You have probably not heard that digital marketing has the unique luxury of endurance in the job market because it is forged in a world of constant innovation, cutting-edge strategies, and constantly and rapidly evolving platforms.
- As of 2022, the global digital marketing market was estimated at around $321 billion. It is expected to grow at a compound annual growth rate (CAGR) of approximately 13.1% during the forecast period, reaching a market value of around $671.86 billion by 2028.
- The global digital advertising and marketing market is estimated to grow from $350 billion in 2020 to $786.2 billion by 2026, with a compound annual growth rate of 9%.
- The U.S. digital advertising and marketing market is currently estimated at $460 billion.
Common Misconceptions About Digital Marketing
And even though digital marketing is very important, as 71 percent of consumers make their purchase decisions based on online reviews, the process is often shrouded in myths and misconceptions. Unfortunately, these misconceptions negatively influence people’s decisions and make many miss out on the vast opportunities through digital marketing. Having said this, you should know four common misconceptions of digital marketing.
It is time-consuming, and the results are not satisfactory.
It can be a bit slower to start seeing significant results when you start. And since some people have unrealistic expectations, they will assume that the results will not be satisfied after they have made an inaccurate assessment of the resources spent versus the ROI. The fact is that Social Media, Digital Marketing, Email Marketing, and other types of digital marketing, more often than not, do not produce instantaneous results.
This is expected because there is no shortcut, except you decided to use pay-per-click advertising. Or you decide to manipulate links, automate content or use other types of black-hat SEO antics to get temporary results, which is a dangerous and unsustainable business model. It is advisable to stay away from it. If you are caught, the consequences could be fatal.
That being said, you can get real conversions, real customers, and real and impressive sustainable revenue, which are impressive results in less than no time if you are not in a rush in your Social Media, Digital Marketing, Email Marketing, and link-building campaigns. It is smart to focus on long-term strategies rather than quick fixes. However, if you do it right, you should see results in only a few months. But the time it would take to start seeing results depends on factors such as the industry, the budget, the competitors, and the arena.
Digital marketing is not a significant part of business strategy.
Any business’s strategy should generate a sustainable, above-industry average profit professionally streamlined to meet long-term and short-term goals. And although most entrepreneurs and CEOs use three generic strategies (cost leadership, differentiation (Innovative business people developing services or product that has superior quality), and focus (Targeting specific segments of the industry) for their businesses, marketing is, and will remain, a key way to garner lots of sales. And you may not be able to do that without Social Media, Digital Marketing, Email Marketing, and link building.
Suppose your competitive actions and moves to attract many customers do not include key strategies specifically tailored for internet users of different demographics. In that case, you have lost a larger chunk of your prospects by using the most cost-effective method to promote your services and products. This is why you need to get your strategic management right. (This is the only way to create a thriving business.)
Competitors are probably not online, so there is no need for digital marketing.
Suppose you researched and found out that your competitors are currently not using some of the top Social Media, Digital Marketing, Email Marketing, and link-building strategies to grow their businesses. In that case, you should not assume it is probably not profitable since they are not doing it. This is a huge mistake. Jump right into digital marketing now. It would be best to quickly integrate your online and offline marketing strategies now that you have a huge competitive advantage. Following the trend instead of being the trendsetter will be a huge mistake.
It is too technical or difficult to measure
It is advisable to outsource the job to professionals if you do not have a working knowledge of digital marketing or are not a well-trained expert in the field. But it is sad to say that almost every startup is operating on a budget. So it is common for entrepreneurs to do Social Media, Digital Marketing, Email Marketing, and other offline and online marketing tasks. Because of this, many startup owners can assume that it is too technical or difficult to measure because they do not know better.
There are many tools to analyze and track the outcome of your digital marketing campaigns and other strategies that ranges from visual website optimizers to email marketing tools to display retargeting tools to programmatic advertising tools.
Social Media, Digital Marketing, Email Marketing, and link building are the most cost-effective ways to promote your products and services through digital channels. The industry is vast, technical, and affected by misconceptions. That is why these myths are outlined and discussed in this article to shed light on them.
Notwithstanding, digital marketing is highly important to a brand and should be considered an important part of the overall marketing plan. And it is advisable to start your marketing campaign digitally as it is very cost-effective compared to traditional marketing, especially TV and radio ads campaigns.
Elena Randall is a Content Creator Who works for Top Software companies and provides a top 10 list of top software development companies worldwide. She is passionate about reading and writing.