“DIGITAL MARKETING AND ITS EFFECTS ON

START-UP AND SMALL BUSINESS”

Mini Project Report

Submitted in Partial Fulfilment of

Master of business Administration (M.B.A)

As a part of Curriculum MBA 1STsemester

By

Abhishek Pathak

Roll No:-23101902110010

2022-23 Batch

202-23 Batch

सिद्धार्थ सिश्वसिद्यालय
SIDDHARTH UNIVERSITY
Kapilvastu, Siddharth Nagar, U.P. India 272202
कसिलिस्तु , सिद्धार्थनगर, उ.प्र. भारत 272202

December 2022
 DECLARATION

I hereby declare that the project work report entitled “DIGITAL MARKETING AND ITS
EFFECTS ON START-UP AND SMALL BUSINESS” to faculty of Management is an
original piece of work under the supervision of Dr Deepak Jaiswal Sir faculty member,
Siddharth University Kapilvastu siddharthnagar and is submitted in partial fulfillment of the
requirement for the award of the degree of Master of Business Administration (MBA). This
research report has not been submitted to any other University or institution for the award of any
degree or diploma.

………………………….

Abhishek Pathak

Siddharth University Kapilvastu Siddharthnagar

Date……………..
 SUPERVISOR’S RECOMMENDATION

The project work report named “DIGITAL MARKETING AND ITS EFFECTS ON START-
UP AND SMALL BUSINESS” submitted by Mr.Abhishek Pathak Siddharth University
Kapilvastu Siddharthnagar is prepared under my supervision as per the procedure and format
requirements laid by The Department of Business Administration, Siddharth University, as
partial fulfillment of the requirements for the award of the degree of Master of Business
Administration (MBA). I, therefore, recommend the project work report for evaluation.

……………………………..

Dr. Deepak Jaiswal

Supervisor

Siddharth University Kapilvastu Siddharthnagar

Date……………………..
 ACKNOWLEDGEMENT

Apart from the efforts of our group, the success of any project depends largely on the
encouragement and guidelines of many others. We take this opportunity to express our gratitude
to the people who have been instrumental in the successful completion of this project. We would
like to show our greatest appreciation to Dr Deepak Jaiswal Sir We can‘t say thank you enough
for her tremendous support and help. Without her encouragement and guidance this project
would not have materialized. The guidance and support received from all the members who
contributed and who are contributing to this project, was vital for the success of the project. We
are grateful for their constant support and help.
 TABLE OF CONTENTS

1. Introduction 1

1.1Digital marketing 1-2

2. Start-up 3

2.1 Digital marketing trends 3-4

2.2 Benefits of digital marketing 4-6

3.Need of digital marketing 6-8

4.Digital marketing channel 9-10

5.Relationship between Digital marketing and start-up 10-12

5.1 Effects of Digital marketing in Start-up 13

6. Methodology 14-15

7.Advantage and Disadvantage of Digital marketing 15-16

8.Develop a Digital market planning 17

8.1Executive summary of Digital marketing 17-18

8.2 Stages of Digital market planning 18

8.3Digital marketing Objective 18-19

8.4Digital marketing Plan- Budget 19

8.5Digital marketing planning Tips 19

9.Benifits of Digital marketing 19-22

10.The future of Digital marketing 23-26

1.INTRODUCTION

Digital marketing is the forefront of every marketing campaign for any company despite the
scale. Currently, no one launches a company without establishing a comprehensive digital
marketing plan. Digital marketing is the most prevalent method of marketing in the modern
technological era. Start-up companies are proving essential in the growth of the economy and in
the past two decades the importance of start-up companies has increased globally.
Governments all over the world have motivated and incentivised start-up companies to maintain
a competitive advantage. Digital marketing not only creates alternative platforms for the
distribution of goods and services but also aims to create consumer relations and engagement. It
helps to improve contact with clients, as well as understand the evolving expectations of the
clients. Thus, the start-ups need to engage in online digital platforms that encourage firms to
access a broader consumer and communicate with suppliers and customers effectively. Digital
marketing practices focus on product image, brand recognition and brand loyalty.

1.1 Digital Marketing:-

Meaning:-

Digital marketing can be defined as the process of promoting of brands using digital distribution
channels comprising internet, mobile and other interactive channels. The basic advantage in this
form of advertising lies in its low cost model.

Digital Marketing (also Online Marketing, Internet Marketing or Web Marketing) is a collective
name for marketing activity carried out online, as opposed to traditional marketing
through print media, live promotions, tv and radio advertisement.

The rapid growth of Digital Marketing Industry is a direct consequence of the global
phenomenon that is the Internet, and effectiveness of Digital Marketing channels in generating
revenue and awareness. Compared to traditional methods of advertising, Digital Marketing
offers rather realistic costs (particularly important for small- and medium-size businesses and
start-ups), accurate targeting and excellent reporting.

Types of Digital Marketing:-

Digital Marketing can be classified into Pull and Push marketing-

Pull:-
Pull digital marketing technologies involve the user having to seek out and directly grab (or pull)
the content via web searches. Web site/blogs and streaming media (audio and video) are good
examples of this. In each of these examples, users have a specific link (URL) to view the content.

Push:-

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Push digital marketing technologies involve both the marketer (creator of the message) as well as
the recipients (the user). Email, SMS,RSS are examples of push digital marketing. In each of
these examples ,the marketer has to send (push) the messages to the users (subscribers) in order
for the message to be received.

Fig. Digital marketing

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2.Startup:-

The term startup refers to a company in the first stages of operations. Startups are founded by
one or more entrepreneurs who want to develop a product or service for which they believe
there is demand. These companies generally start with high costs and limited revenue, which is
why they look for capital from a variety of sources such as venture capitals.

Startups are companies or ventures that are focused on a single product or service that the
founders want to bring to market. These companies typically don't have a fully developed
business model and, more crucially, lack adequate capital to move onto the next phase of
business. Most of these companies are initially funded by their founders.

Many startups turn to others for more funding, including family, friends, and venture capitalists.
Silicon valley is known for its strong venture capitalist community and is a popular destination
for startups, but is also widely considered the most demanding arena.

Startups can use seed capital to invest in research and to develop their business plans. Market
research helps determine the demand for a product or service, while a comprehensive business
plan outlines the company's mission statement vision, and goals, as well as management and
marketing strategies.

The first few years are very important for startups This is the time that entrepreneurs should use
to concentrate on raising capital and developing a business model.

Web Site Designing:-

From the initial process of taking inputs from clients, planning on the basis of such inputs
to final implementation and testing – all are done using latest web designing techniques and
skills. Our services have the advantage of offering clarity in its design style, which is backed up
with an easy and free flowing content and latest technical know-how. Not only we provide
affordable web site design and ecommerce web development services but also search engine
friendly designs.Our Service Includes
 Website Design
 Website Redesign
 Shopping Cart Web Design
 Detailed and Advanced Page Layout
 Custom logo design
 Banner Ads
 Custom Graphics Design using advanced design tools.

2.1 Digital Marketing Trends:-

Organizations are implementing a wide range of digital channels so as to engage

customers in a more personalized way. Digital marketing trends that organizations are
rapidly embracing include
Mobility:- Business Insider's recent report indicates that globally, one in every five people
owns a smart phone, and one in every 17 owns a tablet. That's an increase of nearly 1.3

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 billion smart phones in last four years. Therefore an increased user base accessing the
internet via smart phones has prompted many companies to optimize the iron line content for
mobile devices.
Social media:- Organizations are focusing on engaging with customers through social media
to offer real-time interactions. Social media helps organizations reach out to a vast pool of
potential customers by supplying them with medical and campaign-related information.

Social-Local-Mobile marketing:-
The growing popularity of smart mobile devices, increasing location based social activities
like experience sharing, review reading via social media and the evolution of Global
positioning System (GPS) are helping companies leverage Social-Local-Mobile marketing
activities.

Personalized Content marketing:- Customer engagement, acquisition and retention have all
taken on a new dimension with the delivery of unique, personalized, and relevant messages
through identified digital channels. Email is one of the most preferred marketing channel to
broadcast targeted organization messages and campaigns to existing and prospective customers.

Advanced analytics:- Increased adoption of digital channels is generating large volumes of

customer behavioural data. Advanced actionable analytics can help organizations define targeted
marketing strategies. Search Engine Marketing (SEM) / Search Engine Optimization (SEO)
Organizations are focusing on SEO efforts and paid search advertising for enhancing the
visibility of their products and services.

2.2Benefits of digital marketing:-

Digital marketing offers many advantages over traditional advertising methods, such as print ads
and direct mail, billboards, TV and radio. It allows brands to do more with their resources while
empowering the customer to do business with that brand on their terms.

At a minimum, online marketing allows customers to find the information they need even after
you’ve closed up shop for the night. It gives them the option to email questions at any time,
rather than forcing them to call during business hours; it puts your interactions on their schedule
and not the other way around.

Done well, digital marketing is the ultimate way to build authority and brand awareness in the
largest market on Earth: the Internet. Brands can engage directly with their target audience
through social media to learn exactly what consumers are looking for, and forge authentic
relationships that create trust and brand loyalty.

In short, the importance of digital marketing goes beyond making a sale; it is a long-term
investment in the health and growth of your business. Here are some of the benefits of adding
digital strategies to your marketing plan:

Reach:-

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Most types of digital marketing are far less expensive yet have far greater potential reach than
classic strategies, making digital ads a cost-effective choice for small businesses who are worried
about ad spend.

Direct mail and billboards depend on customers living in a certain area, while radio and
television demand that consumers pay attention to specific media formats that are falling further
and further out of style. By comparison, online marketing can reach anyone, anywhere, even on a
global scale.

Most potential customers are using mobile devices, or are at least spending a big chunk of their
day online. Brands can use content marketing, email marketing, social media marketing, and
other digital marketing channels to meet those customers where they are.

Targeting:-
Digital marketing tools and analytics can help brands identify and target customers who are most
likely to want their products or services, so they can invest resources into the demographics
where they will deliver the most value. A strong digital marketing strategy enables companies to
better use their budget and personnel while driving greater return on investment.

Flexibility:-
Modern marketing analytics tools provide real-time insights that let businesses adjust marketing
campaigns on the fly. In contrast, traditional marketing methods demand sunk cost: The money
is already spent, and if the campaign fails, there is nothing to be done until the next one. A faulty
digital campaign can still be salvaged, and so can the money spent on it.

Measurability:-
Unlike billboards, TV ads, and radio jingles, digital marketing channels come hard-wired with
the tools brands need to measure performance.
It's easy to see how many impressions, clicks, and likes are being generated by social media
posts, or how many visitors are coming to your website and from where. Attribution modeling
traces a customer’s first sale back to their first point of digital contact with your brand. Choose
the metrics you value most and start learning how your digital marketing campaigns affect
conversion rates.

Legitimacy:-
Potential customers are more likely to trust businesses that have an online presence that includes:
 A website
 Testimonials
 Social media accounts
A healthy online presence shows that a brand is established and trusted. Trust can make or break
the deal for consumers who are considering a new product or service.

Democratization:-
Digital marketing (when done right) can level the playing field for small businesses competing
with major corporations. Amazon, Walmart, and other big box retailers may have the deepest
pockets, but money can’t buy search engine relevance. The only way to land at the top of the

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Google results page is to establish relevance through strategies like pay-per-click (PPC)
advertising and search engine optimization (SEO).

How digital marketing helps small businesses:-

Digital Marketing Plays a vital role in growing Small businesses. Companies need to increase
their sales, revenue, and overall growth, and digital marketing is an art to convert your audience
into customers and generate extra income by selling their products or services.

Whether you are a big enterprise company or a small company, everyone could use a fantastic
web marketing strategy.

Digital marketing for small business focus on several levers which don’t cost a lot of money,
but need time and persistence.

First, you need to understand your target market and what they need. Post too many dull and
irrelevant updates is not going to get you far. If you generate superficial content and pay for fake
engagement, your business is going to suffer.

We know that your business, no matter the size, is the result of your hard work and perseverance.
It is essential for you and that you want to place it where everyone can see it.

We also know that it can be intimidating to try and bring it out into the world through digital
means. The internet market is vast, and your product, services or brand must get to the right place
so that your business grows. Which is why the first step to introduce your brand or product into
the web should be firm and informed. channels agency

Don’t worry, we will walk you through the essential concepts of how does digital marketing helps
small businesses. Just keep reading the article until the end. Here I explain step by step guide
which help you to grow your business.

3.Need Of Digital Marketing In Small Businesses

Provides an equal opportunity for small businesses:-

Digital marketing provides equal opportunities for every business, regardless of its size. It is not
something that can only be reached by multinational companies with big budgets. A small
business that provides useful content and effective communication can compete in social
media platforms by engaging different clients through different strategies.

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Targeting the right audience:-
Digital marketing has long left behind the days when ads would appear to as many internet users
as technology allowed it. Today, every
interested in your product. This saves resources since you don’t have to budget for a massive
audience expecting minimal returns.

Cost-efficient:-
The risk-reward ratio of setting up a business is already a little too heavy on the risk side to add
on to it with an investment in traditional marketing. Using digital marketing instead of printed
flyers, renting a billboard, or placing banners allows you to cut advertising costs. If you have a
reasonable budget then you can also hire a marketing agency, they help you to improve. Don’t
hire any random digital marketing agency, do some research, and then try them out.

Builds brand recognition:-

It helps people become familiar with your products and develop a preference for them.

It also makes it easier for your brand to become the first concept to pop up in users’ minds when
searching for a specific product or plan to purchase. It is also what makes us remember the colors,
logo, and feel of a brand.

Brand recognition can also help people connect emotionally with your brand since its objective is
to associate it with their everyday experience. The more they see or use your brand, the more
personal connections they create with it. Since today, our adventures take place a lot of the time
online, having a digital marketing strategy helps you create these connections before deciding to
try it out.

Gives you a fair chance of exposure:-

Online visibility is significant, especially at a time when the markets get more competitive. Small
businesses can create their own exposure space in their platforms and focus on potential
customers online.

Mobile marketing:-
Digital marketing includes mobile marketing. Today 81% of adults in America have a
smartphone. By making your website responsive on mobile, you can tap into that pool of potential
customers easier. Compared to desktop computers, Americans spend more time staring at the
screen of their phones. It is a fact that you can exploit through digital marketing.

Know your competition:-

Your competition is also online marketers, which allows you to learn from them. How do they
communicate the uniqueness of their business? What are their strategies when it comes to
engaging with their audience? Is there anything you can improve?

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Your potential customers can’t choose you over them if you don’t appear legitimate when
searching on Google. There is a good chance that a lot of them will choose another option if they
cannot find you online. Having a strategy of digital marketing and communication can make them
take you seriously.

4.Digital Marketing Channels to help small businesses:-

Start a blog

If you have a small company, then starting a blog is your first preference to take your business to
another level.

Starting a blog leads you to generate more sales and help you to build your brand name. A blog
enables you to reach millions of people on the Internet, and it is a fantastic method to connect
with your audience or customers.

First of all, you should think about the name of your Blog. I suggest the title should be small and
relevant to your audience. For example, if you have started a dog business, then “Dog Lover or
Dog care” is the perfect name for your website.

It’s time to set up your website. Don’t worry, this is a more straight forward process, and setup
can be quickly done in one hour.

Search Engine Optimization (SEO):-

SEO is one of the most critical factors for your blog ranking and blog traffic. SEO can make or
break your website; it can put your website on the top of everyone’s mind or let it be forgotten on
the 5th page of Google search Engine.
Whenever a customer makes a search for the services you provide, he is shown countless result.
So how do you make yourself seen by your potential customer? Well SEO takes care of this
problem. Basically, in this process you optimize your website in order to rank higher in search
engine result pages. As you will rank higher, your chances of getting seen by a customer
increases.
But wait, isn’t everyone busy optimizing their websites to rank higher and get seen by customers.
So what else can you do to leave your competitors behind and get a rank higher than them?

Social media marketing:-

Almost every Business owner heard about the social public network. Over the last 15 years, social
networks have entirely changed the internet and marketing world. It allows you to build a
relationship with your consumers.

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If you find the right Social media for your business, you integrate it into your strategy. Always
remember that your goal is to strengthen your relationship with your customers and reach
potential ones.

Email marketing strategy:-

Email marketing highly effective Email strategy. In other words, it’s a way of connecting with
your leads and turning them into customers. Building a list of names and email interested peoples
gives you a direct path of keeping them updated and continuously in contact. As your email list
grows, it becomes more valuable because of the impact you can get from those emails.

Email marketing requires an investment of a lot of time and a small amount of money. Email
marketing doesn’t happen free of cost. Many successful businesses started with a small
investment and get 35 to 40 times return.

Content Marketing

It’s a fantastic technique to get more backlinks, more social shares, and more blog traffic.

“Content is King” is well said. A decorated and lengthy quality posts and pages leads you to rank
higher on search engines.

Does the length matter? Yes, it does matter. If you look at some of the best writers like Back link,
they write an average blog post of 4000 words.

5.Relationship between Digital marketing and start-ups:-

The advancement of digital technology is a major incentive and yet an extremely dangerous
challenge to start-ups. The potential emerges from the willingness of Start-ups to leverage
emerging technology that were historically open exclusively to big firms and to use them to
thrive in international markets. But the challenge is arising with Start-ups incurring losses by not
taking advantage of 12 resources and being less innovative in predominantly digital and online
markets. Start-up companies have limited resources. Hence, they have been creative when
investing in marketing strategies to reach out to the wide consumers groups. This is when digital
marketing comes in handy to start-ups as it's significantly cheaper than the conventional
marketing. The internet commercials can be done in a few hundred dollars whereas tv ads can
cost thousands. Digital marketing platforms like social media, blogs, viral marketing can be used
to reach a wide range of audience. Digital marketing helps start-ups to attract new target
audiences and establish relationships with them. Digital marketing also helps engage with the
potential clients using different platforms.

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Some of the importance of digital marketing in start-up are:

● Boost their visibility

● Increase online conversion rates

● Reduce their marketing budget

● Generate leads ● Increase Sales

● Develop a brand awareness

● Increase online conversion rates

● Improve customer engagement

● Influence purchasing decisions

● Track their return on investment

5.1Effects of digital marketing in start-ups:-

Growth of Company:-

Digital Marketing provides very strong growth prospects for small to medium-sized companies
as well as new start-ups. Digital Media allows startups to get a strong portrait online and promote
itself. Digital advertising is vital for startups today since reflecting through becomes a sort of
successful business strategy. That is the most effective way to meet the wider public by showing
the services and goods in the effective manner imaginable. Digital Marketing is the essence and
core of start-up growth and is the simplest way to mitigate marketing expenses without limiting
product and service exposure.

13 Effective awareness and adequate integration of the best digital marketing strategies and
patterns has the potential to guarantee the competitive, comprehensive and profitable
accomplishments of start-ups and existing companies (Insight Success, 2020). Performance of
companies is depending on the conversion of created content to subscribers. The conversion rate
is the most critical market performance metric.

Digital marketing tends to play a crucial part in high conversion rates. That is why most
entrepreneurs prefer digital marketing tools to achieve a high conversion rate. Digital marketing
can entice potential consumers and enable the customer with customized interaction, expanding

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knowledge and sales, contributing to the development of the business. Digital marketing policy
leads to new consumer acquisitions, brand development, brand awareness, ways to produce sales,
improved customer experience and engagement, and a cost-effective international exposure
which is essential for the growth of a company.

Brand awareness:-

There's more to brands than labels and icons. They reflect the consumer 's expectations and
emotions about the product and its results, so brands really live in the thoughts of the consumers.
Therefore, good and profitable brands have high market credibility, which means that consumers
have a significant comparative impact on the brand. Brand awareness is linked to the power of a
product link or memory trace as expressed in the capacity of customers to remember or identify a
brand under various circumstances, and the most critical target for marketing is to build brand
awareness.

Digital media marketing is very important for building brand awareness. Digital marketing, made
possible by digital technology, creates awareness through innovative consumer experiences and
connections with consumers. A powerful online brand can be created by integrating the network
and marketing placement. Marketing across digital media is known for its revolutionary effect on
businesses and for its profound influence on brand-consumer associations, as it facilitates
connections with consumers at any time and everywhere.

Digital marketing platforms such as social media marketing helps start-up companies raise brand
value by networking, interaction, and community development By implementing digital
marketing, the campaign to support startup companies’ brand is feasible in a most influential
manner.

Building trust:-

Trust is the desire to depend on an exchange associate on which one believes. Trust is an integral
aspect of a productive partnership. Trust is significantly connected to the partnership attributes,
in fact, trust is directly associated with the tendency to stay. Therefore, it is essential for start-up
companies to build trust among their customers in order to make them stay loyal with the brand.
While purchasing the product, brand trust is an essential component in consumer practices as it
generates long-term perseverance just as the partnerships amongst parties involved are enhanced.
When consumers have a brand trust, reiteration purchase behaviour can be created, causing the
brand to commit, and it is possible to establish the bond between brands and customers.
Therefore, building consumer trust is crucial to the sustainability of start-up company. Digital
marketing can build consumer trust. Brand trust is highly affected by computerized

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communication channels and brand trust has an effect on the buying decision. Digital marketing
enables start-up companies to remain in contact with customers on a regular basis that fosters
relationships with customers and builds trust. suggests that embracing digital marketing activity
allows start-up companies to achieve significant benefits and boost the competitiveness of
entities. They further believe that start-up companies should increase their investment on
exhibiting through web-based networking channels. Digital media platforms like social media
platforms make it possible to get in frequent contact with 15 customers more than ever before.
Consumers can now follow the activities of businesses across new digital platforms and provide
feedback. This two-way interaction can potentially generate trust in customers. Start-ups should
also follow security and privacy measures to build brand trust among the consumers.

Customer engagement:-

Businesses and researchers continually understand the value of delivering a good customer
service and an engaged customer network, so that optimizing customer satisfaction and
interaction is a core priority for marketers. Customer engagement requires the strength of the
individual's presence and interest in the company's service and events conducted by either the
client or the company. There are a variety of subjects relating to consumer engagement, such as
the interpersonal connection between the company and its clients, customer service, and the
sharing of awareness amongst consumers via digital technologies. Digital marketing is a
transformative platform that enables full consumer experience from the product information to
consumer assistance. Digital marketing uses a range of knowledge, customer engagement,
combined with structured resources, to evaluate consumer preferences and their behaviour,
which allow us to identify new patterns, to consider new possibilities and to obtain predictions
into the future. Digital marketing draws consumers and encourages them to engage with the
brand through digital channels. Also digital marketing is valuable for both start-up companies
and customers, and it affects company revenues. The engagement of consumers in start-ups
product and service on numerous forums offers customers to rank business services according to
their extent of familiarity. The positive reviews offered by the happy buyer generates new
consumers and to improve the conversion rate. Digital marketing offers a forum to communicate
actively with each other by building two-way connectivity between brands and consumers. This
further boost customer engagement and brand communication.

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6.Methodology:-

The research was carried out through an online survey where the people's views were taken
through an online poll. Questionnaires designed with questions that suited the study objectives
were randomly sent to individuals who responded, and the responses were recorded down and
analyzed. The study targeted business firms who are the key people in these studies as they are
the majority who involve themselves in marketing activities through advertising. The objective
was to determine the impact of digital marketing on their marketing during the COVID 19
pandemic period.

 Data Collection

This study's primary data collection methods were questionnaires, interview guides, and
the internet. The questionnaires had questions designed to respond to the impact of digital
marketing during the COVID 19 pandemic. These questionnaires were distributed online
through polls conducted online and answered by random people willing to participate in
the study. The interview guides were designed and distributed to online interviewers who
responded appropriately, and the information was recorded for analysis and
interpretation. The internet played a significant role in this study as entirely everything
relied on the internet, as the survey aimed at providing data for this data was also
conducted online. The internet also provides information about the current trend taken by
businesses in digital marketing. The information found on the internet concerning digital
marketing and COVID 19 was vital in providing data for this study.

 An online survey was conducted during the main study. A pilot test was done to test the
reliability of the tools for collecting data. During the main research, online interviews
were done with business owners, managers, and marketing directors of different business
firms. Questionnaires were also distributed to some business people, managers, and
marketing directors of some business firms. The questionnaires were distributed through
online platforms.

 Target Population

The study targeted business firms who are the key people in these studies as they are the
majority who involve themselves in marketing activities through advertising. The
objective was to determine the impact of digital marketing on their marketing during the
COVID 19 pandemic period. The study also targeted other firms and individuals who
engage in marketing activities. Marketing is done by several people and firms and makes
their products and services known to people who may happen to be potential customers.
Marketing also targets to increase the sales of a given product by getting more clients.
The study utilized responses from 100 respondents from online surveys.

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7.Advantages and disadvantages of digital marketing:-
Digital marketing benefits businesses of all sizes by giving access to the mass market at an
affordable price. Unlike TV or print advertising, it allows truly personalized marketing. Digital
marketing also comes with a number of challenges you should be aware of.

Advantages of digital marketing:-

The main advantage of digital marketing is that a targeted audience can be reached in a cost-
effective and measurable way. Other digital marketing advantages include increasing brand
loyalty and driving online sales.

The benefits of digital marketing include:

 Global reach - a website allows you to find new markets and trade globally for only a
small investment.
 Lower cost - a properly planned and well targeted digital marketing campaign can reach
the right customers at a much lower cost than traditional marketing methods.
 Trackable, measurable results- measuring our online market with web analytics and
other online metric tools makes it easier to establish how effective your campaign has
been. You can obtain detailed information about how customers use your website or
respond to your advertising.
 Personalisation - if your customer database is linked to your website, then whenever
someone visits the site, you can greet them with targeted offers. The more they buy from
you, the more you can refine your customer profile and market effectively to them.
 Openness - by getting involved with social media and managing it carefully, you can
build customer loyalty and create a reputation for being easy to engage with.
 Social currency - digital marketing lets you create engaging campaigns using contant
marketing tactics. This content (images, videos, articles) can gain social currency - being
passed from user to user and becoming viral.
 Improved conversion rates - if you have a website, then your customers are only ever a
few clicks away from making a purchase. Unlike other media which require people to get
up and make a phone call, or go to a shop, digital marketing can be seamless and
immediate.
Together, all of these aspects of digital marketing have the potential to add up to more sales.

Disadvantages of digital marketing:-

Some of the downsides and challenges of digital marketing you should be aware of include:

 Skills and training - You will need to ensure that your staff have the right knowledge
and expertise to carry out digital marketing with success. Tools, platforms and trends
change rapidly and it's vital that you keep up-to-date.

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  Time consuming - tasks such as optimising online advertising campaigns and creating
marketing content can take up a lot of time. It's important to measure your results to
ensure a return-on-investment.
 High competition - while you can reach a global audience with digital marketing, you
are also up against global competition. It can be a challenge to stand out against
competitors and to grab attention among the many messages aimed at consumers online.
 Complaints and feedback - any negative feedback or criticism of your brand is can be
visible to your audience through social media and review websites. Carrying out effective
customer service online can be challenging. Negative comments or failure to respond
effectively can damage your brand reputation.
 Security and privacy issues - there are a number of legal considerations around
collecting and using customer data for digital marketing purposes. Take care to comply
with the rules regarding privacy and data protection.

8.Develop a digital marketing plan

How to create customer personas:-
A customer persona is a profile based on an analysis and research of actual customers. It can help
you to define the key traits and personal motivations of your target audience to help focus
your marketing communications.

Creating a persona for an online customer can help you decide what digital marketing channels
and techniques to use based on their preferences. Defining your target market should be a key
part of your overall marketing strategy.

What are the benefits of online personas?

Creating customer personas for an online marketing campaign can help you to:

 understand customer needs, wants and interests

 learn which products or services to promote to your target audience
 decide which digital channels to adopt (eg social media, e-newsletters etc
 create highly targeted, personalised content and messaging
 map out your customer buying journey and add value at every step
 design your emails and newsletters
 determine your tone of voice and strategy on your social media channels
With the rise of social media, customers are now also influencers. User-generated content such
as online reviews and social media posts can persuade (or dissuade) new customers to try your
product or service. This makes knowing your customer and putting them first even more
important.

Avoid targeting those you do not want as a customer by creating 'negative personas' to exclude.
For example, customer groups that are not profitable. See target your most profitable customers.

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Use market research to create personas:-

Market research can help you to get a clear picture of your buyer persona, who they are and what
problem you can solve for them.

This could include:

 Using social media platforms like Twitter and Instagram to conduct polls and surveys.
 Send email surveys to your marketing database.
 Meet your customers for face-to-face interviews to find out their specific needs and
wants. This is known as qualitative research. See the difference between qualitative and
quantitative
 Research your competition to see what they do, how they interact with their customers
and vice versa. See understand your compititor.
For more information on conducting market research, see market research and market report and
understand your customer needs.

Use online analytics to understand personas

Analytics and insights can help you understand how your customers behave and interact with
your online channels. This includes:

 the page on which they land on your website

 how they got to your website
 how long they spend on your site
 what they look at on your website
 what they are searching for
 what language they use on social media channels - eg hashtags, emojis
 what social media topics are they interested in - eg design, environment
This information can give insights into their needs, interests and behaviours. You can use this to
inform and drive how you interact with them.

See measuring your online marketing

Create an online buyer persona:-

With the data you gather through market research and online analytics, you can define your
target market. This involves considering factors such as demographics, lifestyle and attitudes.
You can then decide how best to reach specific customer personas.

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Digital marketing plan –
8.1 Executive summary:-
The executive summary of your digital marketing plan should provide a short synopsis of your
entire digital marketing strategy. It should include highlights from each section of the rest of the
document.

The role of the executive summary is to provide enough detail to interest busy senior executives
and encourage them to buy in to the digital marketing plan and how it can benefit the business.

It should be concise - ideally a page in length - easy to understand, and interesting without using
hype. It's advisable to write this section of your plan after you have completed the rest.

The summary should outline the following:

 your business environment

 the key issues that have emerged from your situation analysis
 the key objectives of your digital marketing plan
 the strategies and tactics to be used
 the projected outcomes and expected return on investment.

Develop a digital marketing plan:-

It is important to recognise that planning for digital marketing does not mean starting from
scratch. Any online communication must be in line with the overall marketing goals and current
marketing efforts of your business.

8.2 The stages of digital marketing planning

The main components of a digital marketing plan will typically include the following stages:

 Identify your target audience - if you identify multiple targets, rank them in order of
importance so that you can allocate resources accordingly. Profile each target group and
understand their needs and expectations. This type of customer segmentation will help
you choose the right tactics for your plan.
 Understand your competitors - profile your competitors and the market in which you
operate. What types of online marketing do your competitors use and how well do they
perform? This type of benchmarking will help you understand the environment in which
you are operating.
 Set your objectives - possible objectives could include raising awareness of your brand,
improving sales or online registrations and improving customer retention. The objectives
and strategy that you choose depend on your business needs.
 Plan your tactics - once you have a top-level strategy including your overall objectives,
you need to identify the tactics that you want to use. The plan can also cover any other
non-internet marketing activities that are being undertaken. Think about how you will
measure your success - build in feedback mechanisms and regular reviews to enable you

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 to assess the performance of your digital marketing activities and identify areas for
improvement.
 Agree a budget - careful budget planning allows you to prevent costs spiralling out of
control. Identify the returns you expect to make from your investment in digital
marketing activities and compare these with the costs in order to develop a cost/benefit
analysis.

Digital marketing plan –

8.3 Objectives:-
When defining your digital marketing objectives, you should think about how they will align
with your overall business' goals and your key performance indicators.

You should also consider what the return on your investment will be. This is likely to be
financial, but could also include, for example:

 an improved conversion rate

 greater brand awareness
 an increase in visits to your website
 a greater market share

Examples of digital marketing objectives

The objectives you decide on for your digital marketing need to be SMART (Specific,
Measurable, Attainable, Relevant and Timely).
Some examples of SMART digital marketing objectives are:

 Achieve 200 'contact us' conversions via organic search traffic by the end of the financial
year
 Reduce bounce rate from pay-per-click traffic to below 50 per cent across all ads by
December
 Increase average order value of website sales to £35 per customer by the end of the
quarter.

Digital marketing plan –

8.4Budget:-
The final section of your digital marketing plan will outline your budget for achieving your
objectives. This is best presented as a single spreadsheet, providing specific detail on:

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  what you plan to spend overall
 how this will be broken down across tactics over a fixed period
 any financial key performance indicators or milestones that need to be met
 potential return on investment across channels
 a summary of projected benefits - which can be used in the executive summary

The summary of projected benefits should include estimates of how much traffic will come from
each tactic and the number of prospects that will likely go on to convert. Try to back up your
estimates with figures wherever possible. This will help justify the mix of tactics you have
chosen.

You should also include an analysis of projected sales, across tactics, and the profit that each will
generate. This will help you quantify the net profit from your overall digital marketing plan.

Digital marketing planning:

8.5five top tips:-
Digital marketing can have huge potential for businesses of all sizes. To make the most of it, it's
important to think strategically and plan carefully. Follow these tips for planning your digital
marketing:

 Build relationships - by building relationship with customers you can encourage brand
loyalty and increase your profits. Consider content marketing tactics as part of your
digital marketing campaign. Use a customer relationship management system to improve
targeting and customer service.
 Use customer personas - by understanding your customers you can choose the right
channels to reach them with highly targeted, personalised marketing communications.
See how to create customer personas.
 Set SMART objectives - make sure that the objective of your digital marketing
campaign are specific, measurable, achievable, realistic and timely. For example, you
could aim to secure 25 event registrations through your website per month.
 Choose the right tactics - there are a wide range of digital market tactics you can use,
such as email marketing and social media. Consider your audience and your objectives to
decide which tactics will be the most effective.
 Measure and optimise - use web analytics to determine how successful your tactics are.
Adjust your campaigns and track the results to make improvements.

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9.Benefits of Digital Marketing:-

So, let’s dive into the top 9 benefits of digital marketing:-

Increase Customer Loyalty with Frequent Communications:-

As you know, it costs more to attract and convert new customers than it does to retain existing
customers. Customer loyalty can be difficult to establish, but it’s well worth your efforts.

It’s great to finalize a sale with your customers, but it’s even better to retain those customers
after the sale. A customer retained can make another purchase or recommend your brand to
others, which helps increase sales. In the U.S., 40% of online revenue comes from repeat
customers, who make up 8% of site visitors. To retain customers, you need to keep in contact
with them and digital marketing makes that easier than ever. Some proven tactics include:

 Personalized email offers: As you learn about your customers, you can send them
personalized offers like seasonal discount codes for related products or exclusive access
to new product releases. This not only makes the customer feel valued, but it’ll also drive
repeat sales.
 Social media engagement: Encourage customers to follow you on social media
channels. When they do, you’ll have daily access to them as they scroll through their
social media feeds. Keep them engaged with helpful, relevant content or with content that
inspires and delights them. Whenever they need your service or product again, they’ll be
more apt to buy from your business

Engage the Customer at Every Buying Stage

Before digital marketing became popular, not many people were talking about the customer
journey, mainly because it was difficult to understand and analyze. More often than not, a
customer would go to a physical store after seeing an ad on TV or in the newspaper, make a
decision, and pay for the product or service inside the store. However, in digital marketing, we
can track every step that a customer makes, often from the moment when they are triggered to
find a solution or product.

These days, it’s common for a consumer to see an ad online, search and compare prices on
different websites, then go to a store to try the product or shop on an online store. Mobile apps
provide shoppers with special offers and coupons, customer support, and comparison tools,
which enhance our understanding of the buying process. With digital marketing, a marketer can
follow the entire buying journey of the customer.

Target the Right Audience

It’s now easier than ever to segment audiences since many digital marketing platforms allow you
to target a specific audience. We have access to online tools that keep track of an individual’s
online activities and demographic information. Digital marketers can use this data to offer users
specific products or services that they may be interested in. For instance, once a visitor clicks on

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a brand’s display ad, whether on social media or through a search engine, the brand can target
that visitor with subsequent and related ads. If the content a visitor receives is based on their
interests and online behaviors, it creates positive reinforcement and makes shopping easier and
more satisfying.

You can also target your audience with content and offers based on what stage they’re at within
the buying journey. For example, email marketing can be used to nurture a lead until they’re
ready to make a purchase. Perhaps they subscribed to your blog and consistently opened your
blog update emails. After several months, they visit your about me and service web pages. At
this point, you know to send them a targeted email with an exclusive offer. They click on the
offer and submit a request for a quote.

Generate a Consistent Lead Pipeline

Creating your “sales funnel” is ultimately the main purpose of marketing. A sales funnel is
basically a system for generating consistent leads and sales from traffic. In other words, turning
traffic into brand enthusiasts. A sales funnel’s job is to separate the “window shoppers” from the
real buyers. It can also help improve the customer journey, based on Taboola’s study.

Use the sales funnel to generate leads online through digital marketing strategies, offer relevant
and useful information, and eventually close a deal.
An online sales funnel is specifically designed to consistently generate leads. Here’s an example:
before creating an online sales funnel, a betting company relied on its billboards and location to
generate walk-in leads for its products and services. Now, the company is using a digital offer to
build a more consistent pipeline of leads. Whenever someone places their first deposit or stake,
they’re given a coupon for a free amount of play. The promo is only available on the company’s
website and users must register to take advantage of the offer. With this approach, the betting
company generates leads in a much more systematic and predictable way. As an added bonus,
because customers had to submit their email to receive the free offer, the business can stay in
contact with the customer through email marketing .

Optimize and Obtain Better Conversion Rates

Unlike traditional marketing, which includes expensive TV, radio, or print ads, online
advertising platforms are much more affordable. You can also improve your ad conversion rate
more conveniently than you can with traditional advertising. With print advertisements, it’s often
difficult to track conversion rates as everything is happening offline. How do you know if
someone saw your ad in a magazine and then went to the store? If you can’t track your
advertisement’s performance, how can you optimize it?

Digital advertising makes it easy since every interaction is tracked. You instantly know how
many people are viewing your ad and what actions they take.

Most online advertising platforms include some level of reporting, which you can use to refine
your ad targeting, copy, and design.

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Accurately Measure All Results

With offline marketing, it’s difficult to measure the results of your marketing campaigns. For
example, if you place an ad in a newspaper and on a billboard simultaneously, you can’t know
exactly how many people viewed the newspaper ad or how many viewed the billboard ad. What
can be more frustrating is knowing which ad is more effective and which ad to invest in.

However, digital marketing doesn’t have such issues. In fact, with digital marketing, you can
measure everything worth measuring. From when the ad is clicked to when the visitor leaves the
page. Everything! You are able to determine how many people saw your ad, how many sales
resulted from the ad, and ultimately, your return on investment (ROI). Data analytics software
(such as Google Analytics) and social networks or ad platforms (such as Facebook Ads and
Google Ads) metrics make this monitoring or measurement possible.

Gain Brand Credibility

If any brand is to gain credibility quickly and sustainably, it would be via the internet. Content
marketing studies show that digitally active brands usually end up having the most credibility.
Through its content, a company can address customers’ doubts, clarify important concepts, and
show that it understands what drives its market.

Useful and interesting content helps a company to gain the trust of its customers , as well as that
of industry experts. It can be effective to the extent that competitors start to cite it also in their
content.

Gets You More Bang for Your Buck

Many business owners might think they have to save a lot of money to benefit from digital
marketing. But this isn’t entirely true. Digital marketing can be very affordable and can often
yield high ROIs. A small business, for example, can reach customers early and begin to scale
quickly. It’s also easier to measure ROI at the various stagess of the funnel.

Digital marking is all about building an online presence. Even if you don’t have the budget for
SEO or pay-per-click (PPC) advertising, a business can still use digital marketing to build and
connect with their audience. Social media is a cost-effective digital marketing tactic that requires
little costs, other than your time. Email marketing can also be very affordable.

Levels the Playing Field

Of course, large companies have big marketing budgets, but digital marketing provides a level
playing field for everyone to operate, be it a large or small business. Content marketing and SEO
require investments, but you don’t have to break the bank. If you can create high-quality content
that answers people’s questions, you can rank for long-tail keywords. It may take time, but it is
possible.

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It is true that big companies can throw serious money behind their digital advertising campaigns.
However, money isn’t the only factor that matters when determining an ad’s rank on the SERP.
Both Google Ads and Bing Ads evaluate an ads’ relevance and quality before determining its
rank. If you have a highly relevant ad that answers searchers’ questions, you can achieve the top
spot on the SERP.

10.The future of digital marketing is different than you think-

The COVID-19 pandemic halted global economic order, but it managed to speed up digital
marketing operations. In fact, throughout the pandemic, many businesses managed to transition
to remote work and understood the significance of digital marketing.

For many entrepreneurs and small businesses, digital marketing has become an opportunity to
gain a competitive edge in the market. But to venture into the new age of digital marketing, small
businesses and entrepreneurs have to be broadminded.

Gen Z and Expanding Reach

More Gen Z users will reach the age of maturity, which means businesses and entrepreneurs will
have to redirect their digital marketing efforts. Companies don’t have to make drastic changes,
but the tactics catered to Gen X or boomers will ultimately become redundant.

Gen Z wants a memorable experience, which means digital marketing efforts will have to be
more precise and effective. Professional digital marketers believe that Gen Z and millennials will
become “the” target audience for most businesses and require a highly responsive and modified
approach.

Globalized Shared Mission

The collective efforts in digital marketing have already become quintessential. But more
businesses will adopt a shared and global perspective before using new digital marketing tools or
executing ad campaigns. In short, a global perspective will allow businesses of all sizes to
expand their reach and simplify various processes.

Moreover, marketing messages across various digital channels would allow entrepreneurs and
small businesses to build trust with the targeted audience. It will also help enterprises to thwart
market skepticism and reestablish their value proposition in the market.

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Globalized Shared Mission

The collective efforts in digital marketing have already become quintessential. But more
businesses will adopt a shared and global perspective before using new digital marketing tools or
executing ad campaigns. In short, a global perspective will allow businesses of all sizes to
expand their reach and simplify various processes.

Moreover, marketing messages across various digital channels would allow entrepreneurs and
small businesses to build trust with the targeted audience. It will also help enterprises to thwart
market skepticism and reestablish their value proposition in the market.

Heightened Personalization

When it comes to personalized targeting, tracking KPIs and other digital marketing tools will
continue to play an integral role. Personalized targeting has become a secret ingredient in rolling
out effective ad campaigns and communicating with the target audience. Each element of an ad
is essential and allows businesses to deliver value via storytelling.

In the new age of digital marketing, entrepreneurs and small businesses will need to be more
critical and reflect on previous efforts. For instance, the more precise language of an ad shows
the intent and confidence of the brand. And users will opt for brands that are not reluctant about
their core message.

The Use of Augmented Reality

When it comes to the tech tools that make it easier for small businesses to communicate with the
audience, AR tools are at the top. Many startups already use augmented reality technologies to
achieve significant growth in the coming years. Most digital marketing experts believe that
augmented reality will play a crucial role in the future and help e Commerce businesses set a
new path.

Voice Optimization

More dependence on automated digital assistant solutions will allow more categorical and
objective digital marketing efforts. Whether it’s Cortana, Alexa, Google Assistant, or Siri, voice
search continues to gain more popularity. More users want the freedom to speak to a dedicated
digital assistant directly rather than type manually.

What’s interesting is that optimization of keywords for voice-based search is entirely different.
And that’s because when people want to adapt and start using their digital voice assistance, they
use keywords and phrases that are more realistic and practical. As the voice recognition
capabilities of digital assistants improve, digital marketers will focus on a more different SEO
approach to optimize business sites based on voice search.

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Omnichannel and Integrated Approach

Small businesses and entrepreneurs no longer need to restrict their online presence to a single
Facebook page. With more market expectations and consumer needs, businesses to be active on
various digital channels and platforms.

Fortunately, there are already tools like Hootsuite that allow businesses to maintain a unified
omnipresence. In the coming years, businesses will be able to integrate their core message and
value proposition for the specific target audience on various channels. A unified omnichannel
digital marketing strategy will allow more businesses to understand their customers’ changing
behavior, location, and preferences.

Expect More Awareness

You need a massive target audience, whether you use digital marketing for lead generation,
conversion, or brand awareness. The future of digital marketing is bright because now there is
more market and consumer awareness.

Businesses can also use a wide range of smart tools to collect an ocean of data and make in-depth
analyses about their target audience. It’s a completely new way to approach the audience. In fact,
extensive market and consumer research allow businesses to leverage untapped opportunities.

What Makes Up a Future-Proof Digital Marketing Strategy?

What may have been popular digital marketing practice a few years ago would become outdated.
When it comes to digital marketing, there is always a paradigm shift that propels businesses and
entrepreneurs to post more personalized content, adapt new SEO rules, and embrace smart digital
technologies.

Small businesses that want to follow the tide of digital marketing can afford to overlook
emerging trends in the space. The key is to figure out how a specific trend may change the digital
marketing landscape and impact business position.

In 2021, the online shopping landscape has become diversified, and ethnic minority users prefer
an inclusive approach. Digital marketing has become more than just about click-through rates –
it’s now about how businesses contextualize emerging trends and approach their target audience
for various purposes.

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Wrapping Up

In the last decade, digital marketing has been through significant upswings. From social media to
search engine optimization, digital marketing continues to impact billions of users positively.
With more advanced tools and practices, digital marketing will continue to propel companies to
step up their competitive drive in the market.

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Conclusion:-

The objective of this thesis was to research the value and influence of digital marketing on the
competitive establishment and development of start-up companies. The research is based on the
relationship between start-ups and digital marketing. The study further explored whether digital
marketing can have a major effect on the growth of start-ups, improve brand awareness, gain
customer loyalty and enhance customer relationships.

This research demonstrates that most start-up companies do not perceive digital marketing
strategy when implementing their business plan. They are often reluctant to invest in such
marketing. However, it has a huge effect on business growth and that it is necessary for start-ups
to be involved in the digital media market. Blogs, content, articles and videos are the most
productive for start-ups, particularly when published on industry specific channels.

To answer our research question “how digital marketing affects the growth of start-up business”?
Digital marketing can have a significant impact on start-up companies. Startup companies have
limited resources; hence they have to be creative while making marketing plans to compete with
already existing companies. Digital marketing can play a crucial role in the growth of the start-up
companies. Start-up companies can use digital marketing platforms to advertise their products
effectively, efficiently and most of the platforms are free of cost. When it comes to the core
attributes of business success, it is vital to strengthen relationships, trust and satisfaction with the
client. Digital marketing enables start-ups to promote two-way communication using right
content with their consumers and has a global reach. Implementing right content in the marketing
plan helps consumers to connect with the brand emotionally. Digital marketing also promotes the
companies to build the brand identity and build trust among the consumers which is imperative
for the success of any company. The start-up companies can communicate, get reviews and
feedback regarding their products that can improve the quality of the products and services that
eventually lead to building trust and brand awareness among the consumers. Building trust,
brand awareness, consumer loyalty and awareness is crucial for the growth and success of the
start-ups. The start-up companies can also acquire new investors, business partners, recruit
skilled employees, acquire new and retain customers using digital marketing platforms such as
LinkedIn, Facebook, discord, Instagram, content, etc.

The findings of this thesis indicates that that start-ups do not have clear digital marketing
strategy. They believe it is time consuming and tricky, despite the fact that they see the
importance and usefulness of digital marketing in their growth. The study also finds that brand
recognition, customer involvement and awareness were the most emphasized reasons for the use
of digital marketing by the start-ups. We also found that the influence of digital marketing has
the power to attract and retain consumers. It also has positive effects on the consumer loyalty.
Start-up companies can also build positive brand image with the help of digital marketing.
Digital marketing has enormous and positive effect on the success of the start-up company.

As internet connectivity and usage are rising exponentially across the world, the usage of digital
customers worldwide continues to rise every year. In 2019 e-commerce revenues crossed US$3.5
trillion worldwide and according to the fresh projections, e-commerce demand will increase even
more in the future ( Statista Research Department, 2020). Hence, it is imperative for start-up

27
companies to exploit such resources for their growth and compete with already existing
companies.

Managerial implication:-

This research indicates management ramifications based on the results that start-up companies
could use. This study provides start-ups with an overview of how valuable digital marketing is to
companies and, more importantly, how it can impact company growth. In addition, this research
will provide start-ups the concept of implementing digital marketing into business strategies that
can be adopted and incorporated by startups.

The findings of the study indicate that organization should include employees in the activity and
allow them to display their digital skills. The approach can also involve the identification of
target markets and channels. Since resources are scarce, it is important for start-ups to select the
right forum, where the scope is broad, and it is easy to generate interactions. Content of
marketing can also be communicated and illustrated by the expertise and talents of the
organization, as it implicitly promotes the performance of the firm.

Theoretical implication:-

This research leads to the broadening of information about how digital marketing is contributing
to the development of start-up companies in the sense of growing brand awareness, building trust
and consumer awareness. The subject of digital marketing and its relevance has been thoroughly
researched. However, research into the effects of digital marketing on the growth of start-up
companies is limited. This research is consistent with previous findings that have demonstrated
the value of digital marketing. That being said, the cost efficacy of digital marketing, as reported
in prior findings, is not adequately confirmed by the results of this report. This paper further
seeks to contribute to research by highlighting the significant impact of digital marketing on
building brand awareness and customer loyalty utilizing various digital channels and content.

Limitation and Future research:-

The primary results were based on small scaled start-up companies in Sweden and UAE with a
limited number of respondents, which may therefore have different results. Also, only five
interviews have been undertaken, which is inadequate to achieve a wide representation and draw
any conclusions. Due to small number of interviews (data), it is hard to make generalizations that
would apply to all start up but this study shows tendencies of start-up that we have interviewed.

Future research in this area is highly recommended. The future researchers can collect data from
more start-up companies both small and large scaled companies and interview both founders and
marketing managers to gather the data. Another suggestion is to carry out a similar analysis in
more countries within similar industry. This can provide more accurate results and broader
perspective for the research.

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Opportunities and Risks," 2(1).

2.Baker, S.R., Farrokhnia, R.A., Meyer, S., Pagel, M., & Yannelis, C. (2020), How does
household spending respond to an epidemic? Consumption during the 2020 covid-19 pandemic.
Technical report, National Bureau of Economic Research.

3.Berisha, E. (2020). Tax cuts and” middle-class” workers. Economic analysis policy, 65, 276–
281.

4. American Marketing Association Homepage, 2013. [online]. Available at:. [Accessed 11 Oct
2020].

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