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Using the PESTEL Analysis to Determine the Effectiveness of New Digital Media Strategies
- 1 Lubin School of Business, Pace University, New York City, U.S.A
* Author to whom correspondence should be addressed.
Abstract
In recent years, new digital media marketing strategies, for example, online streaming, NFTs, and Metaverse have been frequently seen and discussed. However, the effectiveness of these strategies has varied between countries. The PESTEL analysis is a tool that can help to explain the answer to this inconsistency. This paper aims to discuss and analyze emerging digital media strategies by using the PESTEL analysis. The analysis focuses on six aspects, which are political, economic, social, technological, environmental, and legal, to examine each digital media strategy. Through the PESTEL analysis and real-life examples, the results have shown that these strategies have the potential to attract new customers and raise public attention. Each digital media strategy can help to boost sales and increase brand recognition. The PESTEL analysis shown the advantages of implementing these strategies, but the analysis also addresses the shortage of these strategies.
Keywords
PESTEL analysis, Digital media, NFTs, Web 3.0, Marketing strategy
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Cite this article
Kung,W. (2023). Using the PESTEL Analysis to Determine the Effectiveness of New Digital Media Strategies. Advances in Economics, Management and Political Sciences,5,19-25.
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Volume title: Proceedings of the 2022 International Conference on Financial Technology and Business Analysis (ICFTBA 2022), Part 1
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