A summary of the digital dilemma and its effect on the way businesses are operating today.
The Digital Dilemma
Whether you’re a start-up or an established brand, every business owner will be required to make an important decision in the course of their business venture; to go digital or not to go digital. In today’s day and age, businesses cannot turn away from the fact that this binary decision will determine the livelihood and the future of the brand itself. Thankfully, there is a middle ground more commonly known to those in the industry as the ‘modern marketing strategy’.
A smart business owner will understand that both internal and external marketing factors play a role in individual business success. According to research and consulting company, Strategy Analytics, spending for digital advertising in the Asia Pacific region has increased over the past year by 18.2% – that’s an estimated total of AU$78.4 billion.
This poses the ultimate question: if a majority of businesses are competing in the digital market, why isn’t your business? Furthermore, how do we, as business owners compete against others who seem to be employing the same traditional marketing strategy? The modern marketing strategy attempts to explain this.
The Modern Marketing Strategy
Ever heard of the saying ‘don’t put all of your eggs in one basket’? The modern marketing strategy explores this notion. Although there are many theories surrounding this, our experience here at Bonfire is what drives the thought behind this strategy.
Time and time again we see businesses come to us seeking SEO and other online digital services who understand the importance of digital for a competitive business strategy, however this is not always the case. The modern marketing strategy explains the need for the integration between traditional marketing efforts, digital marketing efforts and all other areas of the business including marketing goals and product mix. Each marketing component should work cohesively in order to play off each other’s strengths and enhance the overall business strategy. If one element were to change, it’s integral for the other elements to adapt. For example, if the business decided to rebrand, this should filter through to all digital efforts as well as traditional marketing efforts.
However, for many businesses today who don’t necessarily have the resources to fund their own marketing department, it can be difficult to maintain a consistent strategy. This is where outsourcing comes into play – not to a cheap, offshore “agency” – but to an established digital agency who knows exactly what it means to have a strong digital campaign and has the skills to seamlessly integrate these into the overall marketing strategy.
With many markets facing over-saturation and with a large number of businesses struggling to penetrate or compete at a profitable level, employing an effective modern marketing strategy is almost essential for survival.
In today’s complex world, businesses can either sink or swim. With this in mind, digital agencies have now become the buoys of the modern business world, giving rise to a new era in marketing: The Digital Era.