compared to digital markets, traditional markets have

Posted on May 11th, 2020   05:27   Digital Marketing
yogi   0   posted 1 year ago   05:27

Traditional markets and digital markets both have their own pros and cons but still digital market has got an upper hand over traditional market.
A) Higher Transaction Costs: Traditional market is expensive as it involves printing, radio/tv advertisements which cost more to the company. Digital market is less costly than the traditional method of marketing as everything is online and the use of social websites does not cost even a penny.
B) No global Reach: It’s easy to reach out to local audience/consumers with the traditional markets. Digital market lets you reach the targeted audience/consumers/customers globally from all over the world.
C) Less Customer Interaction: Very less interaction is involved in traditional markets as the promotion mediums are not flexible enough to incorporate the customer’s interaction. Digital market, on the other hand, offers a number of digital platforms to the consumers/customers/buyers like social networking sites, e-commerce websites, and different apps for collecting their feedbacks where they can put their views about the product /service.
D) Market Analysis is Difficult: The result analysis is complex with traditional markets as the companies need to rely on the surveys and the findings of the market. On the other hand, in digital markets, data and facts are recorded and stored online which makes it easy for the marketers to analyse the marketing result.
E) No Real-time Results: With traditional markets, the company must wait for weeks or months to get the result. Online markets or digital markets gives quick results and thus it is easy to get real time marketing results.
F) Interruptions: Consumers cannot choose to skip advertisements or other things that are causing interruptions. Whereas, Digital markets/online markets let the consumers/customers/buyers skip the interruptive part and continue to engage with the product(s)/service(s).
G) Difficulty in Strategy Refinement: As traditional markets do not provide real-time results, drafting the marketing strategy takes time as it is dependent on the marketing results. Digital markets provide real time results; thus, strategy refinement becomes very easy and the marketing team can opt to change or update their market strategy as per the market results.
H) Communication: Traditional markets involves one-way communication as marketing mediums are quite rigid. Online markets, on the other hand, promotes two-way communication and thus helps to satisfy the customer and make the customer feel that they are being listened to and served.
I) Documentation: Traditional markets provide the hard copy of product(s)/service(s) description which can be read again and again. Digital platforms provide the description in softcopy over the website, or through videos, YouTube, etc. which can be accessed anytime anywhere as per the consumer’s requirement and it provides paper-free documentation.

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