Title: "How has the digital market environment changed in recent years?

One thing we have learned during the pandemic is that digital marketing is here to stay. Having said that, traditional marketing is not going anywhere. Digital marketing has seen a huge shift in a higher return on investment. Today we are going to focus on one main topic:

1. Components of the digital market environment

“The secret to marketing success is no secret at all: Word of mouth is all that matters.” - Seth Godin (Founder, and CEO, Do You Zoom

Components of the Digital Market Environment

In the ever-changing world, we live in and how digitally dependent the world has become; we cannot deny that customers are online 24/7. Digital marketers need to come up with effective strategies that help the said company grow.

Christabel in her article, How to Analyze the Digital Market Environment, states “The digital marketing environment consists of two parts, the micro and macro environment. The micro-environment is called the operating environment, and the macro-environment is called the remote environment.”

Now, looking at the micro-environment, it directly connects with your business, meaning it would be affecting your day-to-day operations. Below are some of the factors that the micro-environment consists of:

• Customers

• Suppliers

• Competitors

• Employees

• Shareholders

The macro-environment on the other hand, as stated by Christabel, “has an indirect impact on all business, it has external factors that you can’t control.” Such facts include:

• Social, Cultural, & Technological

• Political & Legal

Melina Miller in her article, Understanding the Digital Marketing Environment, states “Marketers can obtain information through demand analysis and use that data to enhance their marketing initiatives. For example, if an analysis shows that the customers who are most likely to purchase a mountain bike are utilizing Facebook to conduct research, evaluate prices, and make a purchase, the marketers would likely focus their marketing tactics on promoting the products on Facebook.”

A quick recap helps us understand that the micro-environment helps marketers to create digital strategies to meet the customers’ needs and wants. The macro-environment consists of multiple factors that play into the digital channels.

Looking Ahead

Being able to identify both micro and macro factors in your marketing environment will give marketers the edge.

Catch us each week for more on Digital Marketing Strategies!