Scope of Digital MarketingNow and Future
To understand the scope of digital marketing right now, right this moment and in the future, we would require understanding the basic terminologies around it first. You can easily identify the objectives, priorities, and deliverables of any of your projects only after learning these terminologies and understanding the significance of them.
So, let us grasp a few terminologies without further ado.
What is a Project?
A project is a series of activities and inputs that need to be completed to achieve a specific outcome. A project can either be managed by a single individual or hundreds of people to achieve the common goal. A project is constrained by the scope of the project, the time under which it would complete, and the budget (cost of completing the project). Projects can range from simple to complex.
Example of a Project
Let us consider that there’s a couple who want to marry on Valentine’s Day in 2021. For this couple, marrying each other on 14 February 2021 at a venue is a project. For their families, friends, and relatives, the couple must make all the arrangements so that everyone present at their wedding enjoys the celebration and has a wonderful time. Before beginning to work on this project, the three constraints that this couple must address are scope, time, and budget.
Without the scope defined, the couple can not determine what sort of arrangements they need to make to successfully plan their wedding. In this scenario, the nature of their marriage project may be the number of guests attending the wedding, decorations at the location, meals, and beverages for everyone at the location, and having a photographer or videographer capture their marriage celebration.
Without specifying the time, the couple can not determine when the guests would arrive at the venue; when the photographer or videographer would arrive at the venue, when the venue would begin serving meals and drinks to everyone, and when their wedding service at the church would be done.
The couple cannot decide how much they are going to spend on this project without a budget. Before they begin planning to work on the project, they will require quotes from all suppliers that they will use for the purposes of their project. Estimates of the budget are also especially critical for any project, as there are many risks involved, and risk identification leads to the discovery of whether the project budget is going to be higher than or lower than anticipated.
The couple will focus on the project constraints and work on all the activities required to hire vendors, rent a venue, and book all the necessary things to have a wonderful party at the event to make the project a successful event.
What is the Scope of a Project?
The scope of a project is simply all the work needs to be done to start the project and finish on time with the desired outcome. In other words, the scope of a project involves identifying and documenting the project goals, tasks, milestones, costs, and timeline dates specific to the project outcome.
The world wide web was invented in 1990 by computer scientist Tim Berners-Lee. Today after 30 years of its invention the whole world is connected with each other through the internet. It is the modern benchmark in human history, every big tech company is earning more and more billions of dollars each year. The internet has changed the way humans live; it has become a deeply integrated part of human lives. The big tech companies which understand the internet and its value are trying to monetize every bit of it. Anyone who understands basic mathematics can understand the impact of the internet by two numbers side by side. The world population as per United Nations estimates in September 2020 is 7.8 billion. The amount of online traffic received every month on the 2nd ranked website ‘YouTube’ is more than 30 billion. The amount of traffic online on the internet has surpassed the number of people living on our planet. How did this happen? Simply, because the number of tech devices per household connected to the internet is more than the population of human civilization.
Understanding Exponential Growth
Exponential growth is extremely powerful, it starts off slowly, but it leads to an enormous quantity of results very quickly. Let us try to understand the power of exponential growth from the image below.
From the image above, let us consider that you are a freelancer software developer and you are assigned a special project in your company for four weeks (28 days), you will be given $1 on the first day and your salary amount doubles every day as you keep working on the project. In the initial days as you see the salary amount is quite low but keeps on doubling as the number of days you work on the project. However, at the end of the four-week project, you start to earn millions of dollars. This is the true power of exponential growth. Similarly, the same power of exponential growth exists on the internet and brings traffic to existing websites or online stores, and conversions lead to more sales and more profit.
Understanding the Potential of a Website
For millennials and students in their undergraduate programs, websites are becoming a crucial part of their life. Especially for those students who could create digital products, designs, and understand computer languages. For these students, the competition is high in the job market, all the big companies are seeking employees who have a digital portfolio. If your portfolio stands out, the company hires you immediately (this is the competitive advantage for those students who have an online portfolio). Today, anyone can build a website and set up their portfolio on a website and start to sell services or digital products online to billions of people connected to the internet. In order to develop a new website without learning a programming language or coding, there are a large range of tools and third party applications that work seamlessly with website building platforms.
Further, if you survey the market you will find out that the big tech companies have become what they are from building websites and solutions for average internet users. Building a website and start selling product or services is the cheapest business model that exists today. The best part of this business is that anyone can determine what average consumers are searching on the internet, how they react to different content, and what emotional triggers make a person buy something online. If any of this information makes sense to you, or if you can relate to it, then, you know the true potential of having a website.
When Does Your Project Need Digital Marketing Services?
Let us take an example of a new start-up of a production house. The objective of the production house is to organize a dancing competition to create content for themselves and then to promote the videos of contestants online to choose a winner as per the most viewed videos. If the competition is to take place in the next six months, then when is the best timeframe for the company to develop its website and begin to raise awareness of the competition’s potential contestants in advance?
Usually, the Google search engine takes about 1-2 months to recognize a newly hosted website online. If the production house is organizing a unique event that gained a lot of attention in media or using a celebrity to promote the event, Google search engine is going to recommend the production house website on the first search result page for specific keywords that people are looking for that are used by the website of the production house.
If the production house does not have a budget to spread awareness of its event and it relies solely on the internet to find the contestants, then preparing to launch the website of the event and start running advertising campaigns to get traffic on the website is needed. The company can not risk launching the website closer to the main event in this situation. Therefore, to get traffic on it and then turn those visitors to potential dance contestants if they are interested, the company will require the launch of its website as soon as possible.
So, for this project, the company would need digital marketing services from the beginning of the project. The scope of digital marketing services would include website development, market research, copywriting, graphic designing, search engine optimization, social media marketing, google analytics, funnel development, and online ads. Not all companies require digital marketing services from the beginning; it is always recommended to consult with the project stakeholders to know their priorities and then conclude the requirement of digital marketing services in a project.
Defining the Scope of a Digital Project
The scope of any digital project typically includes website development, market research, copywriting, graphic designing, search engine optimization, social media marketing, google analytics, funnel development, and online ads. All the included aspects of the scope have different prices, the amount of work required to finish a project leads to understand the number of inclusions. If a new company is establishing itself and starting its online journey, then the budget of the project depends on the size of scope. If the company tries to sell its product online to a million customers in a month, then the reach of running the online ads is huge and the price of running the ads will be high, which might affect the budget of the company.
If you are starting your online journey, then make sure that you get a good package deal from a vendor on the scope of your digital project. Make sure you find a vendor that is going to make things easier for you not complicated. You could ask for the detailed report of keywords used to generate traffic on your website, report of backlinks created, and report of money spent on ads before signing a contract with a vendor.
Competition analysis plays a huge role in online success. Analysis of competition can easily be achieved by identifying other websites and services that operate in a similar niche online. The easiest way to find a competitor website is through searching keywords on Google. Let us take an example of an individual who is excited to launch a health niche website in the United States. The user should search Google for health-related topics and make a list of domain names that refer to the same keywords from Google search results to know the competitors in the market. This whole idea of looking at competitors relates to what the competitors are doing on their website, which promotions they promote, which items they promote, the amount of call-to-action sign-up email list, and the overall presence of the content on the website. Any insight from the competitor can then be used to create a new way to view and promote content online. Different keyword search tools can be used to get insights into competitors.
The foundation of surveying a market is traffic analysis. If you look at the past sales of retail stores and sales of e-commerce stores, you can find that the retail store companies were able to make a lot of profit in early 2000. After 2010, the e-commerce store (Amazon) expanded its operation and online presence; the company gained exponential growth and generated more than double profits against its competitors. The same trend continues to follow, the e-commerce industry overall is booming at a vast pace and generating a lot of profit from its presence.
You need to look closely at the number of people visiting a website in a month to understand how internet traffic produces more sales. If only 2 percent of the sales conversion rate occurs, you can produce a lot of profit with huge traffic on a website. The same is illustrated above in the infographic.
Scope of Digital Marketing Template
The scope of the digital marketing template for a digital product is illustrated in the infographic. We are considering a company ‘Snow Cat Sportswear’ to hire a vendor ‘Extreme Subject Media Inc’ to work on its branding project. Everything included in the scope, excluded in the scope, and the constraints are clearly explained in the template. In addition, it clearly outlines the overview of the job breakdown (list of activities) on which Extreme Subject Media Inc will be employed. The entire template gives you an idea of the amount of work needed for a company with minimal requirements to complete a branding project.
The digital marketing learning field is currently striving and expected to grow extremely big in the future. By taking away the advertising channel from their websites, Google, Facebook, and other social media networks would not eliminate their monetization strategies. If you are excited to launch a new online venture, then this is the right time to do so, as long you are going to have an established website in the online world on the internet, the longer you will make loyal customers and higher profits.