Overrated, outdated, and over presented.
Those are the words used by Mark Ritson, a Marketing Professor at Melbourne Business School to describe digital marketing. In the 2015 media forum, Mark Ritson made a valid point on how 66% of Australian does not follow brands on social media and that of the 34%, 84% follow less than 7 brands.
The thing about social media is, you do not have to follow a brand in order for them to have an influence on you.
While only 34% of Australians follows brands on social media, 82% of online customers are inclined to follow recommendations made by local influencers. 1 out of 4 people have used discount codes from an influencer, and 68.2% people have positive or neutral feelings towards a sponsored influencer ad.
Statistics aside, as a 19 year old teenage girl I can hereby confirm that influencer marketing really influence my purchases, as it feels like following a friend’s recommendation.
Influencer marketing has something that print ads, television ads and radio broadcast could never have, which are emotional connections.
Influencer marketing works because it shows authenticity, true reviews, and personality. It builds a connection with customers, creating a trust factor.
Not only that, digital marketing also has various other benefits that traditional media doesn’t, one of them being cost effective.
Digital marketing allows less spending, while getting a better reach.
Mark Ritson stated in the same video that only 7% of companies strongly agree that they see ROI from social media, however, SEO has been proven to have a conversion rate of 14.6% whereas traditional medias only have 1.7%. In addition to that, 40% of users are more prone to spend more money on business who are engaging on social media.
Furthermore in 2018, new findings and developments have come to light, such as other ROI metrics, to help analyse and track social media ROI’s.
All in all, while traditional media is also a viable option for marketers, depending on the target market of the products and services, there is no possible way of digital marketing to cease from existence, nor is it a poor decision to allocate a social media budget. Digital marketing is a revolutionary thing that has countless benefits and will continue to advance and grow over the years.
Question: Was your last purchase influenced by influencer marketing (youtube review, blog posts, instagram posts) and online ads, or traditional medias (tv ads, radio broadcasts, newspaper ads)?