The new paradigm has permeated all aspects of how an organization conducts their operations and manages relationships from purchasing to sales
By Sudhanshu Malik,
The rise of the internet and the subsequent growth in e-business has forced businesses to think beyond the traditional model and develop a new paradigm in order to compete effectively in such a dynamic environment. The new paradigm has permeated all aspects of how an organization conducts their operations and manages relationships from purchasing to sales.
As the COVID-19 crisis has brought about years of change in the way companies in all sectors do business. The companies have accelerated the digitization of their customer interactions and of their internal operations as well.
Businesses across the globe are slowly coming to terms with the volatile business
environment with the impacts of the COVID-19 pandemic. The year 2020 was a watershed year for digital migration with global e-commerce sales growing by 27.6%. With stores closed and health and safety at stake, brands turned to digital channels to meet even basic needs.
How Digital Marketing is Shaping the Businesses?
The importance of digital transformation for businesses is a largely accepted area of focus today. In order to get an optimal outcome, businesses are integrating digital transformation into every business process.
Capabilities of support digital marketing operations:
- Customer Insights: Track and analyze customer behavior, deliver valuable insights quickly to the decision makers.
- Understand Customers: Get to know your customers well by tracking, analyzing, and interpreting customer behavior and attitudes.
- Customer Experience: Design customer journeys based on the insights, integrate phases and functions to deliver great experience.
- Evaluate KPIs & Metrics: Continually track and manage marketing programs, adapt based on feedback.
Segments in Digital Marketing
Segmenting the audience into groups with similar traits is a great way to find opportunities, solve problems, and make sure each piece of content sent out goes to the right audience members.
The key segments of digital marketing are as follows:
- Demographic Segmentation: It segments your potential market based on age, gender, sexual orientation, and income.
- Geographic Segmentation: The target audience is segmented based on where they are located. For example, you could segment based on their country or zip code.
- Psychographic Segmentation: It allows segmenting the market based on customer personality traits, values, attitudes, interests, and lifestyles.
- Value segmentation: When you segment based on previous assessment of the transactional data to understand products purchased by customers and how profitable they are to the business.
Key Component of Digital Marketing
Digital marketing encompasses a wide variety of marketing tactics and …….