Before embarking on any business endeavor, a clear cut goal must be kept in mind. The process to be undertaken must have set objectives that need to be achieved, on which success is defined. Digital marketing is no different. As the future of marketing, and one of the most quickly developing fields, care must be taken at every stage to ensure goals are clear and kept in mind.
An ideal way to ensure that your digital marketing journey is heading down the right path is to evaluate its value prior to beginning the campaign. In order to ensure that the entire activity is not going to waste, the intrinsic and extrinsic value of the campaign must be properly evaluated.
Intrinsic VS Extrinsic Value
It is common practice to make sure that a campaign will be profitable before undertaking it, as is done by almost all companies. However, importance to the intrinsic value is often overlooked, which may lead to a failure of the digital marketing programme, though not always apparent.
Intrinsic rewards are measured in non-physical terms, which often have greater value than what may seem as the obvious rewards. (https://www.businesstopia.net/human-resource/intrinsic-and-extrinsic-rewards) It is often seen as well that intrinsic rewards tend to have long-lasting effects. Therefore, only if your intrinsic value is significant will it be advisable to embark on any digital marketing campaign.
Creating Intrinsic Value For Customers
The long lasting benefits of an effective digital marketing programme to the company is truly substantial. By providing intrinsic value to the customers, a similar value accrues to the company as well. This may be in terms of customer loyalty, internet visibility, reach of services, etc. In every case, the intrinsic value that the company receives promises to convert into extrinsic value almost constantly over time. (http://www.the-vital-edge.com/intrinsic-value/)
In such a manner, the reach of the digital marketing campaign can go far in creating a personal relation with the customers. This in turn leads to the development of meaningful relationships between the customer and the company – the ideal reward for any campaign.
Therefore, before embarking on any digital marketing journey, it is imperative to derive your intrinsic value. In failing to do so, the entire campaign may turn out to be a bluff. With tools such as these, extrinsic value fails to give a valid picture, and the long term effects of failing to account for this can be disastrous for any company.