It wasn’t too long ago that many companies, big or small, began to shutter some of its stores (or shut down altogether) due to national lockdowns during the Covid-19 pandemic. But businesses who are still standing can attest to one thing that is contributing to their longevity – digital marketing.
According to the Organisation for Economic Cooperation and Development (OECD), online sales increased by 30% in the European Union in 2020, as compared to 2019, and the share of online retail from the total accumulated sales in China reached 24.6%. Last year, Bank Negara reported that online sales almost doubled in Malaysia during the pandemic.
Additionally, OECD predicts that since online sales requires an investment, many of the firms that have enhanced their participation in e-commerce during the COVID-19 crisis have an incentive to capitalise on their acquired infrastructure or skills over the long run.
“According to Deloitte’s 28th edition of The CMO Survey, investment in digital marketing activities has increased between 2021 to 2022. Most of the companies are investing in data analytics (78%), website optimisation (74%), and digital media and search (71%),” says Dr Kimberley Khoo Kim Leng, lecturer in the School of Management and Marketing, Taylor’s University. Digital marketing, she says, is a necessary tool for the savvy businessperson and marketer.
Fellow academic, Lim Con Nee from the School of Management and Marketing, believes that those who do not equip themselves with digital marketing skills may run the risk of exposing their career and businesses to change and vulnerabilities.
“As a consumer, think of how many times we have made purchases online be it to buy groceries, apparels, personal care items and such? If we do not progress with technology, we will be left far behind as companies are already jumping on the bandwagons to run their businesses using omni-channels,” says Lim.
Lim gives some examples of companies who successfully pivoted quickly to cope with the effects of the pandemic, and to maintain their relationship with consumers as well as generate sales. “We saw how AirAsia developed their SuperApp when the aviation industry was down, how AEON pivoted to online deliveries of shopping goods, and ZARA and IKEA used AR in their retail businesses.”
With the acceleration of digitalisation, companies are now able to do so much more than just selling products on a website or platform. Lim says digital marketers have begun to hone available technologies to target specific audiences and consumers in order to create a personalised experience.
“Many businesses are now focusing on new innovative technologies beyond their comfort zone such as using Artificial Intelligence and analytics to obtain more insights on their potential buyers,” says Lim. “They are also using more interactive features like rich media ads in their websites, as well as social media networking sites and influencers, among others.”
After all, marketing is very much about building relationships with consumers, and it has also been likened to courting via ‘online dating’ – driven less by meeting by chance, and more by algorithms and data.
Lim points out that this relationship building also entails being aware of target consumers’ social habits and meeting them where they congregate. “Social shopping or social commerce is prevalent, and companies (big or small) would need to promote its products or services in their social networking sites and I foresee that the usage of social sites such as Tik Tok, Instagram, YouTube, and Twitter will increase tremendously.”
She adds that the social aspect of marketing is important as successful digital marketers understand their target audience well and continuously build good rapport with their followers and networks over several years.
Dr Khoo believes that in the future, digital marketing will have the potential to give consumers a fresh and immersive experience, as companies seek to appeal to young consumers who are perceived as ‘digital natives’.
“Web 3.0 and the metaverse are likely to change digital marketing trends. Many companies have started to look at immersive marketing as it is predicted that augmented reality (AR) and virtual reality (VR) will be the imperative parts of the digital natives’ lives, hence companies are moving into developing a more immersive and interactive journey for the consumers,” she says.
Both Lim and Dr Khoo teach a Taylor’s Microcreds module on digital marketing, in which students will be able to learn marketing theories, digital marketing and social media knowledge and tools, digital marketing strategies to generate more traffic for online businesses as well as gain hands-on experiences.
Taylor’s MicroCreds is an industry recognised certification of learning with credit value, which is shorter and more flexible than a traditional degree and designed according to the current market trends for various industries and professions. Some MicroCreds are stackable, which counts towards credits needed in obtaining a degree should one choose to complete a degree programme.
These courses are taught by industry experts and experienced academics, where upon completion, graduates will be offered an e-certificate and a digital badge.
For more information on Taylor’s Microcreds, click here.
