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A recent survey shows that nearly 49% of consumers aged 18-29 have purchased after viewing social media ads. This interesting statistic is nothing but a glimpse of what is digital marketing and the benefits of digital marketing. In summary, the answer to the question “What is digital marketing?” refers to marketing efforts put in by marketers leveraging digital channels. These include search engines, social media in the form of Facebook, LinkedIn, or Instagram, emails, and Web sites to woo current and prospective buyers. If the power of digital marketing excites you, please hold on to your horses. After giving you more insight into this marketing model, I will share the top 10 benefits of digital marketing.
What is the Digital Marketing’s working principle?
To optimally utilize the potency of digital marketing channels, marketers resort to a fleet of content marketers, social media marketers, or email marketers. Content marketers promote products and services by composing blogs aimed at the target audience. Social media marketers use social media channels to promote these blogs. Email marketers send out email campaigns to reach out to potential buyers who show interest in the brand.
Overall, the benefits of digital marketing are to help businesses reach out to a wider customer base through cost-effective means compared to traditional marketing. Additionally, you can measure your success daily using digital marketing tools. These measurement results help fine-tune your digital marketing strategy, as appropriate.
One important distinction that I want to highlight here is that the digital marketing strategy differs with the marketing model. Let me explain the differences to help you align your strategy to your marketing needs.
B2B Digital Marketing
If you are a Business-to-Business (B2B) company, your focus will be to maximize online lead generation. Accordingly, your digital marketing strategy must attract and convert the best quality leads of your sales force via your website with support from digital channels.
Apart from your website, in the social media space, centralise your efforts on LinkedIn. Important to note that this is where your target audience is likely to spend most of the time.
B2C Digital Marketing
If you are planning a Business-to-Customer (B2C) company, focus on accelerating your buyers’ journey from when they land on your website until they make the purchase. This means your marketing strategy must include strong call-to-actions to inspire quick purchases.
In other words, your website must promote your merchandise instead of a salesperson. Further, the strategy must target Pinterest and Instagram to lure your potential customers instead of LinkedIn.
In a nutshell, irrespective of the nature of your business model, you can leverage the power of digital marketing tools to design an impactful digital marketing strategy that improves your RoI.
By now, I believe, you have answer to your question, “What is digital marketing?” It is the need of the hour, and your business demands it. But what exactly are the benefits of digital marketing in Nigeria? Let’s first understand the economic topography of Nigeria. Then we will explore the benefits one by one.
What is Digital Marketing Opportunity in Nigeria?
What is the present and future of digital marketing in Nigeria?
The good news is that over the last few years, digital marketing has garnered rising attraction among the general population. People in Nigeria are increasingly tempted to make online purchases. This popularity is evident from aggressive advertising campaigns attempting to lure customers. Some advertisers leverage the power of Websites to sell their merchandise.
Alternatively, some resort to digital marketing agencies. These agencies specialize in marketing products and services.
Yet another way advertisers join the digital marketing revolution is by training themselves as digital marketers. Fortunately, Nigeria offers a plethora of online and offline courses. These courses are designed to help you understand “What is digital marketing?” and train on the theoretical as well as practical concepts of digital marketing.
You are now clear that the digital market in Nigeria is ripe with opportunities. But is digital marketing worth pursuing? To help answer this question let me list the top 10 benefits of digital marketing.
Top 10 Benefits of Digital Marketing
1. Reaching out to a global audience but marketing to a niche audience
This unique marketing model is the source of the real power. Leveraging the power of the Internet, you can reach out to customers living in any corner of the globe. In other words, digital marketing transcends all geographical barriers.
Interestingly, however, you must identify your target audience. Only then you can design your product or service to cater to their requirements.
For example, if you are planning to launch a new brand of lipstick, you can filter down your customer base to working women in the age group of 25-40. This breakdown is possible only through the judicious use of digital marketing tools. One of the compelling benefits of digital marketing indeed.
2. High Return on Investment (RoI)
RoI, at the end of the day, is what drives any business. In other words, to survive, a business needs a healthy RoI. One of the benefits of digital marketing is the high RoI because it requires low investment compared to traditional marketing. The reason lies in the low marketing cost and efforts spent. At the same time, the returns are higher as you leverage a global audience. Therefore, even small and medium businesses know what is digital marketing and can afford to pursue it.
3. Trackable and measurable results
Any marketing initiative thrives when you know the outcome of your investment. Luckily, digital marketing makes this possible through tools such as Google Analytics and Google Search Console. Measuring the outcome of your marketing campaigns helps fine-tune your digital marketing strategy. You know how your investments are fairing and make corrections, as appropriate. Consequently, you can ensure the optimum utilization of your investments. That’s another factor contributing to high RoI – one of the powerful benefits of digital marketing.
4. Healthy Conversion Rates
Leads form the backbone of any business. Important to note that in digital marketing you can track your returns. In other words, identifying these pockets of high returns helps you determine your target audience. After that, you can cater to their requirements. In the process, you convert a higher percentage of your potential customers into loyal customers.
5. Robust Social Currency
Social currency determines the strength of your footprint in the digital marketing space. The magic starts with the benefits of digital marketing helping you gain insight into your target customers. As you know them you touch, move, and inspire them with your marketing campaigns. Consequently, the market campaigns get sharper. Eventually, you earn a loyal customer base. This, in turn, strengthens your RoI. Put otherwise, understanding what is digital marketing can be a game changer for you.
6. Interactive Model
Unlike traditional marketing, digital marketing supports two-way interactions, To be precise, just as you reach out to your customers, they too can share their interest in your brand.
In other words, in traditional marketing, you can never know who is watching your billboards. Digital marketing, however, makes this possible. Importantly, first, know what is digital marketing and then know your customer to unleash its power.
7. Supportive if A/B Testing
While launching a new product/service, marketers are often unsure about the right campaign strategy. Fortunately, digital marketing allows you to launch two different ideas for the same campaign. Each idea can reach a different target audience. Based on their response you can then finalize the strategy that best works for you. Put otherwise, you achieve optimum utilization of your marketing resources. Surely one of the remarkable benefits of digital marketing.
8. Remarketing Opportunities
As you employ digital tools to reach out to your target audience, you can even build a personal relationship with them. This is possible using Email marketing. To be precise, you can send out personalized messages via emails and SMS to your target audience. This makes them feel special and urges them to turn loyal to your brand.
Currently, marketers even resort to WhatsApp messages for running effective remarketing campaigns and enjoying the benefits of digital marketing.
9. Closer Engagement
Digital marketing, undoubtedly, allows you to get closer to your customer. Particularly, social media platforms serve as a powerful tool to tune yourself to customer frequency. Interestingly, as you design personalized marketing campaigns for your niche customer base, they too can voice their feedback. They feel valued when their voices are heard. Consequently, the rapport grows between the marketer and the customer and you reap the benefits of digital marketing.
10. Happier Customer Experience
As digital tools help you identify your target audience, you are better placed to cater to their demand. In the process, you earn their loyalty and deliver a more enriching experience to them.
For instance, the chatbots applied in digital marketing can connect to your customers 24×7. These bots help resolve customer queries. Moreover, they can help pacify irate customers to some extent.
Overall, your customers feel engaged and hence tend to remain loyal to your brand. To be honest, it is brand loyalty that marketers long to achieve as the means to thrive in a highly competitive world.
That brings us to the end of the list of the top 10 benefits of digital marketing. The list is indeed alluring and the industry is ripe with opportunities. Particularly, Nigeria offers an unexplored market where digital marketers can flourish.
So, go ahead and enjoy the benefits to build a successful digital business in Nigeria.
Q1 Is digital marketing profitable in Nigeria?
The digital market in Nigeria is booming with the rise in electronic transactions by the people. Hence, digital marketing is a promising career option in the country. However, the degree of profitability depends on the nature of your digital marketer role and the level of experience you have gathered in your specialised domain.
On average, a digital marketer draws a monthly salary ranging between N 40,000 to N 200,000.
Q2 Which digital skill is in the highest demand in Nigeria?
The hottest digital marketing skill in Nigeria is in the area of Social Media. This requires that you gain proficiency in working with various social media platforms such as Facebook, LinkedIn, Twitter, Instagram etc. Mastering these skills will help you harvest the benefits of digital marketing in Nigeria.
Q3 Is digital marketing a promising career in Nigeria?
Yes, the digital market in Nigeria is flourishing with companies steadily replacing traditional market models with digital ones. So, digital footprints are increasing. As a result, digital marketers are in growing demand in this African nation. In other words, digital marketing is shaping up to be a very lucrative profession in Nigeria as people appreciate the benefits of digital marketing in increasing numbers.
Q4 What are the major challenges impacting digital marketing in Nigeria?
Although the digital marketing economy is booming in Nigeria, the nation does face some challenges. The key issues are inadequate and costly Internet Infrastructure, erratic power supply, and lack of resources with adequate knowledge and expertise. These issues come in the way of enjoying the benefits of digital marketing in Nigeria.
Q5 Which companies are hiring digital marketers in Nigeria?
The top 3 companies offering digital marketing jobs in Nigeria are MasterCard, WoW Effect Communications, and Jobmag. Apart from these, there are a host of companies, big, medium, and small, keenly looking for digital marketers. Once you understand what is digital marketing and master the necessary expertise, start exploring the burgeoning market.