Digital marketing involves the marketing of products and services through channels such as social media, SEO, email, and mobile apps. It spans across a massive network of digital touchpoints that customers interact with during their day-to-day life. The services of digital marketing can be categorized into the following segments:
Paid search: Also known as pay-per-click (PPC) advertising, typically refers to the sponsored result on the top or side of a search engine results page (SERP).
Search engine optimization (SEO): It is the process of optimizing content, technical setup, and reach of users’ websites so that their pages appear at the top of a search engine result for a specific set of keyword terms.
Content marketing: It serves to educate and inspire consumers, seeking information.
Social media marketing: This method uses social media as a tool to advertise a product or service.
Email marketing: It is more personalized advertising than social media.
The global digital marketing market was valued at ~USD320 billion in 2020 and it is expected to grow at a CAGR of 14-16% from 2020 to 2027. Increasing investments in online video and mobile advertising are driving the spending of the digital marketing industry. The expenditure on mobile advertisements, which once accounted for nearly ~15% of total digital spending in 2015, accounts for about 39–42% of the digital spending in 2020. North America is leading the global digital marketing market with more than 35% of the total digital marketing expenditure during the forecast period. The global retail & consumer goods industry is the largest end-user segment of the digital marketing industry with more than 30% of the overall industry spend.
The cost of digital marketing is solely depending on the size of a business. A business needs to analyze its financial capabilities and define clear objectives before implementing a digital marketing strategy. Digital marketing costs are varied based on the type of service. For instance, search engine optimization for a small and medium-sized company costs around USD 500-1,000 per month. Whereas, the same activity for a global organization can cost more than USD 20,000. Similarly, the procurement cost is different for email marketing, website design, social media marketing, etc. Typically, a digital marketing service provider offers bundled services to their customers.
The global digital marketing industry is facing challenges in evaluating the impact of digital marketing. There is a lack of synergy between marketing and procurement centers. It is difficult for an organization to calculate the return on investment of digital marketing and hence affecting their decision making while securing the budget for digital marketing. Moreover, external factors like an increase in malware injections, unsafe application programming interfaces (APIs), and other cyber-attacks are expected to slow down the growth of the global digital marketing industry.
iProspect, Havas Media, Publicis Sapient, VML, LLC, RAPP, are some of the leading digital marketing service providers. The global digital marketing industry features a moderately fragmented landscape with leading players contributing less than 35% of the market share. Industry leaders are strengthening their presence through multiple mergers and acquisitions. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
Offering cost transparency for different products / services procured by the client. A typical report involves 2-3 case scenarios helping clients to select the best suited engagement with the supplier
Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
A typical newsletter study by capturing latest information for specific suppliers related to: M&As, technological innovations, expansion, litigations, bankruptcy etc.
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