August 29, 2012 by entrepreneurapproach
Marketing in a traditional sense, has been a one-way communication for decades. The days of advertisements being a message given to consumers with no response back to companies is slowly coming to a halt, as technology and social media are becoming a necessity in todays modern society.
There is a new form of marketing that has developed as the age of the internet, mobile phones and other advanced technology has developed as well. It has allowed firms to be in 2 places at once and taken small businesses to global success. That form is E-marketing. It is the new term for the interaction between consumer and company. It is the visible way that businesses are trying to expand their customer base, increase total sales and gain that all important competitive advantage.
Communication between a firm and their consumers is, well should be, of up most importance to that company. Without communication happening between you and your consumers, how do you know what they are wanting? how do you know what advertisements are working? and how do you know that you are maximizing your marketing efforts correctly?
Why is it so good you ask?
Marketing for any business is a costly activity. But like the old saying, “you only get out what you put it in”, and if you put in a little bit of capital into marketing, you’ll gain a whole lot out of it. Especially in terms of e-marketing, as it accounts for 20% of advertising but only 8% of advertisings total costs.
E marketing is advantageous to a business because it:
– reduces the cost of targeting your market because of the ease and simplicity of using electronic media.
-Gain a faster response from consumers through the instantaneous speed of electronic media.
-More comprehensive results from data collection about your target market
-Opens up the possibility to a market of one through personalization as opposed to operating in one market.
I want to expand on one of the advantages i mentioned above, and that is about e-marketing opening up the possibility for a market of one as opposed to one market. what this means is that generally, a business without e-marketing only has one market to target because they have no way of personalizing their advertisements to each individual. for example, imagine sending out a personalized advertisement to every single customer of yours in the form of a letter. how costly would that be?
Instead, e-marketing allows us to make each advertisement personal to each consumer as generally the only cost incurred is time. If you have the time to personalize a 100 emails instead of writing 100 letters, you will have saved on expenses.
This way we can target a consumer directly which would be our market of one. Online we are able to target millions of markets of ones, allowing a business to rapidly expand.
There are a few issues with e-marketing. the majority of it stemming from the problem of overcrowding. Just like the conventional television advertising, it becomes harder and harder to stand out to a consumer. Consumers are exposed to around 3500 marketing messages per day, which makes the problem even harder.
The high levels of competition with online marketing is the biggest issue for businesses. Its so easy to start campaigning online, but very difficult to be able to stand out from the crowd. The way that this issue can be fixed is to get creative, and be innovative. you need to make sure that your the advertisement that people watch and then seek out more information about.
As an ending to this post on e-marketing i want to share with you a couple of things that i think are very valuable when thinking about how your business communicates in this new age of technology and social media.
A successful business using e-marketing should:
Move from standardization to customization
Move from audiences to participants
Move from message to dialogue.
Thanks for Reading!