Marketing in simple terms is the activity, or set of institutions and processes that communicate, deliver, and exchange offerings thereby creating value for customers, prospects, and society at large. Marketers use several marketing concepts that help them to earn customer confidence and create a profitable, long-term relationship with them. This article discusses the difference between traditional and digital marketing.
Traditional V/s Digital Marketing & Role of Database Marketing
Marketing Research, Types, And Brand
Linking consumers, prospects, and the public in general to the marketer by providing the information is what marketing research is all about. The information is used to identify marketing opportunities. Marketing research devises information required to address the issues of consumers. It designs how information is collected. Marketing research implements the process of data collection and analyzes the results. The research findings are then communicated.
The different ways in which businesses strategize their marketing campaigns are by using different types of marketing at their disposal. It includes influencer marketing, relationship marketing, keyword marketing, viral marketing, and even traditional marketing is combined with digital ways.
A brand helps to identify one company’s goods or services as being unique and distinct from those of other companies. A brand can be in the form of a name, design, symbol, or some other feature. For example, the ISO brand creates a distinctive image in the minds of stakeholders – it generates economic values.
Concepts Of Marketing
The strategies that marketers design to satisfy customers’ needs, increase their sales, and maximize their profit along with beating their competition depend on the different concepts they deploy. These concepts include:
- Production concept: It involves businesses wanting to produce popular cheap products in huge volumes to maximize profits.
- Product concept: It focuses more on the customer. It is based on generating brand loyalty by selling quality products that benefit customers.
- Selling concept: It is the bread and butter of marketing efforts that believes in persuading people to buy.
- Marketing concept: It believes that the business will succeed depending on the marketing efforts that showcase a better value than its competitors.
- Societal marketing concept: Being the most progressive of all the marketing concepts, it believes in giving back to society by producing better products making it a better place to live.
Traditional Marketing And Digital Marketing – The Difference
The major and the most prominent difference between digital and traditional marketing is the use of the medium through which marketing messages are transmitted to the target audience. Mediums like media like magazines and newspapers are used for traditional marketing. On the other hand, digital marketing uses digital mediums like social media or websites.
Traditional marketing isn’t old-fashioned. It still continues to play an important role. The immersive experience of an effective TV advertisement or an impressive print ad in a popular magazine is as important today as they were earlier that creates a lasting effect on one’s memory.
Digital marketing that has taken the marketing world by storm is just as important as traditional marketing. This type of marketing uses every touchpoint of the internet to reach its target audience. For example, a tempting holiday Instagram ad is a form of digital marketing. As most people use the internet for the most part of their daily routine, digital marketing uses it to its advantage. It weaves marketing communications into every digital channel.
Traditional Marketing: Positives and Negatives
The rise of social media might appear to have rendered traditional marketing to be undervalued by marketers. But it still has a place in a customer’s day-to-day life. The several traditional marketing channels include billboards, , posters, TV & radio broadcasting, magazines, newspapers, catalogs, and so on.
- The positives of traditional marketing include its impact and ease of understanding. The printed material being permanent is also memorable.
- The negatives of traditional marketing lie in the difficulty to measure the marketing campaigns. Further being more expensive, it does not involve direct interaction with the customer or prospect.
Digital Marketing: Positives and Negatives
We are living in a digital age making even the most impactful traditional marketing shade away at times. It’s estimated that internet users today make up 57 percent of the global population. And, on average, people spend more than six hours online each day! All this makes eCommerce a profitable option. The several digital marketing channels being used today include social media, website, content marketing, affiliate marketing, email marketing, PPC, and SEM.
- The positives of digital marketing lie in its ability to offer more options for engaging with customers and prospects. It is easy to measure digital marketing campaigns, and targeting an audience cleverly is possible with it.
- The negatives of digital marketing lie in it being annoying to the net surfers many times and they disliking a brand for its clever targeting. Digital marketing is less permanent, and needs to evolve constantly.
Traditional Or Digital? Which Marketing Should You Use?
Great marketing is all about finding the right balance between traditional and digital marketing. Both types of marketing have an important role to play in strategizing the goals of any business. Marketing can be elevated to a newer level when both types are used in unison.
Traditional marketing may not be the first choice of marketers today to promote their brand, but it can be effective in conjunction with digital marketing efforts. Digital marketing, though the flavor of the present-day times, is unlikely to replace traditional marketing entirely.
Considering traditional marketing to be passive, and digital marketing activities involving the target audience, it can allow the two marketing types to complement each other. Using them together can certainly help a business to achieve the company’s intended objectives.
Role Of Database Marketing In Today’s Scenario
Marketing during a crisis like the ongoing pandemic was never on the agendas of many marketers, but we are now already at the end of the year 2020 grappling with it! Many changes have surfaced in the way marketing was carried all the while with digital marketing weaning more towards database marketing. Most companies redistributed their SEO budgets leading to contextual advertising gaining more attention. It only goes on to show that businesses have rethought their long and short-term objectives. Many companies have adjusted their businesses to the work-from-home culture to keep their transactions running.
As per researchers and marketer experiences, more than 80 percent of a company’s revenue comes from most of the loyal customers in their database. If the pandemic has reduced your sales rates, or compelled you to temporarily shut shop, it’s the loyal customers who will prop up your business booming. By implementing strategic database marketing, businesses can leverage their customer engagement using content marketing, social media marketing, offering discounts, and email marketing. For effective database marketing, your marketers need robust databases that are segmented, verified, and updated. The best and easy way to obtain a specific database or email list is by obtaining a readily available one from a reputed data provider.