Marketing, be it in age-old Word of Mouth method or through new-age Digital channels, has always been more of a necessity and less of an option. In today’s time when the world eats and breathes digital, the argument of what marketing technique is better – traditional or digital seems to be a never- ending one. Some believe traditional marketing is the key to sustain & grow their business while some would want to move hand-in-hand with the growing trends and technology.
There is a rising trend in the focus companies have been putting on Digital marketing that can be seen from the increasing money being spend on digital media across geographies. So, with marketing world evolving, there’s one question that has started to pop around the globe amongst Brands and Advertisers alike: Will Digital Marketing replace Traditional Marketing in 2020?
This debate has both believers and cynics on either side but let us try to break this down into pros and cons and then understand what is the ecosystem looking like:
Traditional Marketing v/s Digital Marketing – What do they mean?
What is Traditional or Mainline Marketing?
Following the conventional way of marketing products or services, this method was used way before digital platforms were introduced. It incorporates many forms of advertising encompassing the ones that we see and hear every day. The umbrella of traditional marketing includes four major categories – print, broadcast, direct email, and telephone, of which print is considered to be the oldest form of advertising.
What is Digital Marketing?
The name itself suggests taking the marketing process on digital platforms. Digital marketing as a whole is a very broad concept and has widened the horizons for brands and companies to market their products/services and to create brand awareness amongst their target audience. Most modern marketing leverage digital options such as search engines, social media platforms, websites, blogs, cross-promotions, videos, digital influencers, many more to connect with their current and prospective customers. Moving ahead, let us further understand the categorical difference between the two.
|CATEGORY||TRADITIONAL MARKETING||DIGITAL MARKETING|
|COST||Higher costs as it demands to print, setting up billboards, kiosks, newspaper ads, etc.||Creating an account on any social media platform is free of cost and other services are economical as compared to the conventional method.|
|REACH||Lesser or vague reach||Reaches the targeted audience effectively|
|OPTIONS||Limited options||Offers an array of promotional choices|
|DYNAMICS||Static||Evolves and adapts to technology|
|TRACKING||It is very difficult to measure the ROI from this method.||This method gives you close to accurate results achieved with channel wise attribution|
|COMMUNICATION||One Way Communication / Broadcast||Interactive communication where marketers can listen to customers in realtime|
So, Will Digital Replace Traditional Marketing?
Digital marketing is definitely growing rapidly and it is taking the budgets out of Traditional marketing. Below are some statistics to demonstrate some trends:
- More than 80% of shoppers/buyers do their research online before investing in a product/service
- Mobile will be accounting for over 70% of digital ad spend by 2019
- 90% B2C businesses report social media as being the most effective content marketing tactic
Below is the proportion of Ad Spends (money spent on advertising) between Traditional and Digital from 2018 to forecasted 2023. This is for the US markets but a similar trend is being observed in most countries.
Clearly, Digital Ad Spends has already taken over the Traditional Ad Spends. That’s a testimony to the value it brings to marketers and advertisers and why it is bound to grow even further.
But does that mean Traditional Marketing is Dead?
It will be incorrect to ask if Traditional Marketing is Dead, and whether will Digital replace traditional marketing completely. Over $100 Billion in US alone is not even close to dead. When it comes to mass outreach or reaching a demographic outside digital to instil a recall, Traditional Marketing plays an important role in integrated marketing campaigns where the line between traditional & digital is blurring. It is not going out of the picture anytime in the near future. But a definite answer to “will digital replace traditional marketing” will eventually materialise in the next 5-7 years.
What do you think is a better option – traditional or modern method? Mention your views in the comment section below.
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See you in the next blog!