Future of Marketing is Internet Marketing

Introduction

The evolution of the virtual experience and the promise of cyberspace have recently begun to open doors to information which were previously inaccessible. Everyone from public universities to big business is racing to cash in on what promises to be the future of information and communications. A totally paperless, highly-dynamic environment has been created in which ideas and images are exchanged free from the binds of the physical world. The world of mass marketing is evolving at an alarming rate, and the vehicle which will bring the business of the future to the doorsteps of every human lies in the web of the internet. So it can be rightfully said that:

Counter Argument

Several points are claimed against the above statement, few important of which are as follows:

• Internet marketing is different from other forms of marketing;
• Internet marketing is not growing;
• Internet marketing is not efficient;
• Implementing internet marketing is costly.

I contradict to above mentioned counterclaims on the basis of following statements:

• Philosophies of marketing can be applied on Internet markets just as in any other market;
• Internet marketing is growing rapidly;
• Internet marketing is more efficient than traditional modes;
• In the long run, Internet marketing is more cost effective than formal methods.

My Argument

These arguments are explained in following lines:

Philosophies of marketing can be applied on Internet markets just as in any other market:

An online business takes some of the same principles that can make a brick and mortar store successful and discovers how to apply them in cyberspace. Internet marketing draws from the same well as conventional marketing it simply applies the concept differently.

Some Common Parallels

In a brick and mortar store there are mailing lists for advertising whereas same is done online through emails.

In a brick and mortar store there are ads given on popular newspapers and magazines whereas online these ads are posted on popular websites and online journals.

An edge of internet over conventional marketing is that one can do virtually free "push button marketing" anytime one likes. One can send out an email newsletter to his customers, or other information like tip sheets.

Internet marketing is growing rapidly:

Direct marketing continues to become more Web oriented, and Internet marketing is claiming a fast growig share of direct marketing spending and sales.

A Research on Internet Marketing Growth:

A research conducted by DMA predicted that although internet currently accounts for only about 16% of direct marketing-driven sales, it is predicted that over the next five years Internet marketing expenditures will grow at a blistering 18% a year, making it three times faster than expenditures in other direct marketing media. Internet-driven sales will grow by 12.6 %.

• Internet marketing is more efficient than traditional modes;

People consider internet marketing to be less responsive and, in the long run, less efficient than the traditional modes of marketing. As a matter of fact, Internet marketing is much more efficient as compared to traditional modes of marketing.

A Study on Internet Marketing efficiency:

A study reveals that well-designed email campaigns sent to internal customer lists typically achieve 10% to 20% click-through rates. That’s pretty good when compared with 1% to 2% average response rates for traditional direct mail and the less than1% response to traditional banner adds.

• In the long run, Internet marketing is more cost effective than formal methods:

Internet marketing offers marketers a low cost, efficient and speedy alternative for reaching their markets. Direct marketing has grown rapidly specially in business to business marketing, partly in response to the ever-increasing costs of marketing through sales force.

A Research on Cost Effectiveness:

Research states that when personal sales call cost an average of more than $400 per contact, internet marketing results in a lower cost-per-contact and thus proves more cost effective. Another study stated that, some former brick and mortar only stores now reported that their online business produced more than 75% of their annual profit.

Conclusion

For many companies today online marketing is more than just a supplementary channel or medium. In fact it constitutes a complete model for doing business. This new direct model is rapidly changing the way companies think about marketing their products and developing relationships with customers.

Internet marketing gives marketers access to buyers that could not be reached through other channels. It is truly a global marketing medium that allows communicating from one country to another in seconds. Internet marketing, especially email, when used properly, can be ultimate direct marketing medium. Blue chip marketers like Amazon.com, Dell, L. L. Bean, Office Depot and others use it regularly and with great success. And it is just the beginning; the Internet is truly the future of marketing.