After 2020 upended the functioning of the world, and all the businesses gave a massive boost to the digital world, marketers have been debating what to expect from this changed world in the new year. There have been new trends that are emerging in the sales and marketing community, new ways to reach audiences and faster ways to measure results.
How does this impact budgets?
What are the criteria scrutinized by the sales force while closing a deal in today’s time?
Are there any benefits of the digital revolution to SMEs?
All this and more will be covered in this article. Let’s look at the many changes and which of them are here to stay!
- Social Media is now a tool for sales, not just discovery and awareness
With millions of people locked in their homes behind a screen, marketers have learnt how to use social media effectively to convert potential customers into loyal ones. Through SEO, SEM and the right marketing tools, this is a convenient way to build sales – definitely the new way that is here to stay!
- Increased Budgets on Digital Marketing
Before the pandemic hit the world, marketing included a gamut of tools but out of home(OOH) advertising always took the largest slice of the marketing budget. With the world going digital, this is expected to change in the new financial year. Companies will allocate bigger budgets to digital marketing, with a strategic plan that can show results.
- Virtual Events – now a reality!
While virtual events were started out of necessity, they have reduced the costs massively and increased the ROI. This is one of the major reasons that marketers predict this will be the way forward. Businesses have realised that virtual events reduce visa hassles, onground co-ordination while allowing you to target new markets and audiences.
- Artificial Intelligence – not the future but the present
While artificial intelligence is still gaining popularity in India, the chances of it growing rapidly are high. With Facebook owning Oculus, the time is not far when brands will start incorporating it into their digital plans.
- Variety of Mediums = More Opportunities
The best part about the digital medium is that there are multiple platforms, each targeting a different kind of audience by using different tools and mechanisms. For example, Instagram is all about the visual representation of your brand through images while YouTube gives you the liberty to allow users to experience your brand through a video.
For small and medium business enterprises (SMEs), this digital shift can be a huge boon because it opens up a whole world of opportunities and possibilities. Without renting an office space or allocating large amounts to on-ground marketing campaigns, it is now possible to publicise your business, reach your audiences and boost sales – simply at the click of a button.
This gives them immense power but even more responsibility because one right step can help you shoot up and one wrong step can pull you down.
- By Mr. Vikram Kumar, Co-Founder & Managing Director, SRV Media Pvt. Ltd.