Prospects of Online Marketing in Bangladesh
"Change is the only constant," says Heraclitus, a Greek philosopher. And with the advancement of technology, change became a regular phenomenon. If you think of a computer, then there are so many things we don't see anymore, like the floppy disk. The fast pace of technological advancement gave us the Internet for which the world seems smaller.
Sitting at home, in one corner of the globe, you can connect with your friend or relative who is in another corner. The whole world is leaning towards digital tools. A significant portion of the world population is active online right now at this moment. The number of internet users will keep rising in Bangladesh too. Hence the importance of Digital marketing is vast, and the prospect of online marketing in Bangladesh is everlasting.
Prospects of online marketing in Bangladesh
Bangladesh is a country with the 8th largest population in the world. The proper use of information and communication technology can convert this population into a powerful, productive, and interconnected community. The Internet provides access to a wide range of information, knowledge and education along with faster and easier communication.
To understand the prospects of online marketing in Bangladesh one needs to know a few factors such as
What is Digital marketing and online marketing?
Digital marketing is simply marketing through digital tools. It also includes promoting product or services through the Internet using a specific method and techniques to potential consumers via digital tools.
Online marketing is a subset of digital marketing, but they are in the same stream of the Internet. Hence the prospect of digital marketing is equivalent to the prospect of online marketing and the benefits.
Digital channels like social media, search engines, email, and websites act as leverage for the business in Bangladesh to connect with current and potential customers.
Why is Digital marketing beneficial?
There is a vast number of internet users through different tools like computer or smartphones. For the enormous amount of internet users, most companies combined their general marketing method with digital marketing strategies to connect this massive number of consumers.
Most people now use the Internet to do the necessary research before purchasing a product. And this became another reason for the sellers to have digital marketing strategies to reach the target market.
Companies are using online marketing tactics to target the potential group of consumers online efficiently and through mobile by social media. Several companies are noticing a significant return on investment
There are more reasons why Digital marketing is beneficial:
Easy target market
Digital marketing allows advertisers to target a specific group of audience with better potential by using particular data. The target audience group are specified by age group, gender, location, literacy and interest. And advertisers can re-focus on potential buyers who are already well-known with their brand using different approaches and messages for each audience group.
The expenses in digital marketing are 61 per cent less expensive than traditional marketing. Companies or seller promotes their product or services on social media using paid search and other digital marketing strategies. Still, the expenses are relatively lower because most of the advertisement campaigns run on pay per click.
Pay per click is an internet marketing model where the seller or the advertiser pays whenever the advertisement of their product or services is being clicked. This method helps the advertiser to advertise their product with a much lower cost because the advertiser or the seller can choose a potential consumer.
Since searchers expose their purpose through their search query, advertisers can estimate the quality of traffic that appears by calculating the clicks in the search engines. That's why advertisers get the benefit by getting a unique means of putting their information in the display for the potential customers who are actively and specifically seeking out their product.
Research shows that paid advertisement gets more clicks by the searchers than any other digital advertising. For the searchers or potential customers, these advertisements are presented with proper relevance; hence the ad fits the consumers need. Since every searcher is using a search engine to search for a product or services, the result and the ad consists of high relevance.
Net in hands
There is a vast number of people using the Internet through mobile phones. It is possible to reach potential customers anytime, anywhere through digital marketing via social media, and other digital tools.
More than 3.5 billion people are using smartphones worldwide, and most people in countries like Bangladesh use the Internet through phones.
Why Digital Marketing is beneficial for Bangladesh
In this article so far, we got to know about the benefits of digital marketing. But now we will see some factors about the prospect of online marketing in Bangladesh.
Population and internet users
Bangladesh is a country with approximately 161.4 million people. With the economic growth in Bangladesh, there is a rise in the need for consumer goods. And the rate of an internet user is also growing. According to BTRC, there is approximately 64 million internet user in Bangladesh which is 38% of the total population.
Sixty million people have access to the Internet through smartphones. That means 60 million people can have access at any time and anywhere.
There are around 25 million active Facebook users, according to Facebook insights. 62% of Facebook users are with 18 to 25years old. 80% of people use Facebook through the phone.
The most viewed website of Bangladesh is Youtube. A large number of people views youtube more than any other site and spend more than a magazine, TV and radio.
Digital marketing strategies enable the business to reach this vast number of active young people with lower advertising costs.
The ICT division of Bangladesh Government has been playing a practical, useful and active part in encouraging startups, and other online-based businesses.
Funding has been a major issue for startups, to begin with. Bangladesh government will be facilitating entrepreneurs by engaging a specialized organization for managing startup activities and finances.
Bangladesh government aims to fund 1000 startups and allotted 500 crore BDT, which will be distributed with time and per startup.
Bangladesh is already going through a Digital movement to build Digital Bangladesh, where the government is keeping an eye to improve the countries technological infrastructure.
The prospect of online marketing in Bangladesh is flourishing and ever-flowing. The population and economic growth will lead to a more and more potential buyer. Consumerism will be rising with the rising income with a better living standard. Internet in this era is the key to modern life to get resource and information and communication.
The number of internet users will not decline. At this moment, probably there are at least a million people online. Therefore, online marketing cannot be undermined in this situation anymore. A shift from traditional marketing to online marketing has already taken place, and it is wise to accept the change because change is the only constant.