According to the formal definition, marketing as a whole is made of up the following four constituents:
- Creation of offerings
- Communication of offerings
- Delivery of offerings
- Exchange of value
If you think carefully about it, each of these slices of the greater whole can be tied to an identifiable hard skill or characteristic that requires unique talent. The first requires creativity, the second requires communication skills both one-on-one and with a large audience, the fourth requires sound execution and the last requires integrity. Effective marketing efforts necessitate the recruitment of all these characteristics.
In the world we live in today, the foundations of marketing remain the same, but the means by which results are achieved continue to rapidly evolve. Although dozens of subcategories exist, there are really only two remaining branches of marketing that define how the above four processes are carried out. Let’s talk briefly about both.
Traditional marketing relies purely on offline strategies. Though some means of traditional marketing have become obsolete, there are some that still find considerable relevance today. Those include:
- Direct Mail
- Flyers and Brochures
When it comes to selling goods and services, if your offering is reaching consumers or businesses, then you have fought half the battle. Billboards can help with brand recognition, individuals will surely lay eyes on a flyer on their doorknob and salespeople will always have certain advantages over machines. Thus, traditional marketing still has its place. However, in a world of automation and efficiency, traditional marketing efforts continue to fall behind as the internet houses larger and larger audiences ready to be reached.
Digital marketing captures all that falls under the online advertising umbrella and is relatively new. The earliest examples of digital marketing strategies can be traced back to around 1994, meaning that the entire digital marketing industry has existed for less than three decades.
To put this in perspective, take Citigroup, an American multinational investment bank now possessing over $250 billion dollars in assets. Originally founded in 1812, this company earned its elevated status through traditional marketing efforts over the course of 182 years. Suddenly, the internet took the world by storm, and since, this corporation has spent less than 13 percent of its life focused on any digital marketing efforts. Even the old players are new to the game.
Now, over half of the world’s population is active online and companies find the need to access the market through digital means. Through proper strategizing and execution, they are able to do so by focusing on digital marketing’s 8 pillars:
- Mobile Marketing
- Email Marketing
- Content Marketing
- Social Media
- Marketing Automation
- Digital Advertising
As email continues to size-up snail mail and as screens capture more and more of our attention, it is only prudent to try and tap into those mediums. This is exactly what digital marketing aims to achieve. Any company in any industry has something to gain from targeting an online audience.
Drawing on the Past for a Better Future
Marketing has taken a considerable, recent turn that has been both to the benefit and the demise of organizations worldwide. Whether digital marketing continues as we know it or completely transforms at some point in the future, it is of little concern to us at the present time. When it comes to marketing, the focus should always be on what is working. Whatever efforts most effectively bring recognition to your name and yield paying customers should merit the majority of your attention, and right now, digital marketing is what’s working. There is no reason to believe that the industry’s foothold will grow more shallow as time moves forward. If you have questions about how digital marketing can be used to your advantage, contact us today.