Digital marketing is about promoting your brand to connect with potential customers using the internet and other forms of digital communication. This includes not only email, social media, and web-based advertising, but also text and multimedia messages as a marketing channel.
“Digital marketing is dead” is a bold statement, specifically for and from the context of Business to Business (B2B) growth businesses with annual revenues between $1m – $10million, argues Pavlo Phitidis in this podcast from The Money Show:
Here are his reasons:
It’s a broken covenant or we’ve been duped by the giant conglomerates who run these platforms – Google, Facebook and Twitter
In the beginning we were told that good content is king, so create good content and the platforms would support your growth by ranking you better and growing your audience and community. Your ads, if created well, would pop and generate response.
Then it all changed, after we’d invested deeply in creating content for our community The platforms listed, and turned from looking at us, the users, to looking at their shareholders, and shifted their focus to delivering returns. The algorithms changed to serve that audience. And for users, they keep changing. You simply can’t keep up.
Today we find ourselves in a position where we create good content, we build our community through that, but discover that we’re only reaching a small percentage of our hard-earned community – and to reach the rest we need to ‘boost’ our ad.
The context: A changing environment
In the old days TV really worked. There weren’t that many options so you knew if you flighted an ad it would reach millions. But that ad costs millions too, so that was only an option for big corporates with deep pockets.
Radio used to be an affordable and impactful option for private business but it has been hard hit by Covid as fewer people are in their cars, in traffic. Even before Covid, it had taken a huge knock from audio-on-demand which has become accessible to almost everyone from Spotify to podcasts to Youtube.
Print has been decimated by online, which allows us access to news from millions of sources.
These changes led us to believe that digital was our best option to reach our audience.
So, who can help us?
It’s become so complex to understand the digital marketing reports and results and so we turn to agencies to interpret the stats, and act on them.
Digital marketing is a long and expensive game, and entrepreneurs are impatient – we want to see results! So the agencies move up the ranks to serve corporates with big budgets that can sustain long contracts.
In addition, many of the agencies are affiliated to one or more of the digital marketing platforms, and are motivated to use those platforms for your spend.
Where to now?
There are 2 trends that Pavlo sees emerging to get results from digital:
- Performance pricing
If you are an agency that is confident digital works – then consider getting paid on the basis of delivering leads.
- Relationship marketing
Migrating good old fashioned relationship marketing into a digital delivery.