How did we arrive here? How did marketing move from a relatively linear, traditional path to one of rapid-fire change?
It is an excellent question, and one that can be better understood by looking at how marketing has evolved. Marketing professionals and business leaders will be able to better understand the incredible leaps in marketing that have been made in just two generations by exploring the data-driven marketing approaches, social media influence, and constant changes in consumer behavior and expectations.
Leaders should also be prepared to avoid common pitfalls and move confidently forward into whatever lies ahead.
The Blockbuster/Netflix fiasco is well-known to most marketers, even those who are new in the industry. Blockbuster turned a blind eye to the rise of Netflix’s digital streaming model in the early 2000s. It wasn’t that Blockbuster was ignorant. This was a deliberate decision to maintain their current operational model, which revolved around brick-and-mortar retail stores.
As the consumers became more familiar with digital streaming, they started to migrate away from Blockbuster towards Netflix. Blockbuster is the past. Netflix, on the other hand, was the attractive, sleek future. Blockbuster filed for bankruptcy in 2010. Netflix, well, you’re probably aware of how that has fared.
But the question still remains: How did this happen? Let’s start by comparing marketing before the internet and after.
20th Century Marketing vs. 21st Century Marketing: Two Very Different Landscapes
This section should begin by pointing out that digital and traditional marketing are not completely alien creatures. Both have many similarities. One of the main reasons is that they all share a common goal: connecting brands and organizations to their target audiences. You’ll be focusing on education and pushing messages to the public with a goal in mind, whether you were marketing in 1975 or in 2024. ).
Digital marketing differs from traditional marketing in terms of speed, precision and flexibility. Digital marketing is fast-paced because of the speed at which digital technology moves. The digital world is advancing fast. It doesn’t take a decade or a few years for advancements to occur. TikTok is a good example. The popularity of the social networking app soared in 2020. Digital marketers who were on the ground at that time knew they needed to pay attention. Digital marketers who didn’t pay attention were left confused and unprepared by TikTok.
It’s important to understand that digital marketing is a constant. It is what it is, and marketers must stay on top of things. They risk putting their stakeholders and themselves at risk, and they could end up with a marketing strategy that is largely forgotten.
Digital Marketing Is a Meteoric Rise. The Price of Looking the Other Way Can Be High
Why not just keep going and don’t worry about how Digital Marketing got to this point. It can be tempting just to start in the middle, but you could end up with a lot of problems and missed opportunities.
You’re likely to be doing the following when you are unclear about the timeline for a digital marketing strategy, such as using social media influencers or AI platforms that generate keyword suggestions.
Give your competitors an edge
You can be sure that even your most aggressive, agile competitors don’t want to lose market share. They are looking for ways to engage with customers and reach a larger audience. Your brand’s relevance would be a welcome decline for them as consumers switch channels overnight. You could lose your customers if you don’t adapt to their needs and preferences.
Spending your money inefficiently
“Our marketing department already has the budget it needs,” never said a marketer. Ignoring the digital marketing trends and technologies coming in the future can lead to wasteful and inefficient endeavors. You will always have limited resources. You can make better financial decisions by keeping track of digital marketing and becoming an expert in the field.
Reducing Customer Engagement
Today’s customers are difficult to engage. reportedly has a 12-second span of attention for Millennials. Do you think that’s a short attention span? Gen Z clocks in at eight seconds. Digital marketing helps you to connect quickly and in a customized way. This will help your brand’s visibility on digital platforms. Customers will also enter your sales funnel, and you won’t have to worry if your recognition or awareness is fading.
Destroying your credibility and reputation
Consumers expect businesses to have a good understanding of digital marketing. People who aren’t digitally savvy are seen as outdated and unapproachable. Even legacy brands can suffer. Take a look at what happened with Kodak. Kodak, once a major player in the film and camera industries, has failed to keep pace with its competitors. The bankruptcy of the company in 2012 was starkly compared to its digitally advanced competitors, Nikon and Canon. A decline in reputation not only affects sales. This is also a problem of sourcing talent. It’s harder to attract and retain high-performing employees when your brand isn’t seen as innovative.
Ouch, right?
But there’s a positive side. You’ll enjoy a number of benefits if you spend the time to understand digital marketing’s trajectory. You’ll be able to stay on top of consumer preferences and meet them where they are most likely to buy or engage. You can also increase your competitiveness by lowering barriers to consumer engagement. Being a leader in the marketing world is an advantage. The market is competitive and crowded.
You and your brand will shine if you are a digital marketing leader. You’ll be able to tell people how you use data to make decisions, how you reach audiences efficiently, and how you constantly stay up-to-date with digital marketing changes. It’s a great opportunity to showcase your business and yourself as a leader. What could be better than this?
What’s the bottom line? It’s not necessary to spend your entire life studying the nuances and roots of digital marketing. You should continue to the next part of this article. You’ll find just enough information about the history of digital marketing to help you improve your digital marketing initiatives and skills.
Digital Marketing’s Most Transformative Trends and Milestones
The digital marketing class has officially started. Let’s first take a look back at some of the biggest milestones in digital marketing. These milestones have all served as a springboard to the future of digital marketing.
1994
You may have seen an advertisement at HotWired.com if you were online in 1994. This was a banner advertisement that could be clicked. Clickable ads were not used by any company online before that time. The practice was adopted by digital marketing very quickly.
1998
This year, we introduced Google, the most popular search engine on the planet. Google introduced search engine optimization (SEO), and the word “algorithm”, which became a household term. At least if you have marketers in your family.
2000
Google AdWords was launched just two years after the launch of AdWords, allowing businesses to enter into Pay-per-Click (PPC advertising arrangements. PPC allows companies of any size, from small startups to large enterprises, to be seen by their target audiences.
2003-04
You may have heard of MySpace. It was the predecessor to social media. Facebook was the next to catch on, and it captivated the public. People started creating pages and communicating. Digital marketers who help businesses shine were not far behind.
Today
Since about 10 years ago, AI has had a greater influence on digital marketing. AI-driven chatbots that interact with humans like a human being are becoming more common. AI is expected to revolutionize marketing and life in the next few decades.
This list is just a snapshot of the digital marketing landscape. Other digital marketing trends that have been transformative in recent years are also possible. These trends are still useful as a guide for the evolution of digital marketing. We wouldn’t be able to use some of the most useful and relevant digital marketing tactics and tools without them.
Social Media Influencers
It wouldn’t have been possible without MySpace. Social media personalities are trusted by consumers in a different way than brands.
Personalization
Technologies such as AI-fueled systems enable true personalization on a large scale. The consumer expects to be treated in a personalized way. AI-powered personalization helps them connect with brands.
Instant satisfaction
With the rise of online shopping, consumers are more educated and can find what they need almost instantly. Online shopping is possible in real-time, thanks to companies such as Amazon.
Everything is omni-channel
Digital marketing buzzes with talk of omnichannel marketing. This is another way to look at the customer journey. In the past, consumers used a limited number of channels to make purchases. They can easily jump from one channel to another, and even device-to-device. Digital marketers must be aware of which channels their audience is using, or they risk wasting advertising dollars.
The rise in the educated consumer
Transparency has become the norm at a time when consumers are able to read reviews, watch videos, and educate themselves about any product or subject. Digital marketers must prepare for this by ensuring that they are pushing out valuable and honest content.
What’s your next step? Find out how you can use these digital marketing trends to your advantage, or that of your clients, if you are a marketing agency. Your marketing strategy must always improve and optimize to stay up-to-date, just like digital marketing trends from years ago.
How to Leverage Digital Marketing - One Platform at a Time
Companies that excel at digital marketing have a strategy for each digital platform. They don’t leave a single online space untouched or untested. They actively try to carve a niche in every platform. Contact us at GenTech Marketing for more information.
