The Market Size of the Digital Advertising Industry in India 2016-2023
Today, 43% of the entire Indian population uses the Internet. There are more than 1.5 billion social media users around the globe. With such numbers, businesses are establishing their strong presence online. A good website optimized for all web browsers and devices is a necessity to establish a strong online presence. The websites should have proper CTAs, useful blogs, and contact options for visitors.
Not only websites but brands are establishing their online presence through social media pages and YouTube channels. Brands have also started hiring social media marketing agencies to improve their ad campaigns.
Other than SEO and social media marketing, there are many other forms of digital marketing, such as email marketing, affiliate marketing, etc. These should be given an equal amount of importance. In this era of digital marketing and advertising, consumers are expecting a lot from businesses. The most expected factor is user experience while purchasing a product or service. Digital marketing tools have alleviated the marketing efforts of businesses recently.
Digital marketing has completely transformed the way brands used to promote themselves a decade ago. Evolving digital marketing tools changed the outlook of marketing prospects for both businesses and marketers. Additionally, the outcomes after implementing digital marketing strategies are extensive. The first outcome is that with the help of digital marketing, brands can target their potential audience effectively. Digital marketing agencies help brands to capture their target audience through digital marketing strategy. The conversion rate is always higher when a digital marketing strategy is implemented in the right way. Customer engagement is another major advantage of using digital marketing to promote a brand.
Market Size of the Digital Advertising Industry
In 2016 the market size of the digital marketing industry was 62.28 billion INR. The progressive growth from 2016 to 2019 accounted for 136 billion INR share of the digital marketing industry in India. In 2020 the share of this industry was 157 billion INR, whereas, in 2022, it went drastically up to 277 billion INR. As per the estimates, it is likely for this industry to cross 350 billion INR in 2023. The growth rate of this industry is 25% to 30% per year. These figures demonstrate that the digital marketing industry is still trending among marketers and also has a lot of potential to expand further.
Trending Strategies of this Industry
A Digital marketing strategy is the definite implementation of versatile marketing tools for promoting a brand. Various digital marketing strategies are implemented by marketers according to their needs. Here are some trending strategies that create a great impact while building a brand in this competitive market. Social Media Marketing – Social media marketing has proven to be super effective in the current marketing scenario. According to a study conducted by DataReportal in 2022, 75% of Internet users use social media to research products. According to a report by Lyfemarketing, 71% of consumers who have had a positive experience with a brand on social media are likely to recommend the brand to their friends and family
Video Marketing – Social media is the main reason behind this trending digital marketing strategy. Video accounted for 9.4% of the digital marketing market in 2020. Brands create their promotional videos and post them on their social media profiles and YouTube channel. Videos are an easy medium to reach a target audience on social media. Video marketing is indeed a potential digital marketing strategy today.
Social Media Marketing – Social media marketing has proven to be super effective in the current marketing scenario. According to a study conducted by DataReportal in 2022, 75% of Internet users use social media to research products. According to a report by Lyfemarketing, 71% of consumers who have had a positive experience with a brand on social media are likely to recommend the brand to their friends and family
Progressive web pages – Similar to mobile apps, progressive web pages of a website are very accessible to viewers. With a great user interface, fast loading rate, push notifications feature, and offline accessibility, these web pages are trending as digital marketing tools among marketers. Digital agencies give a lot of importance to the arrangement of web pages of a brand’s website. According to graffiti9, 75% of consumers judge the credibility of a business on the basis of its website.
Influencer Marketing – Customers believe in a product or a brand if any influencer promotes it. Owing to the loyal fan base of influencers, brands opt for an influencer marketing campaign. Generally, influencers use social media platforms to promote a brand. The covid-19 pandemic was a crucial event that boosted influencer marketing. According to experts, influencer marketing is set to generate around 24.1 Billion USD by 2025 (worldwide).
Omni Channel Marketing – This type of marketing is quite effective in connecting with a wide range of audiences. The sales conversion rate is also higher with this marketing strategy. According to a study conducted by Google, omni channel consumers have a 30% higher lifetime value than consumers who shop via only one channel.
These digital marketing trends, if implemented rightly, can bring compelling outcomes to marketers. Subsequently, digital marketing is an industry with enormous potential to cater to brands’ advertising needs.
If you are a businessman who is new to digital marketing, you can hire a 360-degree digital marketing company that provides different digital marketing services.
If your business is based in Kolkata or you want to expand it in Kolkata, you can contact the best advertising agencies in Kolkata. An agency that provides top-notch SEO services will have experienced experts who will take your marketing game to the next level.
Marketing can be a tricky aspect of growing any business. So, you need to be careful and make decisions correctly to grow your business and establish a brand!
