The support extended by the Government of India via schemes like Stand-Up India has kick-started the start-up culture in the country. The start-up ecosystem has thus given rise to several new business ideas in India, digital marketing is one of them.
With an increasing digital penetration in the country powered by Central Government initiatives like Digital India campaign, online accessibility is in the mainstream today.
- Digital marketing is witnessing a 25% to 30% annual growth in India.
- An 18% growth in internet users in India as of December 2018 is primarily credited for this growth.
Leveraged by such demand and popularity, digital marketing is one of the best business ideas in India to start and invest in for 2020.
A digital marketing business also benefits via high demands from different industry verticals.
- The highest spends on digital marketing come from the e-commerce industry at 58%, followed by real estate, healthcare, travel, FMCG and the retail industry.
Remarkably, it is also one of the essential strategies employed by digital business owners to become successful.
Now, take a look at why digital marketing is one of the best business ideas in India to start.
Digital marketing business – A hotbed for investment in 2020
- Rising demand for digital marketing
With over 500 million users accessing the internet, businesses can no more ignore the presence of digital media. As much as 86% of brands leverage this media to gain a competitive advantage.
As digital penetration in the country increases, demand for this result-oriented mode of marketing is expected to rise. It thus leaves a business operating in the digital marketing industry in an advantageous situation.
- The industry is driven by skill
Digital marketing is a skill-driven domain that requires individuals to acquire expertise under segments like website designing, UI designing, copywriting, etc. A digital marketing business’s success thus primarily depends on how efficiently you utilise the skills to provide services as well as gain exposure.
The working capital cycle of these enterprises is thus short, as services rendered are usually followed by immediate payments. Optimum skill utilisation allows a digital marketer to maximise the business’s revenue generation capacity.
- Requires small investment
Online marketing services have a virtual presence, meaning it eliminates the high investment requirement of other business segments. Like, a manufacturing or trading unit requires high-value investment for raw material purchase or inventory maintenance.
Starting a digital marketing business thus requires a certified professional possessing the necessary skill sets to render services as well as manage a team of professionals.
You can thus start a digital marketing business via low-value funding sourced from government business loan schemes in India or private financing. Further, the growth of an enterprise can be funded via financing options like business loans.
The absence of high-value investment allows a skilled professional to start the business with ease, thus making it one of the best business ideas in India.
- Fast evolving market for the industry
Brands remain on the lookout for innovative and touching campaigns as well as active social handles to expand their reach. The need to provide clients with cutting edge marketing solutions for widespread popularity and reach keeps this industry versatile and dynamic.
Scope for innovation, along with never-ending market dynamics, provides digital marketers with an incentive of creativity utilisation. Not to mention, a short working capital cycle allows them to tap the abundant opportunities in the market.
- Easy availability of finances
Financing a digital marketing business is easier for two specific reasons.
- A supportive and flourishing start-up ecosystem in the country.
- Low investment requirement to kick-start the business.
Alongside, availability of lending options like business loans offers a positive environment for growth and expansion.
Financiers like Bajaj Finserv bring high-value loans of up to Rs.25 lakh as business loans against minimum eligibility and document requirement. Extended flexible tenor also allows for convenient repayment of the advance in easy EMIs.
The financial institution also brings a pre-approved offer that makes the process of availing finance quick while saving valuable time.
- Option to render services remotely
An option to render the services remotely is among the biggest draws that make digital marketing one of the most sought-after business ideas in India.
As more and more professionals seek work-life balance as one of the top priorities while selecting a business venture, digital marketing brings ample scope within everyone’s reach.
While the presence of a physical establishment is essential to build a business brand, a digital marketer can conveniently render services remotely.
- High cost-effectiveness
Services rendered in the digital marketing industry are highly cost-effective. It is primarily because a business can reach out to a wide target audience base of the client via the digital platform solely.
The extensive use of internet-enabled devices only adds leverage for a digital marketer to serve efficiently.
While these reasons make digital marketing one of the popular business ideas in India, you must define a specialisation niche, especially for a specific client type or an industry. You must also plan how to source the required finance and other resources to start a digital marketing business.