dasgupta explains why SMEs need to shift the traditional belief that branding is for big businesses and small businesses only need to focus on products and services.
“Industry novices in small and medium enterprises often reckon that building a successful business entails putting your product out there, gauging audience reactions, and then building your brand once cash flow begins. Case studies and experts have proven time and again that that is in fact, untrue,” Neena Dasgupta, CEO & Director at Zirca Digital Solutions.
According to the Economic Times, considering the competition in the market, SMEs should focus on building their brand so much so that it lives up to the standard everyone desires regardless of the business size. Investing in brand-building means that you are investing in the business as a whole. This helps to differentiate your business from other business. This is said to be a very good marketing tactic because how well a brand is packaged goes a long way in determining the long-lasting impact on the target market. The writer of this article also makes a very good point in advising that, “While big businesses may utilize 10%-15% of their revenue on marketing, as a small-medium enterprise you should utilize at least 5% if you want to see your brand flourish in the long run,” Neena Dasgupta.
Read the entire article here, Think beyond: How every Business can become a brand.
2. About $100 Billion is being spent on marketing globally
A recent study conducted in 2017 by Grand View Research on global spending has shown that an estimate of about $100 billion is being spent on marketing globally. This covers online ads placed through intermediaries and several other means on social media, search engine optimization and voice-activated assistants. This is a 44% rise in spending compared to what was spent this time last here. This is validation that more businesses are employing marketing tactics to stay relevant.
“Spending on digital marketing grew by 44% last year in the United States and Britain to $52 billion, a study has found, estimating that global outlays on such tactics are approaching $100 billion,” REUTERS, September 25, 2018.
(image source: https://thenextscoop.com/spend-marketing-budgets/)
“The emergence of platform companies that offer a one-stop shop for marketers is another trend to watch, he said, highlighting Adobe Systems’ acquisition in May of e-commerce company Magento for $1.7 billion,” REUTERS, September 25, 2018.
Read the entire article here, Global spending on digital marketing nears $100 billion: Study
3. Digital Trends That Are Changing the Scope of Marketing
With 3.3 billion active social media users (source: www.statista.com) it is no surprise that new emerging technologies in marketing is taking centre stage. In order to have a productive business, it is important for Entrepreneurs and CEOs to remain conversant with the latest digital marketing trends. In 2018, technological advancements have brought about certain changes in online marketing. These technological changes include; the widespread use of interactive chat-bots, voice search, and the blockchain technology. These three technologies have drastically changed the scope of marketing.
In a 2018 Forbes article, Atanu Shaw lays out the most relevant marketing technology in today’s world.
- Interactive Chatbots
- Voice Search
- Integrating AI And Blockchain Technologies
- Influencer Marketing
Read the entire article here, Digital Marketing Trends That Are Changing The Way We Market To Consumers.
With additional marketing channels being introduced all the time, it is more important now than ever before to keep track of your Omnichannel marketing performance. Madtrix focuses on providing a solution for businesses of all sizes to overcome this exact challenge. Click here to read more about Madtrix solutions.
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