6, November 2019
If any organization thought of formulating marketing strategies for any of their product or service a decade ago, the online marketing platforms would have been the last choices they would invest in. The primary choices of marketing would still include newspapers, TV, hoardings etc. However, the transition that the world of marketing has witnessed in the recent years has lead to discernable differences between tradition marketing techniques and the digital marketing tools intensively adopted these days. The biggest differentiating factor between traditional marketing vs digital marketing is the number of prospective consumers one can target through each of them. The traditional marketing tools like Direct Mail, Newspaper, TV, etc have an expected response rate of not more than 2%. It means of any 1000 people we contact, the expected responses will be around 20 responses.
This number is insignificant for any type of growth that an organization aims to achieve. The primary thing is to target as many customers as possible and with the least amount of investment. This is where the digital marketing comes in. Digital Marketing techniques have given Indian organizations to broaden their customer base to international markets. The online marketing has in fact, aided small sellers to make their position in the market, as the cost of marketing online is less costly and more effective. The chalked out difference of both the types of marketing and their implications must be instilled among the students by the B-Schools while imparting the conceptual knowledge. Interestingly, various institutes like Lloyd Business School aims at integrating the conceptual & practical expertise by bringing in the Corporate Mentors from marketing area who make them the real-time picture to the students. The students of Lloyd Business School, therefore, understand from the beginning that the application of any type of Marketing strategy will depend upon the changing in the marketing environment.