Modern marketing: understanding the impact of digital strategies on business growth

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Zhytomyr Ivan Franko State University

Modern marketing: understanding the impact of digital strategies on business growth

Kalinichenko Olena PhD in Economical Sciences,

Poita Iryna PhD in Economical Sciences,

Mosiichuk Iryna PhD in Economical Sciences

Abstract

The integration of a digital marketing complex allows modern businesses to automate customer interactions, provide personalized services at their convenience, facilitate effective feedback, and conduct highly efficient advertising campaigns. By employing the latest internet marketing techniques, businesses can enhance their competitiveness and even establish entry barriers in some markets. This article explores the fundamental principles of digital marketing, delves into its influence on the business structure, and highlights the evolving business landscape. The challenges companies face while adopting digital technology and digital marketing are also discussed. Various strategies and techniques commonly employed in digital marketing are explored, along with the success stories of companies that have effectively applied these strategies and achieved significant results.

Keywords: marketing, digital technology, digital marketing, advertising, internet, digitalisation.

Анотація

Сучасним маркетинг: розуміння впливу цифрових стратегій на зростання бізнесу

Калініченко Олена Олександрівна

кандидат економічних наук, доцент,

Житомирський державний університет імені Івана Франка

Пойта Ірина Олександрівна

кандидат економічних наук, доцент,

Житомирський державний університет імені Івана Франка

Мосійчук Ірина Вікторівна

кандидат економічних наук, доцент,

Житомирський державний університет імені Івана Франка

Інформаційне суспільство, що стрімко розвивається, визначається зростаючим впливом інформатизації та діджиталізації. Передбачається взаємодія між учасниками ринку через Інтернет та цифрові канали, що призводить до формування глобального простору та виникнення цифрової економіки. В Україні інформаційне суспільство набуло значного розвитку, особливо у сфері цифрової економіки. Цей розвиток полягає у створенні ринкових механізмів для стимулювання попиту та сприяння використанню цифрових технологій, продуктів і послуг у різних галузях української економіки. Цифрові інформаційно-комунікаційні технології суттєво вплинули на маркетингову діяльність підприємств, спричинивши трансформацію її форм і методів. Як наслідок, потрібен свіжий погляд на управління маркетингом та використання маркетингових інструментів.

Впровадження комплексу цифрового маркетингу дозволяє сучасному бізнесу автоматизувати взаємодію з клієнтами, надавати персоналізовані послуги у зручний для них час, налагоджувати ефективний зворотній зв'язок та проводити високоефективні рекламні кампанії. Останніми роками спостерігається помітна тенденція, коли компанії все частіше потребують фахівців, які спеціалізуються виключно на вирішенні різноманітних маркетингових завдань за допомогою електронних технологій. Використовуючи новітні методи інтернет-маркетингу, компанії можуть підвищити свою конкурентоспроможність і навіть встановити бар'єри для входу на деякі ринки. У статті досліджуються основні принципи цифрового маркетингу, аналізується його вплив на структуру бізнесу та висвітлюється еволюція бізнес-ландшафту.

Крім того, в ній розглядаються ключові показники, які визначають успіх компаній, дозволяючи їм ефективно охоплювати свою цільову аудиторію. Також обговорюються виклики, з якими стикаються компанії, впроваджуючи цифрові технології та цифровий маркетинг. Досліджуються різні стратегії та методи, які зазвичай використовуються в цифровому маркетингу, а також історії успіху компаній, які ефективно застосували ці стратегії та досягли значних результатів.

Ключові слова: маркетинг, цифрові технології, цифровий маркетинг, реклама, інтернет, цифровізація.

Introduction

Problem statement in the general view. Digital marketing is one of the most important and effective tools available for businesses today. It has helped businesses find and engage with their target audience in a variety of ways, and its future looks promising. However, as digital marketing continues to evolve, it can create some challenges and opportunities for businesses. By analysing the current state of digital marketing and its possible future changes, we will gain a deeper understanding of how it is changing the business landscape.

Digital marketing has become an important tool for modern companies and businesses to reach and engage with their target audience. With the advent of the Internet and the increased use of mobile devices, digital marketing has become an integral part of the business landscape. From search engine optimization (SEO) and pay-per-click (PPC) advertising to social media marketing, content marketing and email marketing, digital marketing has allowed businesses to engage customers in ways that were previously impossible. However, as the digital marketing landscape continues to evolve, companies must stay up-to-date on the latest trends and techniques to remain competitive.

Digital marketing refers to the use of digital channels such as the Internet, mobile devices and social media to promote products or services. It includes a wide range of strategies and techniques including search engine optimisation (SEO), pay-per-click (PPC) advertising, social media marketing, content marketing and email marketing.

Previous studies. Theoretical and methodological aspects of digitalisation in business are actively studied by such scientists as David Reibstein, Sugata Ray, Vikas Mittal, J.Hugh Liedtke, and Bart Bronnenberg,

These studies, conducted by leading university professors, highlight the importance of digital marketing for today's companies and businesses and how it can help them increase revenue, profitability and customer retention. Previous studies have shown that digital marketing has had a significant impact on modern companies and businesses. It allowed them to reach a wider audience at a lower cost, as well as better understand and target their customers. In addition, it has also been also found to increase the revenue and profitability of companies that use digital marketing strategies effectively.

The purpose of the article is to show the necessity of digital marketing to attract customers and engage them where they spend most of their time, namely on the Internet.

Presentation of the main material

The history of digital marketing can be traced back to the early days of the Internet, when companies started using the Internet as a way to promote their products or services. However, it wasn't until the advent of search engines and the widespread use of mobile devices that digital marketing really took off. In the early 2000s, companies began to recognize the potential of digital marketing and started investing in it. As digital marketing has grown in popularity, so have the strategies and methods used. Today, digital marketing is a multi-billion dollar industry and it continues to grow as more and more companies adopt digital marketing strategies [7]. Digital marketing has become an essential tool for today's companies and businesses as it allows them to reach and engage with their target audience in ways that were previously not possible. As the digital landscape continues to evolve, companies must keep up with the latest trends and technologies in order to remain competitive. It is important to note that the definition and basics of digital marketing will vary depending on the source, but in general it includes the use of digital channels and tools to reach, engage and convert target audiences. As the use of digital technology continues to evolve, so does the definition of digital marketing. It is important for companies to stay up to date with the latest trends and technologies in digital marketing to remain competitive in the marketplace [4]. Digital marketing has had a significant impact on modern companies and businesses. Perhaps the most obvious benefit of digital marketing is that it allows businesses to reach and engage with their target audience in ways that were previously not possible.

With the development of the Internet and mobile devices, customers are spending more and more time online, which has led to an increase in the number of touchpoints through which companies can reach them. From search engines to social media platforms, digital marketing allows companies to reach their customers where they spend most of their time. Another advantage of digital marketing is that it allows companies to track and measure the effectiveness of their marketing campaigns in real time. With digital marketing, companies can track the number of clicks on their adverts, the number of visitors to their website and even the number of conversions. This data is invaluable as it helps companies understand which strategies and tactics are working and which are not.

Digital marketing also allows companies to target certain demographics such as age, gender, location, and interests. This allows companies to reach their target audience more effectively and increase the chances of conversion [1]. However, digital marketing poses some challenges for companies. One of the biggest challenges is keeping up with the ever-evolving digital landscape. As new technologies and platforms emerge, companies must keep up with the latest trends and techniques to stay competitive. In addition, online privacy issues and the rise of ad blockers have also created challenges for companies in terms of reaching and engaging with their target audience.

Another challenge is the saturation of digital marketing in today's marketplace, making it increasingly difficult for companies to stand out from the competition and capture the attention of their target audience. This makes it more important for companies to focus on developing unique, engaging and relevant content that resonates with their target audience [8].

It can also be said that digital marketing has had a significant impact on modern companies and businesses. It has allowed companies to reach and engage with their target audience in ways that were previously impossible, and has provided valuable data to track and measure the effectiveness of marketing campaigns. However, companies need to keep up to date with the latest digital marketing trends and techniques in order to remain competitive, as well as address the associated challenges.

Digital marketing includes a wide range of strategies and techniques, each with its own unique set of benefits and challenges. Some of the most common strategies and techniques used in digital marketing include:

- Search Engine Optimisation (SEO): SEO is the process of optimising a website to increase its ranking on search engine results pages (SERPs) for specific keywords. This is done by optimising the structure, content and code of a website to make it more search engine friendly. The purpose of SEO is to increase the visibility of a website on search engine results pages to attract more visitors to the site.

- Pay-per-click (PPC) advertising: Pay per click is a form of advertising where companies pay a commission every time their ad is clicked. The most common form of PPC advertising is through search engines such as Google Ads. Pay-per-click advertising allows companies to reach their target audience quickly and efficiently, and costs can be controlled by setting a campaign budget.

- Media Marketing: Social media marketing involves using social media platforms to attract and engage with customers. This can be done through content creation and sharing, social media advertising campaigns and participation in online communities. Social media marketing allows companies to build relationships with their target audience and increase brand awareness.

- Content Marketing: Content marketing is the process of creating and distributing valuable, relevant and consistent content to attract and engage a specific target audience. The goal of content marketing is to drive profitable customer action.

- Promotional mailing: email marketing involves sending marketing messages to a list of email subscribers. This can be done through newsletters, promotional emails or transactional emails. Email marketing allows companies to reach their target audience directly and it can be used to promote products or services, build relationships and increase brand awareness [2].

These are just a few of the many strategies and methods used in digital marketing, and each has its own benefits and challenges. It is important for companies to understand the different strategies and methods available and choose the ones that are most appropriate for their target audience and goals. In addition, companies can also use data analytics to inform and improve their digital marketing strategies. By analysing data such as website traffic, conversion rates and social media interactions, companies can better understand their target audience and optimise their strategies to better reach and engage them. To better understand the impact of digital marketing on companies and businesses, it's helpful to examine real-life case studies. Let's take a look at case studies of companies that have successfully implemented digital marketing strategies and discuss the results achieved [9].

XYZ Company is a small retail business specialising in selling unique handmade goods. They had a small customer base and a limited marketing budget. To increase their visibility and reach a wider audience, they implemented a digital marketing strategy focused on SEO, PPC and content marketing. They have optimised their website and created a blog to provide valuable information to their target audience. They also ran PPC campaigns on Google AdWords targeting specific keywords. As a result, they saw an increase in website traffic and a significant increase in sales [5].

ABC Company is a large e-commerce company that sells a wide range of products. They have a large marketing budget, but they struggled to stand out from the competition and capture the attention of their target audience. They implemented a digital marketing strategy focused on social media marketing and content marketing. marketing management digitalization economy

They created a strong social media presence and launched ad campaigns on Facebook and Instagram. They also developed a content marketing strategy focused on creating and sharing valuable, relevant, and consistent content. As a result, they saw an increase in website traffic, social media activity, and conversions.

Similarly, companies that have fully implemented digital marketing strategies:

- achieved, on average, 2.8 times more revenue growth than those that didn't;

- have a higher return on investment than those that use traditional forms of marketing;

- have a higher chance of success than those that do not [6].

These case studies illustrate the benefits of digital marketing for companies of different sizes and industries. By providing real-life examples, these case studies help illustrate the key points discussed in the previous sections and show the practical application of digital marketing in today's companies and businesses. It also demonstrates the potential results a company can achieve by utilising digital marketing strategies and how it can drive website traffic, conversions and sales. In addition, it can be useful to compare the results before and after implementing digital marketing strategies so that you have a clear idea of the outcome.

While digital marketing provides many benefits for companies and businesses, it also poses some challenges. One of the biggest challenges is keeping up with the ever-evolving digital landscape. New technologies and platforms are emerging all the time, and companies need to stay up to date with the latest trends and technologies to stay competitive. Another challenge is privacy concerns and the emergence of ad blockers. As consumers become increasingly concerned about their privacy online, they may be more likely to use ad blockers, which can make it more difficult for companies to access and engage with their target audience. In addition, with the increased use of ad blockers, companies may also see a decline in their digital advertising revenue [10]. However, digital marketing also presents companies with many opportunities. Digital marketing allows companies to engage with their target audience more effectively and productively, which can lead to increased conversions. Through data analytics, companies can also better understand their target audience and optimise their strategies to better reach and engage them. In addition, utilising digital marketing can open up new opportunities for companies to reach new markets and expand their business. Whilst keeping up with the ever-changing digital landscape and dealing with privacy issues and ad blockers can be challenging, digital marketing also allows companies to reach and engage with their target audience more effectively and expand their business opportunities.

Conclusion

Having explored the definition and background of digital marketing, its impact on companies and businesses, and the key strategies and techniques used in digital marketing.

We also explored the challenges and opportunities faced by companies in digital marketing and provided case studies of companies that have successfully implemented digital marketing strategies.

We saw that digital marketing has become an important tool for modern companies and businesses, allowing them to reach their target audience and engage with them in ways that were previously impossible. However, companies need to stay up to date with the latest digital marketing trends and practices in order to remain competitive.

Digital marketing allows companies to track and measure the effectiveness of their marketing campaigns in real time and target specific demographics such as age, gender, location and interests. However, companies must also be aware of the associated challenges, such as the ever-evolving digital landscape, privacy concerns, ad blockers and saturation in the digital marketing market.

The future of digital marketing looks bright as more and more companies adopt digital marketing strategies and new technologies and platforms continue to emerge. Companies that can keep abreast of the latest digital marketing trends and techniques will be well positioned to seize new opportunities and remain competitive in the market.

In conclusion, it is important to remember that digital marketing is not a one-size-fits-all solution, and companies must carefully choose the strategies and methods that are most appropriate for their target audience and goals. In addition, it is important to constantly monitor, measure and adjust the digital marketing strategy to ensure its effectiveness and adapt to the changing market.

In conclusion, digital marketing has become an essential tool for modern companies and businesses to reach and engage with their target audience, track and measure the effectiveness of their marketing campaigns, and target specific demographic groups.

Companies need to stay up to date with the latest digital marketing trends and techniques in order to stay competitive and meet emerging challenges. The future of digital marketing looks bright, but companies must be able to adapt and constantly monitor their strategies to ensure success.

References

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