In times past, people looked to the news to find out what was going on in the world. News publications like The New York Times and The Wall Street Journal were some of the first to bring breaking news and in-depth reporting to their audiences. The advent of social media has changed how people receive and process information. Today, breaking news can be found on social media and search engines like Google and Bing, and the New York Times and Wall Street Journal no longer hold a monopoly on journalism.
With fewer gatekeepers and more content created and shared for a global audience, digital marketers must adapt and learn to use new platforms and tools to promote their brands, products, and services. In this article, we’ll discuss the impact that digital marketing is having on the world at large and how you can get involved and succeed in this growing industry.
Economic Impact
New research from HubSpot and Canva reveals that marketers are driving revenue and business growth in surprising ways. For example, 84% of respondents reported an increase in new customers. Similarly, 75% reported an improvement in brand awareness. Fewer people said their efforts had no effect (27%) or negatively impacted their businesses (12%).
Respondents also reported that their digital marketing activities have a significant impact on revenue. Fifty-seven percent said their efforts lead to an increase in overall sales, and 43% reported the same for acquisitions or business developments.
The impact that digital marketing is having on business is a clear demonstration of why marketing departments have shifted to a digital sphere. In the past, consumers would visit a store to find goods that matched their needs. Now, with the click of a button or the swipe of a finger, they can find exactly what they want and need, without leaving the comfort of their homes. This consumer empowerment is changing the nature of marketing and business as we know it.
Political Impact
The Covid-19 pandemic was just one of the many significant events that occurred in the past year. Marketers and digital marketers worked tirelessly to ensure that their clients and customers were well-provided for and cared for during these challenging times. For instance, the American Association of Advertising Agencies allocated an unprecedented $20 million to the Covid-19 Pandemic Relief Fund, an effort which assisted millions of Americans and businesses.
While the economic and political landscapes shifted dramatically in the last year, marketers continue to be tasked with helping their clients navigate these changing times. Indeed, many firms adjusted their entire approach during the pandemic and emerged stronger and more effective than ever.
Media Impact
Even before the pandemic, the way we consumed and engaged with media had changed. Print publications like The New York Times and The Wall Street Journal no longer hold a monopoly on journalism. Online publications like The Huffington Post and Buzzfeed create and curate content for a global audience.
Traditional broadcast and cable television channels are also shifting to a digital model, with many experimenting with and testing various forms of digital marketing, such as video marketing and social media marketing. This digital transformation has significant implications for marketers.
The convergence of digital marketing and journalism has created an entirely new sphere of influence: the Internet. It is now possible to research and learn about anything from anywhere. More importantly, it is now possible to share that information with anyone, instantly, for the price of a data plan with YouTube or Soundcloud.
Consumer Behavior
The news, economic impact, and media trends combined to put a never-before-seen spin on consumer behavior. This shift can be attributed to the interconnectedness of our devices, our need for instant gratification, and the fact that many consumers no longer have a single information source. The Wall Street Journal found that people are now 65% more likely to click on an ad or link in an email compared to a conventional ad on a website. We’re also seeing people adopt new behaviors that weren’t entirely possible or practical a few years ago.
These changes in consumer behavior can be attributed to a combination of factors, but the rise of digital marketing and content creation is undoubtedly having a significant impact. For example, 55% of consumers said they’d be more likely to purchase a product or service they found through social media. These trends and consumer behaviors will continue to evolve as we move forward.
The world of digital marketing is vast, and it can be difficult to find one’s way around it all. However, with the basics and entry points to get started, you’ll be able to carve out a place for yourself in this exciting and ever-changing field.