The world of marketing has been transformed by technological and economic changes in recent years. Both businesses and consumers have become increasingly sophisticated. Although it hasn’t quite led to the eradication of traditional marketing, the internet has revolutionised conventional marketing practices and greatly contributed to the appearance of new ones.
As an entrepreneur, you need to redefine your business not only in marketing but also in organisational structure, communications, sales and overall strategic processes. Nowadays, it is necessary to employ different marketing mix strategies in order to satisfy the needs and wants of your target market.
What is Traditional Marketing?
It is an old method of brand promotion. This may sound outdated but this strategy still exists and has been actively used by many companies. Initially, large companies used newspapers and magazines with coloured photographs of their impressive products and achievements. Although this method may appear to be old, the truth is that it is still in line with how current marketing operates today.
However, not everyone is tech-savvy. There are still a number of consumers that depend mostly on the traditional way of getting the news. One good example is the elderly. They live most of their lives through watching the news on TV and reading newspapers. It may seem ideal to target them by using a traditional way of marketing.
Pros and Cons of Traditional Marketing
The benefit of choosing traditional marketing is that it enables the brand to choose a media platform that is well known in the industry. It has a powerful impact to build your business to the next level. Another thing is that you can post your advertisements through signages and billboards to make your consumer learn about your company. This strategy is good in raising your brand awareness within your local market. Brochure and flyers are still actively on the trend especially during events like trade shows, exhibits, and conferences. The good thing about this is you can reach out to many consumers. You can target places most specifically to those who do not have access to the internet.
When it comes to a conventional form of advertising, traditional has a number of reasons why some prefer the other methods. One of the main reasons is the cost. It is true that when you do business, you have to invest. One investment that many companies consider is to put a budget allocation on advertisements placed in the media. Even when you put a lot of money into this strategy, there is still a possibility that you can’t get the return on investment you are seeking.
What is Internet Marketing?
Internet marketing is the use of internet resources to market a business and its products or services. The primary goal is to form leads, drive traffic, and increase sales. It uses a digital platform to distribute advertisements like search engines and websites. The amount of potential clients you will be able to find online is considerably larger than the number of individuals you may be able to attract locally. it’s a spread of options that you simply can use to push your brand. This is often also ideal for small businesses—thanks to the flexible budget that you simply can choose.
Pros and Cons of Internet Marketing
The advantage of using internet marketing strategy is it enables you to reach a larger number of customers globally. With the use of social media, you can gain brand recognition. It allows you to engage with your customers by allowing you to interact with them. It also enables you to comprehend their desires. Traditional marketing methods are more expensive, but this way allows you to reach more clients for less money. You may also keep track of your marketing efforts such as using Google Analytics.
The downside of using internet marketing is that your marketing plan can be easily copied. It is therefore a concern that your ideas may somehow be turned into a short-term plan only. You will be again thinking of a new strategy on how you can manage to compete with many other companies in the same field. Another thing is that your strategy may not be appropriate for online marketing since your target audience is, for example, ages 50 and above. Most of the people within this demographic are not tech-savvy. To address this, you need to conduct in-depth market research about your target audience’s online activities.
Where to Invest?
When we talk about marketing and advertising, the next question that you may have is the budget. Marketing is costly but it is a part of the plan to allocate wisely a budget. It will cover the cost of placing the ads on the market. One of the goals of marketing is to promote your brand. Use effective methods such as powerful marketing content, regardless of channel you will use. Persuade the consumer to buy the products while at the same time raising credibility.
When you achieve this, the return on your investment will be favourable. The question now is whether what method is best to invest money and time? Both are effective. You just have to determine what works for you best. Do not assume as it is always better to do careful research and planning.
The difference between the internet and traditional marketing is the method on where they reach out to their target audience. Traditional marketing uses newspapers, billboards, and flyers to promote the brand. It is a bit costly when you create advertisements on media such as on television and radio. On the other hand, Internet marketing is known for its modern way of reaching out to its prospect by using social media and websites.
In the end, both types of marketing have advantages and disadvantages. The key is to understand what works best for your needs. Consider your target audience and budget allocation. You also have to create your marketing plan and do market research to achieve your goals.