Overview of the industry.
Dominant Strategies for revenue generation.
Effect of practices on industrial performance.
Impacts on industrial performance.
As most of the industries that have witnessed a high expansion by varied practices from conventions to modern approach, the digital marketing industry has been one that has marked robust changes and development along with its extension in each corner of the globe as a result of increased needs and demand for maneuvering business potentialities in the digitalized era (Saura, et al. 2017).
According to Chaffey (2019), digital marketing acts as the marketing industry that refers to the method of endorsing or promoting an organization or brand, or its products or services among the target markets via the involvement of digital platforms like search engines, social media, websites, and so on.
Several companies that have settled as dominant players in the global industry of digital marketing have mostly seen to be in the digital and business portfolios such as eBay, Amazon, Uber, etc. (Kannan and Li 2017). The players dominant in the logistics field have their varied impact at the local and national levels but have a leadership position in the global arena.
In the advent of globalized workforces along with the technological abruptions, the digital marketing industry has been in boon because of the demanding abruption of global marketing and the effective sales necessities of the served services and products. This has been a profitable source for the generation of higher market spread and also for the increased revenue and profitability of the firms leading the digital industry (Chaffey 2019).
However, the global, technological-aided, and cross-cultural facets of businesses and logistics have created a huge platform for strategic profitability and revenue-generating sources for the firm in the play by the act of digital promotions (Qurratu’Ani and Hapsari 2019).
Firstly, there has been a diverse portfolio of marketing tools and services available and usable in distinct zones of businesses such as social media marketing, developing public relations, generating brand awareness, and many more alike. Identification of the most suitable type of digital marketing demand and suitability can be a dominant strategy for ample revenue generation of the firm by positioning itself as a leader in a specific market area.
Second, the increased force of technological adaptation and familiarity has paced up numerous innovations in places such as the use of artificial intelligence, big data, and other significant tools can lay off a competitive strategy in endorsement and marketing the firms and their offerings in an attractive way to involve easy access and hence customer attraction resulting in revenues (Wang and Wang 2020).
Qurrantu’Ani and Hapsari (2019) have stated that globalization has arrived as a robust practice of growing interdependence and interrelations of the economies, culture, technology, and businesses. The increased tendency for cross-cultural adaptations of practices and techniques has bloomed the concept and practice of globalization.
Globalization is an integrated, holistic economy and culture of the world countries that have created a strong communication effect within cross-cultural people and practices, eventually capacitating the higher and diversified reach of the audience and hence expanded market reach. For instance, the globalization facets have facilitated the cross-cultural inheritance and acceptance of varied proportionalities and culture, that has acted as the prominent reason of the concentrated effect of globalization on the digital marketing tools, utilization, and scope in the global as well as local range (Perikamana and Moss 2020).
The concept of mobilization can be described as the process of identification, organization, allocation, and utilization of necessary resources or services for effective development and accomplishment of objectives and goals of the business and firms.
Mobilization of resources has played a vital impact on the digital marketing industrial robustness for the sake of improved resource strategies, resource allocation and thus drives the resourceful marketing strategies to be phased (Luo et al. 2016). The global movement and the enhanced need for the procurement and fulfillment of the required needs have a higher demand in the modern livelihood approach in the mobilized practice of the humans, the digital marketization of brands, products, and utilities crave as the major role player for the carriage of the mobilization activity.
Concerning the digital marketing industry, social media platforms, digital networking and connectivity, digital ads, etc. act as the vital resources where the requirement of mobilization is less needed as the process already undergoes in support of technological applications.
The evolution of technology has been a push factor in the global drive of digital marketing and technology and also for the understanding of the way global businesses work. Digitization, as one of the paradigm shifts of the conventional modes of working to a modern, highly flexible, and holistic mode of businesses and their marketing and promotional efforts in a lucrative way (Yamamoto and Lloyd 2019).
The utilization of internet-based connectivity and tools like online analytics, big data, automation, artificial intelligence, and so on have a play in benefiting the constructive effect on marketing activities and tactics. For instance, digitization in high use of social media and networking platforms as the most convenient mode for marketers to reach and gather their target customers in a single click with a null involvement of financial tricks as that of required in a traditional marketing sector, thus minimizing the cost-effective bars and a higher reach and access of digital marketing tools to its target customers easily (Yamamoto and Lloyd 2019).
Likewise, apart from the use of digital platforms like email, e-PR, digital advertisements, etc., the involution of web analytics represents the best tool for digital marketing effort to seek out and identify the profitability of digital endorsement to products’ marketing and sales increment thus obtained ROI and profitability.
The digital marketing industry in the scope of enhanced digitalization and technological revolutions has been one of the most remarkable industries of service benefited by the robust expansion of the technological web. The digital marketing industry has witnessed certain impacts, both positive and negative in relation to its performance at all levels. Based on a few attributes, the digital marketing industry’s performance is impacted by the three attributes or drivers of the industrial performance viz. digitalization, mobilization, and globalization (Chaffey 2019).
The digital marketing industry has been shaped by an intense reach at each local, national, and global level with the boon of the force of digitalization practices in integration with the information technology applications, concerned for the provision of diversified platforms that have around-the-clock accessibility and connectivity by use of the internet. The higher utilization and demand for social media, the internet, and other technologically derived tools and their customer use have excellently stood for the benefit of the digital marketing industry (Kusumawati 2019).
Also, the high paced globalization factors and mobilization of people and resource in the global corner shave also positively impacted the industry with the global acceptance of its practices.
According to Kingsnorth (2019), digital marketing activity and the industry are all about connecting the target and potential audience for the sake of promoting the right products at the right place at the right time. In the age of digitization, various platforms have been associated where a high rate of customer and visitors’ crowd is evident. Therefore, the global adaptation of technology and mobilized resources have altogether catered a common medium to connect with customers in a more engaging way that has eased out the improved outreach, higher conversion rates, and hence increased profitability. Not limited to this, but the ease of access factor has also benefited the industry with the ease to gather relevant responses, queries, and feedback from respondents and audiences available.
In the advent of the super-accelerated force of globalization and technological integration has provided the global human population and businesses with certain plus points but has also starred big loopholes as well.
To elaborate, globalization and digitization, being the highly dynamic and ongoing forces, can also be observed as a negating source for the digital marketing industry as it lays off certain risks and challenges such as open and wider range of access and availability of digitally marketed services poses a threat for data privacy, theft, and hence may involve risks of operational deficiencies for the industry (Martin and Murphy 2017). Likewise, identification of target customers, be it in the traditional market or at the digital market, is a crucial job that becomes quite time-consuming and hence complex management of optimum performance in the digital marketing platform. Also, the global reach by the use of the three forces discussed equals the global competition and hence a higher need for investment and track of the activities.
The digital marketing industry in the appearance of globalization, digitization, and mobilization have become so pervasive that the audience and viewers have been in the comfort of accessing the information regarding any marketed product or service at any time from any place. Henceforth, digital marketing has arrived as an ever-growing source of knowledge regarding any activity, product, services, or other fields of the utility of any brand from a single click.
The digital marketing industry has occurred as a vital communication platform at all local, national, and global orbit with the involvement of the forces of global, digital, and mobilized practices leading to higher customer exclusivity and diversified reach. Nonetheless, it must also be kept in mind that the industry arrives with certain loopholes as well which need to be inspected and looked upon to remove mediocre in the way.
Chaffey, D. 2019. Digital Marketing. Pearson. The United Kingdom.
Kannan, P. K., and Li, H. 2017. Digital marketing: A framework, review, and research agenda. International Journal of Research in Marketing, 34(1), pp. 22-45. https://doi.org/10.1016/j.ijresmar.2016.11.006.
Kingsnorth, S. 2019. Digital marketing strategy: An integrated approach to online marketing. Kogan Page Publishers. The United Kingdom.
Kusumawati, A. 2019. Impact of digital marketing on the student decision-making process of higher educational institutions: A case of Indonesia. Journal of e-Learning and Higher Education. https://doi.org/10.5171/2019.267057.
Luo, X.R., Zhang, J., and Marquis, C., 2016. Mobilization in the Internet age: Internet activism and corporate response. Academy of Management Journal, 59(6), pp.2045-2068. https://doi.org/10.5465/amj.2015.0693.
Martin, K. D., and Murphy, P. E. 2017. The role of data privacy in marketing. Journal of the Academy of Marketing Science, 45(2), pp. 135-155. https://doi.org/10.1007/s11747-016-0495-4.
Qurratu'Aini, H., and Hapsari, A.Y. 2019. Interests influence of digital marketing product sales in exports by SMEs in Bandung. Global Business and Management Research, 11(1), pp.217-225.
Saura, J. R., Palos-Sanchez, P., and Cerda Suarez, L. M. 2017. Understanding the digital marketing environment with KPIs and web analytics. Future Internet, 9(4), pp. 76. https://doi.org/10.3390/fi9040076.
Wang, W. Y. C., and Wang, Y. 2020. Analytics in the era of big data: The digital transformation and value creation in industrial marketing. Industrial Marketing Management, 86, pp. 12-15. https://doi.org/10.1016/j.indmarman.2020.01.005.
Yamamoto, K., and Robert, A. 2019. The role of big data and digitization in just-in-time (JIT) information feeding and marketing. American Journal of Management, 19(2). https://doi.org/10.33423/ajm.v19i2.2074.
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