“It is not about the destination that you reach, it is about how you reach the destination.” This is the life mantra of Mr. Rakesh R, Business Head, and Director, Deepsense. His present scope of work includes managing finances and overlooking operations and business development of his firm. Through his consistent and focused efforts, Mr. Rakesh seeks to leverage his knowledge in the fields of sales and management to lead his company to become a pioneer in the field of digital solutions.
Introduction
Rampant technological infestation and development have dictated the landscape of all industries over the last few decades which was only further bolstered by the advent of the global pandemic. The rapid growth and acceptance of all things digital can be explained by the wide base of benefits that they offer in terms of enhanced efficiency and ease within reduced costs.
In today’s era of digitization, one area that has developed significantly is digital marketing. The scope of digital marketing, that was traditionally restricted to being an advertising and brand visibility enhancement function, has now evolved to make it more of a sales action. The function now involves generating leads and sales by relying on tactics used to enhance customer pool and awareness about the brand.
The digital marketing industry has been experiencing a substantial rise in recent times as underlined in a report compiled by Statista that quoted that the Indian digital marketing industry has gone from valuing 47 billion INR in 2015 to valuing a massive 199 billion INR in 2020. The report also stated that the industry is projected to continue with the growth and value 539 billion INR by 2024.
It is important for firms operating in a growing industry to recognize market trends and demands. This is because for a company to be in a place to confront efficiently the evolving dynamics of the market, it has to anticipate them timely and plan accordingly to capitalize on them. Some trends that are reigning in the digital marketing industry are magnified on below-
The trend of Hyperlocalisation
Consumer taste and marketing tools have been fast changing in recent times as with the rise in technology and widespread globalization, the choices available with the customers has increased substantially. In this circumstance, marketers have to make extra efforts to lure consumers by satisfying their tastes and preferences.
Hyperlocalisation is gaining rapid popularity in the marketing field as of late. It refers to a method of marketing that involves placing a product in a way that appeals to the local culture and norms of the target area. This enables marketers to approach their consumers from a personal and emotional point of view and thereby adds to the attraction of their product.
Inclination towards efficiency
In today’s time, people prefer quick, efficient and economic products and services. Thus, for digital campaigns to appeal to the people of today, they have to pass on all important information in a brief and engaging manner. The Digital Marketing industry is fast picking up on this trend and is making their Ads not only more interesting but are also placing them in manner and on a platform that enables it to reach the target audience efficiently.
Rapid infusion of technology
Automation and immersive technologies are fast trending in the present day. Interactive and immersive content facilitates luring a customer in by sparking their interest. Since digital marketing essentially exists to attract customers only, immersive technologies such as AR/MR/VR are expected to lead the forefront of innovation in the digital marketing arena.
Further, automation is spearheading in all industries and the digital marketing industry is no different. Marketing automation is projected to be the next best thing in digital marketing and is anticipated to become a core tool for scaling virtual business.
Summing Up
The digital marketing industry is undergoing robust development in present times, and hence the industry characteristics are also changing. To leverage the transition, businesses need to stay at par with all market trends. Some trends such as the growing importance of technological infusion and advancements, efficient communication, and hyperlocalisation are discussed in the scope of this article.