Marketing is a very broad term that refers to the action of promoting or selling products. Before the digital revolution, businesses would engage in marketing by advertising their products using traditional methods, such as billboards, television commercials, and phone calls. Because of the interconnectivity and technological advancements in our world due to the digital revolution, marketing has been completely revolutionized.
Before the digital age, surveys were an extremely essential part of marketing. Surveys were important because they were one of the only ways for businesses to determine the preferences of people, and how consumers reacted to their advertisements and products. Now, with social media, people are able to interact with the advertisements and businesses themselves, which gives businesses the ability to analyze the feedback of their marketing campaigns and products instantaneously, and without the additional costs of coordinating surveys.
Businesses today are able to use technology to significantly increase the effectiveness of their marketing campaigns. Because of the digital age, businesses are able to reach more possible customers when they advertise their products. Companies are able to utilise social media sites such as Facebook and Twitter, by creating attractive social media accounts that feature their products and services. Furthermore, if a business creates an ad that people find amusing, such as funny video, people share the company’s advertisement on their own, which is an enormous help for marketing campaigns. In addition to being able to reach more people, businesses are able to show their ads in places online that optimise relevancy, to maximise the effectiveness of each ad.
Below is a YouTube video that explains how marketing is used on social media, and why it is so effective.
The digital age has not only revolutionised the way marketing is performed, but it has changed the markets themselves. Markets of different geographic locations prior to the digital age differed to a greater extent than what they do today. Hard to believe? This phenomenon can be explained due to the fact that people were not as aware of the lifestyles of their neighbors, and what products they were purchasing. Now, the global market has been redefined, people are far more knowledgeable of the lifestyles of people in different geographic locations, and what products and services are available, which in turn, lowers the extent of how much different markets vary.
Not only has the digital age strengthened the voice of the seller, but it has given consumers a larger voice as well. Today, consumers are able to voice their opinions about products and services very easily, and their voices are widely heard, which can be detrimental to some marketing campaigns depending on how the product has been perceived. Through online reviews, we now have access to the insights of the previous consumers of a product. Before online reviews, potential buyers of a product would get their information primarily from marketing campaigns and salespersons. Because consumers of a product are usually not biased towards that product, potential consumers view the opinions of previous buyers to be much more credible compared to the opinions of the companies trying to sell the product. The credibility given to online reviews has caused some problems though. For example, some companies will write fake online reviews of their own businesses to promote them. Hotels have been notorious for having fake reviews, according to the findings from a study done by KwickCheck, a reputation management company, between 5 to 10 million of the reviews on TripAdviser are fraudulent.
In conclusion, technological advances have completely revolutionized the way businesses approach marketing. Information is being shared now more than ever, and businesses have found ways to take advantage of this immense sharing of information. Marketing will never be the same.