Internet is the buzz word in the corporate sector today. The digital platform has opened up a new avenue of opportunities for marketers who are now targeting customers through sophisticated interactive modes. On the net, firms are interacting with consumers through channels such as social networks and microsites, in the process effectively targetting customers. This method of engaging consumers is, in particular, lucrative for smaller local companies which have limited advertising budgets.
Online advertising, still at a very nascent stage in India, helps publishers increase number of visitors as well as initiate a steady process of brand building. The rise in the awareness about the feasibility of online advertising has led to many advertisers queuing up to take on this type of promotional tactic. Considering India has 46 million internet users, you would expect marketers to be serious about implemeting online advertising strategies. However, according to a Digital Outlook report by Webchutney released in 2009, Indian entrepreneurs are cautiously stepping foot into this arena. The study found that of the top 500 marketers polled, a massive 82 percent spent only 5 percent of their advertising budget online (2008-09).
Online advertising, still at a very nascent stage in India, helps publishers increase number of visitors as well as initiate a steady process of brand building. The rise in the awareness about the feasibility of online advertising has led to many advertisers queuing up to take on this type of promotional tactic. Considering India has 46 million internet users, you would expect marketers to be serious about implemeting online advertising strategies. However, according to a Digital Outlook report by Webchutney released in 2009, Indian entrepreneurs are cautiously stepping foot into this arena. The study found that of the top 500 marketers polled, a massive 82 percent spent only 5 percent of their advertising budget online (2008-09).
However, online advertising is well placed to achieve strong growth moving forward. The Digital Outlook report estimates online advertising to grow by 44 percent in fiscal 2009-10. This could be primarily based on the fact that almost all businesses – big and small, irrespective of the sector in which they operate – are focussing their marketing efforts on online advertising. UK-based SMEs have been a classic example for this with many firms doing extremely well by adopting cross-media marketing .The companies indulging in online advertising have managed to attract customers quickly compared to companies which depend on other conventional advertising platforms. Betting on the growth in India are private equity and venture capital firms, who’ve shown clear interest in the online ad space. Investees on the receiving end of this interest are firms like Komli (DFJ and Nexus India), Tyroo (Y! India), Ozone media (IDG Ventures) and Networkplay (Goosefish media ventures and Capital 18).
The platform has simplified and aided many big and small businesses across the world. SMEs who earlier depended mainly on word-of-mouth-marketing are now using the cost-effective Google Adwords where all they have to do is mention their company’s name, specialisation and contact information. It’s as simple as that and your business could benefit immensely. Digital media analysts agree with this belief and suggest that every business can benefit from restructuring business processes to make optimum utilization of the digital media platforms. Some cynics of digital media point towards research that indicates South east Asians to have a tendency to research online but buy offline; however, this evidence further suggests that opportunities abound for businesses to go online and it is not restricted to just short-term sales figures.
In the coming times, the Internet will surely emerge as one of the best marketing platforms to not only create awareness but also assist in the brand building process. The confidence shown by the investors and advertisers clearly indicates that the sector is getting ready for the big boom.
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