Research on Marketing Strategies of Enterprise in the Context of the Digital Economy

Research Article
Open access

Research on Marketing Strategies of Enterprise in the Context of the Digital Economy

Zike Zhao 1*
  • 1 Faculty of French and Francophone Studies, Sichuan International Studies University, Zhuangzhi Street, Chongqing, China    
  • *corresponding author zkzhaoc@outlook.com
AEMPS Vol.91
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-479-8
ISBN (Online): 978-1-83558-480-4

Abstract

With the rapid development of the digital economy, enterprise marketing faces both significant challenges and opportunities. This article aims to study the marketing strategies of enterprises in the context of the digital economy, in order to provide assistance for enterprises to achieve high-quality development in the digital age. On one hand, this article analyzes the impact of the digital economy on consumer behavior, and on the other hand, it explores the transformation brought by the digital economy to the marketing methods of enterprises. Based on this analysis, this article summarizes five optional marketing strategies for enterprises in the digital economy era, and provides insights and suggestions for the transformation of enterprise marketing strategies in the context of the digital economy, hoping to inspire relevant research and practice.

Keywords:

Digital Economy, Marketing Strategy, Digital Marketing

Zhao,Z. (2024). Research on Marketing Strategies of Enterprise in the Context of the Digital Economy. Advances in Economics, Management and Political Sciences,91,173-179.
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1. Introduction

In the era of the digital economy, traditional marketing methods no longer meet the needs of the main forces of social consumption, and people urgently need more innovative and personalized marketing strategies[1]. Most enterprises need to develop digital technologies and platforms so as to combine and analyze large data sets, simulate and predict business processes and significantly transform interactions with customers[2]. Meanwhile, traditional marketing methods are no longer adapted to today's business environment, prompting enterprises to proactively address this challenge by transforming their marketing strategies to meet the demands of the digital era. With customers' consumption habits changing and sales channels rebuilt, enterprise marketing models need to be innovated[3]. In the digital economy era, enterprises need to place greater emphasis on digital marketing. Traditional advertising channels such as television and newspaper advertisements are gradually losing their appeal to consumers. In contrast, digital marketing through internet channels will become the mainstream. The internet and digital marketing have become important factors in campaigns, which acts as a key part of the strategies of users' growth and loyalty[4]. Enterprises should make full use of tools such as social media, search engine optimization, and email marketing to attract target audiences through targeted advertising and precision marketing. As Wang Shaohua et al.(2011)[5] point out that digital marketing help enterprise do better in more customer acquisition, profitability, sales, and revenue. Digital marketing have become important a key part of sale-growth and user loyalty strategies[6]. At the same time, the application of big data analysis and artificial intelligence technology can better understand consumer needs, optimize product pricing and promotional strategies, and enhance market competitiveness[7].

It can be foreseen that the transformation of marketing strategies for enterprises in the digital economy era will have a profound impact on their development. Therefore, enterprises need to continuously explore innovation, flexibly adjust strategies, and adapt to the marketing models required by the digital age.

2. The Impact of the Digital Economy on Consumer Behavior

The rapid development of the digital economy has had a profound impact on consumer behavior. With advancements in internet technology and the widespread adoption of mobile payments, traditional consumption patterns are undergoing significant transformations. Nowadays, consumers can conveniently engage in online shopping through various channels such as e-commerce platforms and mobile applications. It is crucial for businesses to closely monitor the impact of the digital economy on consumers and ensure that their marketing strategies keep pace with these changes.

2.1. Consumer Lifestyle: Comprehensive Transformation towards Online and Digitalization

Along with the gradual increase in internet penetration rates, consumer information access and shopping methods have undergone fundamental changes, with online shopping becoming an important way for consumers to make purchases. Consumers can easily browse, compare, and purchase products through their smartphones or computers. Additionally, they can obtain product information through social networks and share shopping experiences and reviews with others. This convenient shopping method provides consumers with more choices and convenience, while also driving businesses to continuously improve their services and product quality. For enterprises, their marketing strategies need to align closely with the digital lifestyle of consumers in order to gain more opportunities for engagement and further convert them into marketing opportunities.

2.2. The Increasing Variety of Consumers' Choices

The rise of the digital economy has brought greater convenience to consumers in terms of product choices[8]. Traditional physical stores are limited by space and cost, resulting in relatively limited options for consumers. However, driven by the digital economy, consumers can access products from around the world through the internet, especially well-known domestic and international brands, offering them more diverse and personalized choices. The internet further eliminates the information asymmetry between users and marketers, breaks the geographical boundaries in marketing, and creates a long tail market that can cater to the diverse needs of consumers. For marketers, this poses greater challenges and competition in the field of marketing.

2.3. The Emergence of Personalized Consumer Behavior Characteristics

The development of the digital economy also promotes the accentuation of personalized consumer behavior characteristics. Through the analysis and mining of internet data, e-commerce platforms can better understand consumers' purchasing preferences, interests, and consumption habits, among other personalized information. When consumers engage in online shopping, these platforms can deliver accurate personalized recommendations, helping consumers quickly find the products they need and improving shopping efficiency.

With the trend of precise information delivery, consumers can easily access products that meet their personalized needs in terms of color, style, and material. As a result, the demand for personalized custom products is further released. Products that can meet some or all of the customization needs have gradually become consumers' new favorites.

3. The Impact of the Digital Economy on Marketing Methods

The digital economy is driving continuous transformation of marketing methods towards informatization and digitization in businesses.

3.1. Digital Transformation of the Entire Marketing Process

Various applications in supply chain management provide digital tools for businesses to manage the digitization of supply quantities, enabling real-time monitoring of product production and process information. In terms of distribution channels, traditional offline channels are transitioning to online channels, forming an omni-channel system that combines both online and offline channels. E-commerce platforms and online stores provide marketers with new online channels, while social media platforms offer multimedia marketing matrices and feedback channels for customer service and information collection. Models such as O2O integrate online and offline channels, providing marketers with new opportunities for scene-based marketing through network searches, recommendations, social interactions, and location-based services.

3.2. New Technologies Provide New Platforms and Tools for Marketing

With the maturity of 4G networks and the enhanced coverage of 5G networks, combined with the application of technologies such as artificial intelligence, big data, the Internet of Things, and AR/VR, marketing can achieve innovation in new products and new scenarios through new technologies. For example, VR can be used to achieve immersive experiences of products, allowing people to perceive the product and service process as if they were there.

It is worth mentioning that data-driven marketing is becoming an important means for companies to gain competitive advantages. Data-driven marketing refers to the use of collected, analyzed, and utilized large amounts of data to guide marketing decisions, optimize marketing strategies, better meet consumer needs, and enhance market competitiveness. Data-driven marketing can deeply understand consumer needs and preferences through analyzing consumer behavioral data. By collecting data such as consumer purchase records, browsing behaviors, and social media interactions, companies can establish consumer profiles, uncover potential consumer needs, and develop personalized marketing strategies based on these needs. Data-driven marketing helps companies understand the dynamics of competitors, enabling them to formulate more targeted marketing strategies. By monitoring data such as competitor price changes, new product launches, and market share fluctuations, companies can timely adjust their own strategies and seize market opportunities. At the same time, through in-depth analysis of competitors' target customer groups, companies can more accurately identify their own target customers and attract their attention through precise marketing methods.

3.3. Social Media Marketing Goes Mainstream

Social media marketing has gained increasingly significant importance in today's digital era. As people's reliance on smartphones and social platforms continues to grow, social media has become a direct link and interactive platform between businesses and consumers. Through social media marketing, companies can precisely target their audience and establish a close interactive relationship with them. Creating engaging content is a key factor in marketing on social media. Interesting, useful, and emotional content can attract and retain the attention of the target audience. This requires understanding the needs, interests, and preferences of the target audience from their perspective in order to create precise content. At the same time, the content should be diverse and creative, using formats such as images, videos, comics, and stories to convey information and enhance user engagement and conversion rates. Effective interaction with the target audience is crucial in social media marketing to establish a strong brand image. By responding to user comments, private messages, and sharing user-generated content, companies can gain trust and improve user loyalty.

4. Marketing Strategies for Enterprises in the Digital Economy Era

For marketers, it is essential to adapt to the significant shift in consumer behavior and marketing methods in the digital economy era. This requires transforming and adjusting marketing strategies, maximizing marketing effectiveness through digital means, and gaining a competitive advantage in the market.

4.1. Data-Driven Marketing

Data is the main characteristic of the network era, and users' online behaviors will generate corresponding big data traces. Marketers must make full use of data to support the development and implementation of marketing strategies and introduce data into the entire marketing process. Data-driven marketing strategies can be used in the following areas: In target market and audience insights, data can be used to identify target customers more accurately. User segmentation, behavioral preferences, and other patterns can be used to create precise user profiles and target customer groups based on product positioning. In product and service delivery, A/B testing data mechanisms can help marketers iterate and optimize products. Analysis of data from intelligent customers, combined with user feedback and complaints, can be used to develop product improvement plans. Machine learning can help generate product planning based on user preferences and popularity. For example, video streaming websites can use data mining to understand user binge-watching habits and generate creative ideas for web series. Such data-driven solutions that incorporate "public opinion" are more likely to be accepted by viewers. In the implementation of marketing and promotion, data will play a greater role. By building a panoramic view of the user lifecycle, data models such as shopping carts, recommendation engines, and decision trees can be used to predict user purchasing behavior and accurately target customers. In the growth and maturity stages of the user lifecycle, cross-selling and membership programs can be used to enhance user value and expand sales opportunities. During the decline phase of user product usage, user churn warning models can be used to identify churn risk and guide precise user retention strategies to extend the user lifecycle. In the management of marketing organizations, data can be used to monitor channel touchpoints and the entire supply chain, supporting marketers in making management and optimization decisions to improve cost-effectiveness. In summary, a data-driven intelligent marketing strategy that covers the entire marketing process is one of the most important marketing strategies in the digital and network economy era.

4.2. Product Self-Marketing

Companies should fully leverage the self-growth capability of their products to achieve low-cost and efficient marketing. In contrast to traditional marketing methods that rely on heavy advertising and investment, the main characteristic of product growth marketing in the digital economy era is to return to the foundation of having a good product that provides value to users. By first having early adopters use the product and then leveraging social networks for sharing and word-of-mouth marketing, the goal is to achieve exponential growth in product scale. Compared to cost-intensive and extensive promotional marketing, self-growth and viral marketing of products have the advantages of low investment costs, focusing on the core value of the product, winning through word-of-mouth, and having long-term and sustainable growth potential.

4.3. Building Integrated Online and Offline Marketing Channels

Enterprises should strengthen the online layout of marketing channels and build an integrated omni-channel system that combines online and offline channels. As consumer lifestyles shift towards digitization, enterprises need to adapt their marketing channel layouts to this change and promptly establish online channel systems in order to avoid being left behind by online traffic. Marketing channels always adjust their layouts in accordance with changes in internet traffic entries, with the core objective being to maximize consumer touchpoints during fragmented time and enhance service convenience, thereby gaining more online display and sales opportunities. Offline channels need to be fully integrated with online channels to collectively enhance user convenience and marketing experience. Offline channels should be designed as places for product experiences, tangible service interactions, and operations, while online channels facilitate traffic redirection to offline channels, promote transaction completion, and streamline business processes for simple tasks.

4.4. Brand and Communication

Self-branding is an effective strategy that individuals adopt to promote their professional careers[9]. Similarly, enterprises should emphasize the networked approach to brand building and communication methods. In terms of brand building, brands are evolving towards IP-based development, engaging in digital content marketing around IPs to evoke deep resonance with users. Compared to traditional brands, current internet celebrity brands have more vitality, injecting new meanings into brands through networked content. Leveraging the IP influence of brand ambassadors, the power of internet fan economy can be fully utilized.

In addition to precise targeting based on exposure, clicks, and other behaviors, existing traffic platforms can achieve precise targeting of target user groups based on big data. This extends to various rich delivery forms such as images, videos, H5 pages, information flows, etc., making brand communication more comprehensive.

4.5. Community Marketing

Enterprises should establish close connections with users through community marketing. People naturally form groups and gather around common interests, and the internet provides online gathering places for various types of individuals. Platforms like Instagram and Twitter represent communities driven by personal interests, while forums represent interest-based communities. These online communities automatically segment internet users into distinct groups with their own characteristics.

Marketers need to fully leverage the network effect of these communities by placing their marketing efforts in the communities where their target users are located. By connecting with users and achieving marketing goals, marketers can effectively utilize the power of online communities. Communities also serve as a means for businesses to gather consumers and establish long-term relationships. Examples include user communities and fan forums. By leveraging these communities, businesses can organize and manage community content, establish a tiered membership system, and directly communicate with consumers.

5. Recommendations for Enterprise Marketing Strategies

5.1. Enhancing Data Analysis and Mining Capabilities

With the rapid development of information technology and the advent of the big data era, the importance of data analysis and mining capabilities is becoming increasingly prominent. Data analysis and mining is a process of extracting information, discovering patterns, and gaining insights from data. By processing and analyzing large amounts of structured and unstructured data, enterprises can gain valuable business intelligence and achieve competitive advantages.

To enhance data analysis and mining capabilities, firstly, it is necessary to establish a unified data platform and an open data ecosystem. Such a platform can integrate multiple data sources, including internal and external data, to form a comprehensive and authentic data ecosystem. Secondly, a data quality management system should be established to ensure the accuracy, completeness, and consistency of data, laying a foundation for effective data analysis and mining. Thirdly, strengthening data analysis and mining capabilities requires the development of advanced algorithms and models. By introducing technologies such as machine learning and artificial intelligence, automated data analysis and mining systems can be built. These systems can automatically uncover hidden patterns and relationships in data, make predictions and decisions based on the results. Furthermore, leveraging technologies like natural language processing and image recognition can enable in-depth understanding and analysis of unstructured data.

5.2. Integrated Multi-Channel Digital Marketing System

To drive economic development and market prosperity, it is crucial to establish a multichannel integrated digital marketing system. Digital marketing has become a vital tool for businesses to expand their market, enhance brand image, and attract target consumers. In the digital era, enterprises need to adeptly utilize various channels and technological means to conduct marketing in a comprehensive, precise, and efficient manner.

When constructing a multi-channel digital marketing system, it is important to consider the characteristics and advantages of different channels. Enterprises can engage in marketing activities across various channels such as traditional media, social media, search engines, and e-commerce platforms. For instance, on traditional media, brand messages can be conveyed through advertising and TV program sponsorships. On social media, interaction with consumers can be facilitated through multiple social platforms, providing personalized promotion and services. On search engines, exposure in search results can be enhanced through SEO and SEM techniques. On e-commerce platforms, establishing a brand flagship store can provide an online shopping experience. By integrating multiple channels, enterprises can achieve comprehensive brand communication and reach diverse consumers.

A digital marketing system needs to possess the characteristics of precision and efficiency. Enterprises can optimize advertising placements and marketing strategies through data analysis and artificial intelligence (AI) technologies, enabling precise targeting and personalized recommendations. For instance, by analyzing user data, enterprises can gain insights into consumer interests, purchasing habits, and behavioral patterns, thereby offering products and services that better align with consumer needs. Moreover, digital marketing allows for real-time feedback and tracking, enabling marketing strategies to be adjusted based on user feedback and data analysis, thus improving user experience and marketing effectiveness.

Even in the digital economy era, offline marketing channels still hold significance. Enterprises should not only focus on expanding and developing digital marketing channels but also actively maintain their existing offline marketing channels. This way, a seamless integration of online and offline channels can be achieved, enhancing user convenience and marketing experience.

6. Conclusion

In the context of the digital era, the digital economy has become a primary driver of economic growth. The digital age has transformed consumer lifestyles, the way businesses operate, and the overall marketing environment. For enterprises, it is crucial to seize the opportunities presented by the evolving socio-economic landscape, drive comprehensive innovation in marketing models, and upgrade marketing strategies. By doing so, enterprises can maintain strong market competitiveness in the digital era.


References

[1]. Ma, X., & Gu, X. (2024). New marketing strategy model of E-commerce enterprises in the era of Digital Economy. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29038

[2]. Milovanov, P. D. (2022). Customer-oriented management of business processes in a digital economy. Russian Engineering Research, 42(1), 72–74. https://doi.org/10.3103/s1068798x22010142

[3]. Ren, G. (2024). Research on the Innovation of Enterprise Digital Marketing model in the era of Digital Economy. Financial Engineering and Risk Management, 7(1). https://doi.org/10.23977/ferm.2024.070102

[4]. Pascalau, S. V., & Urziceanu, R. M. (2021). Traditional marketing versus digital marketing. AGORA INTERNATIONAL JOURNAL OF ECONOMICAL SCIENCES, 14. https://doi.org/10.15837/aijes.v14i0.4202

[5]. Wang, S., Wang, B., Hu, A., & Zhang, X. (2024). Digital Marketing and business performance of selected micro-enterprises in China. Journal of Business and Management Studies, 6(1), 134–151. https://doi.org/10.32996/jbms.2024.6.1.8

[6]. López García, J. J., Lizcano, D., Ramos, C. M., & Matos, N. (2019). Digital marketing actions that achieve a better attraction and loyalty of users: An analytical study. Future Internet, 11(6), 130. https://doi.org/10.3390/fi11060130

[7]. Ziakis, C., & Vlachopoulou, M. (2023). Artificial Intelligence in Digital Marketing: Insights from A comprehensive review. Information, 14(12), 664. https://doi.org/10.3390/info14120664

[8]. Guo, D., Li, L., Qiao, L., & Qi, F. (2023). Digital economy and consumption upgrading: Scale effect or structure effect? Economic Change and Restructuring, 56(6), 4713–4744. https://doi.org/10.1007/s10644-023-09571-z

[9]. Hu, L. (2021). Self as brand and brand as self: A 2x2 dimension conceptual model of self-branding in the Digital Economy. Journal of Internet Commerce, 20(3), 355–370. https://doi.org/10.1080/15332861.2021.1907170


Cite this article

Zhao,Z. (2024). Research on Marketing Strategies of Enterprise in the Context of the Digital Economy. Advances in Economics, Management and Political Sciences,91,173-179.

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About volume

Volume title: Proceedings of the 2nd International Conference on Management Research and Economic Development

ISBN:978-1-83558-479-8(Print) / 978-1-83558-480-4(Online)
Editor:Canh Thien Dang
Conference website: https://www.icmred.org/
Conference date: 30 May 2024
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.91
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. Ma, X., & Gu, X. (2024). New marketing strategy model of E-commerce enterprises in the era of Digital Economy. Heliyon, 10(8). https://doi.org/10.1016/j.heliyon.2024.e29038

[2]. Milovanov, P. D. (2022). Customer-oriented management of business processes in a digital economy. Russian Engineering Research, 42(1), 72–74. https://doi.org/10.3103/s1068798x22010142

[3]. Ren, G. (2024). Research on the Innovation of Enterprise Digital Marketing model in the era of Digital Economy. Financial Engineering and Risk Management, 7(1). https://doi.org/10.23977/ferm.2024.070102

[4]. Pascalau, S. V., & Urziceanu, R. M. (2021). Traditional marketing versus digital marketing. AGORA INTERNATIONAL JOURNAL OF ECONOMICAL SCIENCES, 14. https://doi.org/10.15837/aijes.v14i0.4202

[5]. Wang, S., Wang, B., Hu, A., & Zhang, X. (2024). Digital Marketing and business performance of selected micro-enterprises in China. Journal of Business and Management Studies, 6(1), 134–151. https://doi.org/10.32996/jbms.2024.6.1.8

[6]. López García, J. J., Lizcano, D., Ramos, C. M., & Matos, N. (2019). Digital marketing actions that achieve a better attraction and loyalty of users: An analytical study. Future Internet, 11(6), 130. https://doi.org/10.3390/fi11060130

[7]. Ziakis, C., & Vlachopoulou, M. (2023). Artificial Intelligence in Digital Marketing: Insights from A comprehensive review. Information, 14(12), 664. https://doi.org/10.3390/info14120664

[8]. Guo, D., Li, L., Qiao, L., & Qi, F. (2023). Digital economy and consumption upgrading: Scale effect or structure effect? Economic Change and Restructuring, 56(6), 4713–4744. https://doi.org/10.1007/s10644-023-09571-z

[9]. Hu, L. (2021). Self as brand and brand as self: A 2x2 dimension conceptual model of self-branding in the Digital Economy. Journal of Internet Commerce, 20(3), 355–370. https://doi.org/10.1080/15332861.2021.1907170