More than ever in recent history, digital media platforms have become the principal source of information, both in business and individual lives. The world has identified digital media as the best vehicle to face the challenge of the current volatile business environment created by Covid-19. Particularly, social media has become enormously useful.
Most large scale business operators in Sri Lanka have already turned toward digital platforms. Nevertheless, small and medium scale entities are yet to introduce technology to their businesses. Even established small and medium businesses are at a disadvantage in the market as large operators eat into their share by communicating through new media. Today, businesses wrestle with plummeting profits and protecting staff health due to the risk of Covid-19.
Hence, the key is to focus on digital transactions, not only in marketing functions but also in other purposes such as using cashless payments and work from home methods as well.
Electronic contents are faster than any other medium available. Sri Lankan business fraternity also is recognizing the importance of going digital. Especially after the appearance of the pandemic in March this year, many of them did not have much choice than adapting to social media. Covid-19 has acted as a catalyst for this adoption.
Digital marketing is fast becoming the most essential tool in future marketing functions. Traditional media will likely be entirely replaced by the new digital methods in marketing. Sri Lankan urban and suburban society, with over six million active social media users, has already turned to search and compare products through the internet.
Therefore, companies have no alternative other than using new media for promotions. Digital media offer many alternatives and choices for marketing communications. Also, digital platforms are more practical and versatile than conventional methods.
Websites with unlimited information capacity, online advertising, e-marketing, pay-per-click, social media advertising, and mobile marketing are some of the choices a company can choose from. Small and medium scale companies often operate with restricted budgets.
With new media, their burden can be pruned down by large margins due to the low costs of digital applications. Besides, the advertiser can reach an enormous number of potential customers by using social media. The advertisers have the luxury of choosing their own target audiences with breakdowns such as age, social conditions, geographical areas, or professions. Such a feat cannot be achieved with traditional media. With the grueling competition prevailing in the market at this crucial juncture and confusing post-Covid impact, getting ahead of completion is important.
Establishing credibility and gaining the trust of the customer is the key factor for success in this tough situation. Strategically important feedback and testimonials from customers can easily be obtained through digital marketing. Good recommendations from customers can go a long way. Most often potential customers believe and consider this feedback from existing customers when they purchase.
The pandemic has brought the importance of technology into the limelight. Businesses have more effective alternatives through technology. Through various digital channels, companies can conduct meetings through video, issue instructions to a group of people through WhatsApp, Viber, or other similar messaging applications, conduct training sessions, and virtually run an operation productively.
Easy access and availability allow workers to enhance functionality more conveniently than they would be in person. Companies need to transform to digital media not only to minimize the Covid-19 impact but also as a more viable future model for business.