In this study, the researcher tried to offer an understanding of the role of digital marketing for a business such as RemitNow. Digital marketing is the latest hyped and constantly growing concept. It is an integral aspect of the marketing and growth of business in today’s time. The different elements that make digital marketing such an important concept for the business along with the role played are measured and assessed effectively for the success of the company.
To gain a true and real understanding of the topic, research has been conducted with the use of both primary and secondary forms of data collection. The primary data was collected with the use of qualitative and quantitative data. The quantitative data was collected through the use of a survey questionnaire which was distributed among 10 employees and people working at RemitNow. The qualitative data was collected interviewing 2 people at a managerial position in the company. For collecting the information from the secondary source, books, journals, articles and publications were used.
The major findings of the research state that digital marketing is highly important for different types of businesses. It indicates that the reach and targeting offered by digital marketing are very precise as compared to the traditional form of marketing. Digital marketing is considered to be a creative and efficient way of building a brand and developing a relationship with customers. It was also identified that digital marketing helps in the growth of a start-up substantially by building the trust of the customers and along with brand building and awareness. These are the areas where a start-up lacks in the initial years making digital marketing quite crucial for it. It was identified that the selection of the right digital marketing channels is very important for the business. The aims and objectives along with the time and resources available with a company should be taken into account.
It is recommended to assess the resources available with the business and the results or objectives expected out of the activities. RemitNow should identify the different channels of digital marketing that are available and align them as per the need of the company. Proper learning and understanding should be gained and a constant check should be kept on how well the activities are doing and what are the areas that the company need to work upon for better results.
Digital marketing is a constantly evolving topic. The findings generated from this study will help other start-ups and small businesses from different parts of the world to consider digital marketing as part of their marketing strategy and plans.
Keywords Digital marketing, the role of digital marketing for business, the importance of digital marketing, digital marketing strategies.
Chapter 1 – Introduction
1.1 Overview of the study
Marketing is stated to be one of the core activities of any business. It includes all activities that are undertaken for the promotion and advertising of products and services. With the changing business scenario and the preferences of the customers, it has become a dynamic changing activity. The availability of resources along with the need and convenience of the customers has brought many changes in the different marketing activities for different businesses and industries (Efendioglu, 2016). In addition to this, the rise and growth of the internet have opened up new horizons making businesses and marketers cater to more market-driven in terms of their actions and decisions. It means reaching out to the target customers in the fastest possible way along with gaining the key information and knowledge about them based on the overall environment. The use of the internet in this regard is vital as more and more are present on the internet. It means that the market has changed from physical stores and places to the online world. This has led to the growth of marketing of the offerings of business on the digital front making it digital marketing.
One can understand the importance of digital marketing for businesses from statistics as well. It is reported that around 85.4% of internet users make an internet search once a month making it necessary to ensure that one has the crucial information about their brand online (Marketing evolution, 2021). More and more people browse the search engine before making any purchase. Along with that, reaching out to businesses and interacting with them has also become part of the customer experience for a user. All these statistics and data are a depiction of the role that online and digital medium offers to customers in today’s competitive business environment.
Digital marketing has become the key part of the overall marketing campaign of the different types of businesses irrespective of the scale. This has made it vital for all businesses to have a digital marketing plan or strategy to work on for the expansion and growth of the respective business. It is also crucial as digital marketing is the prominent and prevalent form of marketing in the market (Hubspot, 2021). This makes it all the more crucial for start-ups that are trying to build a corporate identity for themselves. This makes it vital for them to have a marketing strategy that is tailor-made for them and not common as the traditional practices that were followed in old times. This is the reason it is emphasised enough that start-ups and small businesses should focus on digital marketing to acquire the right and full potential leading to reaching the target customers effectively and efficiently (Akeel and Gubhaju, 2020).
RemitNow is a payment service provider company that is established both in the UK and UAE. The business was founded in 2018 and Mr Khalid Chami is the CEO of the company. RemitNow acts as a pure technology provider with a mission to contribute to the country vision to go Cashless by enabling the regulated business to digitize the current process and reduce the manual transactions. RemitNow has partnered with other online remittance providers such as Remitly, Wordremit and Transferwise among others. The scope of RemitNow is to create a bridge between the exchange houses and the remittance networks. The company focuses on cross border payment most effectively and efficiently. It is done with the objective that fast, efficient and reliable payments should be made and one should gain the right benefit from an inclusive, innovative and resilient payment system. The business is established around the regulations and requirements of the UAE central bank for better user-friendly and transparent B2B services to the clients. RemitNow as a platform is built from zero with the understanding of the elements that causes issues or hindrances for people. It can be considered as the platform acting as the full digitalised version for the business transaction. The B2B platform of the company offers the facility to exchange houses to have a centralised system along with documentation to reduce the staff engagement by a great extent.
Figure 1 – The idea behind building the RemitNow’s Remittance as a Service (RAAS) Platform
The topic problem regarding the research topic is that internet and digital medium hype and indulgence in the aspect of businesses are bound to increase in the coming years. It can be stated that digital marketing holds a great role and importance for businesses. Both the use of digital marketing has both positive and negative influences on businesses making it essential to assess the role that digital marketing holds concerning start-ups and small businesses making it vital for them to gain a better understanding of the same. The major reason for the selection of the same in this study is to assess how fruitful is digital marketing for companies and businesses with limited resources ensuring that it contributes to the success of the company. Another reason for highlighting this topic is to identify the role that it offers for businesses so that the other marketing plans and strategies can be aligned with that leading to the overall success of the brand. The undertaking of this research would be helpful for RemitNow to understand the current position along with repositioning the business based on the changing marketing and digital environment. It is significant for the company to reach out to potential customers and attract them for the benefit of the business.
1.1.2 PESTLE analysis
PESTLE analysis is a framework to assess the factors or elements that can influence the working of an industry (Perera, 2017). Concerning the digital marketing sector for the remittance business in UAE, the company is working with the government of the UAE. This would be a booster for implementing the digital marketing segment. It would help in developing faith among the people making it beneficial for the business. The growing economy and employment rate of the UAE along with the increase in the disposable income available with the country offers great prospects to the remittance services that are offered by RemitNow. The needs of the customers along with their taste and preference to make use of technology and wanting things at their convenience and living a life of convenience can play a booster for the business of RemitNow. It can be presented based on the needs of the people of the UAE along with on a global level.
The advancement in technology and the use of the internet by people in their daily life activities offers a positive prospect for the remittance business of Remit Now. It also makes digital marketing more prosperous as more and more would be in contact with the medium. Although data security and privacy offer great risk to the business which needs to be taken care of. The company should follow the Data Protection Act along with the Data Privacy Law for the safety and security of the information acquired through the means of the company (Alanzi, 2018). The data should be collected stating the use and purpose of the digital medium making it critical for the business. Environmental concerns such as the waste created and the harm things caused to the environment should be taken care of. RemitNow should indulge in the right environmental activities which are better for the people and community as a whole. All this states that the remittance business holds a great future with the help of digital marketing. Hence, the business should consider these points before making the strategy and implementing the same for the success of the company.
1.2 Problem statement
The topic problem regarding the research topic is that internet and digital medium hype and indulgence in the aspect of businesses are bound to increase in the coming years. It can be stated that digital marketing holds a great role and importance for businesses. Both the use of digital marketing has both positive and negative influences on businesses making it essential to assess the role that digital marketing holds concerning start-ups and small businesses making it vital for them to gain a better understanding of the same. The major reason for the selection of the same in this study is to assess how fruitful is digital marketing for companies and businesses with limited resources ensuring that it contributes to the success of the company.
Another reason for highlighting this topic is to identify the role that it offers for businesses so that the other marketing plans and strategies can be aligned with that leading to the overall success of the brand. The undertaking of this research would be helpful for RemitNow to understand the current position along with repositioning the business based on the changing marketing and digital environment. It is significant for the company to reach out to potential customers and attract them for the benefit of the business.
1.3 Rationale of the study
The constant increase in the different types of technology and its easy access and use by people has led to disruption of sorts in terms of the market and the marketing practices that are followed. The consumer, in the present time and age, is a very well-informed and aware being that has access to the different online mediums along with the different communication processes. This has reduced the power that traditional marketing had over the marketing aspect of business, especially small businesses and start-ups. The advancement of technology has made marketers switch to the latest means of marketing and communication based on the complex nature where the customers need to have all the possible information about the products and services before availing. A lot of research has been conducted concerning digital marketing and the way it can help businesses to shape their marketing plan. Thus, requires businesses of different statuses and calibre to change their business and marketing practices to make use of new knowledge and skills with new approaches for understanding the changing needs of businesses and marketers.
The constant changing marketing has now moved towards the digital world offering new opportunities and challenges for businesses. This makes it very crucial to get a thorough understanding of the different elements and factors related to digital marketing along with the influence that they can have on a business. There have been quite a few researches that have been conducted by different researches which have been carried out about digital marketing and small businesses. But there is no unanimous response in the submission of the true effect that can be put for discussion. A close examination has been set out as it has become very important to assess the role that digital marketing offers in the real world. This has made the researcher look into this subject of the advantages and disadvantages of digital marketing along with the impact that it has on the working and marketing of a business. This study will look into the role from different aspects to offer a clear understanding of the role of digital marketing concerning a business such as RemitNow.
1.4 Research aims and objectives
Aims – To identify the relationship that digital marketing holds concerning a business – a case of RemitNow.
- To assess the importance of digital marketing
- To evaluate the advantages and disadvantages of digital marketing for a business
- To offer an understanding of the different channels of digital marketing that can be incorporated by a business in its strategy and planning.
1.5 Research question
- What are the elements that make digital marketing crucial for a business such as RemitNow?
1.6 Structure of the dissertation
This section of the report states an understanding of the different chapters that are being carried out for the successful completion of the dissertation. The first chapter entitles the introduction aspect that offers an overview of the study along with the problem that is taken into account along with the rationale for the research. It also includes the aims and objectives along with the research questions based on which the entire research is designed. It ends with offering a structural understanding of the research. This is followed by the second chapter which is the literature review aspect. The different pieces of literature by different authors and writers are assessed and analysed on topics such as digital marketing, the importance of digital marketing, the advantages and disadvantages of digital marketing along identifying the gap that exists. Further, in the third chapter of research methodology, the research framework that is followed for achieving the research objectives is discussed. This part includes topics such as research philosophy, approach, design, data collection, sampling, data analysis, reliability and validity and ethical considerations so that the most appropriate path is taken for researching a successful way. The fourth chapter consists of a data analysis section in which the data collected through the different methods of primary and secondary sources is assessed and analysed. The selection of the right tool is done helping in making a better understanding of the information gained. In the fifth chapter of the conclusion, the understanding gained through the different previous chapters of the research is analysed and assessed to draw meaningful conclusions from it. Based on the understanding gained, suitable recommendations are suggested for the betterment of the business. Along with that, the future scope of the study will be stated to make better use of the same in different ways. The final chapter of the study is the reflection study that states the learning gained and the understanding gained from the same. It will help in depicting making a better assessment with things.
Chapter 2 – Literature Review
The literature review of a dissertation plays a key role in researching a successful way. It allows assessing the subject topic from various perspectives to get an overall understanding. The use of previous work in the form of secondary research in the form of analysis of journals, online articles, publications, books and other verified and reliable sources are made. Here in this study, the scenario of digital marketing and the role it holds concerning business, majorly in terms of start-up and small businesses are taken into consideration. This includes an understanding of digital marketing along with the advantages and disadvantages that it has concerning a business.
2.2 Digital Marketing
According to Chaffey and Ellis-Chadwick (2019), digital marketing is the use of electronic media to advertise and promote the different offerings of a business. There are different tools and techniques which are available and used by companies and organisations concerning digital marketing. The term digital marketing was coined in the 1990s and is presently known from different other names such as internet marketing or web marketing or online marketing to name some. With the growth and advancement in technology and the internet and the ease and access of use of the same, people from different parts of the world have started using it considerably. Digital marketing comes from the joining of two words – digital and marketing. Digital stands for the use of the internet and online mediums with the use of technologies while marketing stands for the promotion and advertising aspect. The combination of the two makes for the marketing practices or the methods that are used making use of online and internet mediums such as mobile, tablets, smartphones and laptops to promote the different products and services to reach out to the target customers of the brand (Kannan, 2017).
Digital marketing makes use of the different levels and degrees of communication along with connectivity along people and businesses to be associated with each other 24 hours, 7 days and 365 days of the year. According to Hole et al., (2020), products are sold and marketed in the present time and age with the help of the internet. It acts as the platform where customers can read about the different products and services, compare their prices along with reviewing them for making the final decision. The availability of the vast number of users on the internet and different social media platforms makes it the most popular place for businesses to showcase and advertise their offerings. A key factor in the growth of digital marketing in the recent decade has been the presence or availability of the different generations, especially Gen Z and millennials on the different social media and online platforms. This has made businesses also jump up the hoop leading to the hype of digital marketing.
Digital marketing is a very complex concept that has many divisions and sub-divisions into it. It includes many channels and mediums which are used by marketers and businesses to advertise their products and services. The selection of the right channels depends on the motivation of the business and the objectives that they aim to achieve (Key, 2017). The different channels of digital marketing are –
- Social Media – The most popular channel of digital marketing that is used by businesses across the world to promote and advertise their products and services is social media marketing. This is done in both organic and paid mediums. Businesses make use of various social media platforms such as Facebook, Instagram, LinkedIn, YouTube, Snapchat and many others to reach out to the different types and kinds of customers to achieve their business objectives in a successful way (Taiminen and Karjaluoto, 2015). It is a time and effort consuming process as it requires building a brand. But it can generate great results at a cheaper cost as compared to the other available channels and mediums.
- Search Engine Marketing – Search engine marketing comprises two aspects – search engine paid and search engine optimisation. Search engines such as Google, Bing, Baidu and Yahoo are the popular ones that are used by people to browse and search for things. Businesses make use of these mediums to place their information or product knowledge with the use of different efforts that are put in by them. The use of keywords and content is used to rank higher than that of the competitors making it effective for visibility and awareness for businesses.
- Email Marketing – When any information about a product or service is passed on through the use of emails, then it is stated as email marketing. According to Siddik (2021), email marketing is a popular means to increase brand awareness along with reaching people directly making them visit the website of the business. The popular type of content that is used in an email campaign is blogs, newsletter, subscription and others.
- Affiliate Marketing – In affiliate marketing, the businesses make use of affiliates or resources that are available outside the business to bring in customers from their end. The business or company offers them rewards for the efforts put in them for their marketing strategy and efforts to bring in customers or visitors for the business. A respective person like a product or service and hence promote it to others. In doing so they earn a commission or profit for each sale that takes place because of their affiliation. It is very popular in all sorts of businesses because of the growth of influencer marketing in the present time.
- Content marketing – Another channel of digital marketing is content marketing. As stated by Baltes (2015), this makes use of the content bank or assets that are used by businesses to offer information about the products and services and the related products. It includes videos, podcasts, blogs, books and infographics in the popular names to create brand awareness and facilitate sales or drive traffic for the business.
- Website Marketing – The use of the website and its content to make people aware of the different offerings of the business is another aspect of digital marketing. It involves various means and ways that are used to drive traffic to the website to increase the website visit and popularity of the brand.
- Influencer marketing – One of the most popular forms of digital marketing which is very active in the present time is influencer marketing. It is the type of marketing in which businesses reach out to people who have a command of the target customers of the brand. The huge persona and personal customer or followers base of the person is used by businesses by collaborating with them and promoting their products or services. Kingsnorth (2019) explain that this allows the companies to showcase their products to the target audience without many efforts and get the vote of confidence of the influencer who is popular and the niche. This makes it a beneficial method of generating great awareness for the brand.
2.4 Role of digital marketing for a business
In the present business and marketing scenario, digital marketing plays a crucial role for different types of businesses. Traditional marketing follows the same old method which is used by the different companies and businesses irrespective of the offerings by them. But digital marketing makes use of the objectives of the businesses and based on that understanding of the same suitable channel of digital marketing is being used. In the opinion of Bhosale et al., (2020), the biggest role offered by digital marketing to businesses of any kind is that it offers businesses to be in sync with the changing marketing practices. The marketing world has shifted from traditional marketing to the digital front. There have been many changes in the digital marketing aspect as well and hence digital marketing allows businesses to be on the top of their game.
The role of digital marketing for businesses, especially for businesses and brands that are not start-up or not popular is to help in generating traffic to the different platforms and mediums of the company such as their website. Alghizzawi (2019), states that the use of digital medium offers the businesses to be in better reach of visibility of the people who might be looking for them or products in a similar context to what they offer. This allows better awareness which is a core aim for the new and fresh businesses or fresh products. The role of digital marketing is that it offers businesses the opportunity to reach out to customers in different nooks and corners of the world which was not earlier possible because of traditional marketing. The use of online advertising offers the opportunity for lead generation and sales which is an essential element for small to medium and even start-up businesses.
The role of digital marketing involves offering the best of the customers to the business in a cost-effective way. The start-up and new businesses along with small and medium businesses do not have the capital or the resources like an MNC or a large organisation. The notion offered by Rangaswamy et al., (2020) states that the use of digital marketing offers businesses the opportunity to assess and identify their key target base. It is at a cost that is far less than doing the same using any other medium of marketing. This will help in understanding the customers and their needs which is highly crucial for their business at different points in time. The role of digital marketing also involves helping in aligning the different efforts of the business in one direction. The learning and insights gained by the businesses from the different mediums and channels of marketing can be used and incorporated in digital marketing. As per Srivastav and Gupta (2021), this is done by targeting the right or key customers for the businesses and helping in converting them for the brand in an effective manner. It is based on the people visiting the websites along with the leads and sales generation that takes place. This supports the other role of digital marketing for businesses which is to generate revenue for the company. One acquires better knowledge and understanding of a lot of aspects. These can be used by businesses to make further improvements in the offering done by them. This would help in getting better revenue leading to the enhancement of the business (Girchenko and Ovsiannikova, 2016). All this constitutes the role of digital marketing for a business.
2.5 Challenges faced by businesses in relation to digital marketing
Digital marketing plays a significant role for businesses in many regards. But it cannot be denied that it has its fair share of challenges for companies and brands as well. There are many challenges and one of them is the lack of knowledge and understanding of what matters and whatnot. Digital marketing holds a lot of technicalities and terminology which makes things quite complex for business (Chowdhury, 2021). As a new or small business, one is not so well-versed with the different methods or mediums available for generating traffic for the company. One tries and tests different things and gets lost in the jungle. The different words and terms make it quite overwhelming the understand what is important and what can be skipped. This confusion and chaos are some of the serious challenges that digital marketing has in line for businesses.
Another prominent challenge that digital marketing presents for businesses is assessing the right target audience and generating quality leads. One needs to know the target audience to make sure their digital marketing efforts work in that regard (Birzu, 2021). But assessing the right audience is a very difficult task. The way to generate content and promote and ensure that it reaches the right audience and connects with them in the way the business wants is not possible, especially for a small or medium-sized business. The lack of the right target audience leads to issues in finding suitable customers for the business. One wants repeat customers and people who are true customers of the businesses and not just someone who just want to try or have not much idea about the brand or its offerings. This leads to the issue of quality leads for the business. It states the ideal customers of a business. The understanding of the same is not easy to get which makes it such a huge challenge for companies and businesses concerning digital marketing.
According to Leeflang et al., (2014), another challenge of digital marketing for businesses is to identify the actionable metrics that accounts for the success or failure of the efforts undertaken by the company. It accounts for what all is considered to be a measure of success of digital marketing for the brand. The small and new businesses do not hold vast experience or understanding of digital marketing and the different metrics of the various channels. It presents a challenge concerning finding the right parameters on which the performance of the business can be evaluated. Identifying if the business should go multi-channel or omnichannel with their digital marketing activity is another challenge of digital marketing. There are different mediums and channels of digital marketing available for businesses. Making the right selection among them and knowing how to use them in the best possible way is a serious challenge for businesses (Bhojaraja, 2018). A company may focus on one objective but the outcome might be generated from more than one channel. Making the selection among the two and assessing which one would offer what results can get problematic making it a hurdle that may not be easy to overcome for the respective business.
2.6 Advantages of digital marketing for a business
The role played by digital marketing for a business makes it highly important for it. The popularity and results generated by digital marketing for a business are because of the outcome that it offers for an organisation. This makes it so advantageous for a company making it crucial for businesses to inculcate and implement digital marketing in their overall marketing strategy and plan. The major advantages of digital marketing from a business point of view are –
- Better reach – For a start-up or a small business reaching out to a large customer base is not feasible. In the opinion of Veleva and Tsvetanova (2020), digital marketing offers that opportunity to businesses helping them make a name for themselves on a bigger scale. A small business with the resources available to them with the traditional form of marketing can reach the regional or national customer base the most. But the use of digital marketing offers them the advantage of having a global reach making it fruitful for businesses that want to make a global name for themselves. Reach is very important for a business as it helps in creating awareness about the brand. The facility of digital marketing is that it allows businesses to get the type or kind of reach that they want to be based on the different parameters offered by it.
- Affordability – Marketing is quite vast and diverse and it is the budget and the resources that one has access to that makes the real difference. Digital marketing for start-ups and small businesses offers the concept of affordability in terms of the efforts put in by the business and the result generated out of it (Pilik, 2020). The extensive research that is conducted with digital marketing and the ROI offered by it makes digital marketing one of the most affordable options available for them.
- Targeting – Entering an unknown market or region and identifying the target customers in that respective region can get difficult for a business. When mixed with the added pressure of the budget and generating leads and sales, things can get troublesome for the business. Digital marketing in this aspect offers the facility of niche targeting based on the different parameters and points available with it. One has the facility of selecting the location, demographics in terms of age, gender along with the interests, behaviour and need of the respective users which is not possible in any other medium of marketing. While marketing on the digital medium one can filter out the different types of audience that they would not like to show their ad or interact with. With reference to Mogos, (2015), this helps in specifying the audience that one is looking for making it a much more effective method of targeting and marketing leading to an advantage for the business.
- Trackable results – A lot of efforts are put in by businesses but many times it becomes quite difficult to track the outcome of them. This makes it difficult for companies to assess if the efforts are worth fruitful. Digital marketing is at an advantage at this as the different channels used by businesses in this regard concerning promoting and advertising their products and services offers the option to track the results in different aspects. One can track the number of users visiting a page or downloading a pdf or filling out a form or doing any such activity because of the tracking features available at different points by the different platforms (Sawicki, 2016). The business can get a better understanding of the different mediums or channels that the user has taken to complete the goal or the place where they have left off. This can help the brand to make suitable changes in its strategy that can lead to a better generation of results for the business.
- Personalisation – Digital marketing, unlike traditional marketing can be customised for different platforms and different brands. It means a fashion business can undertake different goals and channels in comparison to that of a real estate company. In addition to this, marketing offers the facility of personalisation to businesses. One can send customised and special messages to the customers of a specific niche helping in improving the chances of converting the audience into the customers for the business. The different medium and the option to select the name and other details can be used by brands for this aspect.
- Brand building – One of the keys and popular advantages that digital marketing offers to businesses in the present time and age is that of brand building (Krishnaprabha and Tarunika, 2020). Digital marketing with the help of website marketing along with social media and pay-per-click and SEO offers the opportunity to make people aware of the different brands and the products and services offered by them. This helps in generating buzz along with building a brand for the business making it a more relatable and popular name in the eyes of the target and potential customers.
2.7 Disadvantages of digital marketing for a business
Digital marketing holds a great craze and role for businesses of different stature but it is not always in the best or right interests of the business. There are many disadvantages of digital marketing which can make it not so suitable for a business. These constitute of –
- Expertise – One of the key elements of digital marketing for any type of business is that one needs the right people or expertise to execute it. It may not be easily possible for a small business or a start-up to have those kinds of expertise on hand. To ensure the right expertise would require them to invest time and money into it which may not be possible for the business. This makes it a disadvantage as the business cannot carry out digital marketing for them in the starting phase of the business.
- High competition – Rodriguez et al., (2015) has pointed out that competition is one of the key aspects that makes digital marketing a disadvantage for businesses. It is because there are different types of businesses offering the same or similar products or services. The use of digital marketing is limited in this regard as if one goes to the global medium one is competing with the global names for the same customer base. This leaves small and medium businesses at a disadvantage as they do not have the resources or the means to offer them the competition required from their end. All this states the negative aspect of digital marketing for a business.
- Time-consuming – Digital marketing seems to be a time-consuming process that requires a certain level and type of resources for the business. A start-up or small business does not have the option as they are still in fresh stages and cannot spare the required time to conduct digital marketing for their business (Madan, 2021). Along with that, one requires time to find the audience and assess the responses and the outcome and make suitable changes in the planned strategies of the business. One would need time and effort for suitable campaigns to make them a success. The lack of offering the right time can make all the efforts of the business fail making it a huge disadvantage for the brand.
2.8 Research gap
After assessing and evaluating the different literature reviews extensively, it can be identified that many pieces of research have been carried out concerning digital marketing and its role for a business. Even though the relationship and its understanding has been developed in many regards not much scope has been given to start-ups or small businesses in such focus. Hence, the aim of carrying out this study has been initiated by researchers to gain an understanding of the role that digital marketing holds concerning a start-up such as RemitNow for better understanding.
Chapter 3 – Research Methodology
Research methodology can be stated as the trajectory for the understanding of the different elements that have been included in the study. It is a crucial section of the dissertation as it acts as the blueprint based on which the entire research takes place (Kumar, 2018). It includes section such as research approach, research design, data collection and analysis, sampling, reliability and validity and ethical considerations which helps in establishing the base of the research that would be conducted later on.
Research philosophy states the way the data and information concerning the research study are gathered, analysed and interpreted. It is based on reality and knowledge (Flick, 2015). The different viewpoints and dimensions are considered to get the right understanding of things. There are different types of research philosophy such as pragmatism, positivism, interpretivism and realism philosophy. The positivism philosophy is the one in which the phenomena is assessed from an objective viewpoint. The testing of the hypothesis is conducted to find some logical reasoning behind it. The interpretivism philosophy is the one subjective interpretivism that takes place. It considers the human element over things (Guha Thakurta and Chetty, 2015). It states that there might be different interpretations of things. A mix of positivism and interpretivism philosophy accounts for realism philosophy.
Based on the research objectives and the requirement of the research, the use of interpretivism philosophy seems to be suitable for the study. It helps analyse complex elements to deliver a rational and valid outcome for the research. This will be helpful concerning assessing the genuine impact of digital marketing on businesses and the factors responsible for the same in many regards.
The plans and procedure of research in terms of the steps that need to be carried out for carrying research (Engwa and Ozofor, 2015). It includes the understanding of data collection, analysis and the other steps involved in this regard. It states the thought process based on which the research would be taking place. There are two types of research approach – deductive and inductive research approach. The deductive research approach is the one in which pre-existing theories or hypotheses are being tested. The inductive approach is the one in which new theories are built and developed. In the present available scenario, the use of the deductive approach is focused upon by the researcher. This is done to assess the present understanding of the influence that digital marketing has on businesses and the different notions and factors associated with it (Saunders et al., 2015). The researcher collected the primary data in this regard and the same is compared with the different sources of secondary data and information available. It is done so that suitable conclusions and drawings can be generated out of it. This makes the deductive approach appropriate based on the requirement and objectives of the research study.
Research design states the method or the path that should be followed for data collection and analysis. It states the methods or the framework that is selected by the researcher for elements related to data collection and assessment of the same. There are different types of research design based on the objectives and the aims that one wants to achieve through their means (Paradis et al., 2016). It includes descriptive, experimental, exploratory, and casual among others. The descriptive research design is suitable in cases when the researcher requires in-depth or detailed information about the research subject. The experimental research design considers the scientific approach and the same is tested using two variables. The exploratory research design states offering insights into a respective situation (Bloomfield and Fisher, 2019).
Based on the requirement of the situation, exploratory research design seems to be the most suitable for the study. It is because it helps in gaining some conclusive information based on the nature of the problem. The data and information acquired would help in moving the direction of the research in the desired way (Billups, 2019). This would help in assessing digital marketing and the different elements concerning it concerning a business such as RemitNow. This will help in further analysis of the data acquired in the research.
One of the most critical aspects of the research study is the research type. There are two types of research types – qualitative research and quantitative research. The quantitative research type is the one that contains numbers and statistical aspects of the data and information. The qualitative research type is the one that holds subjective and in-depth details and information about the subject study. For this research study, the researcher has made of the mixed research method. It means both qualitative and quantitative research data and information would be used. The reason for selecting this method is because it will help in bridging the gap or the differences that might exist between the qualitative and quantitative research types (Islam and Islam, 2020). It is more intuitive and logical so that the statistics derived from the quantitative data is supported by the understanding of the qualitative data. Similarly, the complex nature of the qualitative data can be supported by easy numbers for making better sense.
The data collection method accounts for the methods that are selected to collect the data for the research. It is done to collect the right information from the right sources to achieve the research objectives and answer the research questions (Pandey and Pandey, 2021). Data collection can be divided into two ways – primary data collection and secondary data collection. The primary data collection is the one in which the data is collected for the very first time based on the aims and objectives of the research. The data is new and has complete relevancy with the research topic. The most common and famous source of primary data collection is a survey, questionnaire, interview and observation methods (Fallon, 2016). On the contrary, the secondary form of data collection is relevant to the research that has already been conducted and is not tailor-made for the new respective research. The data is already available in different formats and can be used based on the need and the requirement of the users. The common source of secondary forms of data collection is journals, articles, books, publications and other authentic and genuine sources. The use of websites such as ResearchGate, emerald insight and science direct was used for this purpose.
To conduct this research, the researcher made use of both the primary and the secondary forms of data collection. To collect the primary form of data collection, the researcher made use of both qualitative and quantitative types of data (Flick, 2017). To collect the quantitative form of data, the research has stated the use of a survey method. A well-structured questionnaire was designed and distributed among the employees of RemitNow to get a real and true understanding of the role and importance that digital marketing holds in the working of the business. As the employees of RemitNow are located in different geographical locations, the use of the online medium was selected to share the questionnaire with them. A series of easy and to the point questions were used for a better understanding of the same to the respondents. It makes it a time and cost-effective method of data collection. It is also suitable to collect an appropriate number of responses without creating much difficulty or chaos for the researcher (Rose et al., 2019).
For the qualitative research data, the researcher made use of the interview method. Different people at the managerial level at RemitNow were selected for conducting the interview. Because of the difficulty of visiting all the locations physically, the researcher opted for the telephonic interview method. It made it quite a time-saving process along with gaining in-depth information for the study.
For the collection of the secondary source of data, the use of journals, online articles, and books was done. The use of relevant keywords such as digital marketing, the role of digital marketing, the importance of digital marketing for business, digital marketing and business relationships were used. The researcher analysed Google Books to find the relevant books that aligned with the aims of the research study (Barrett and Twycross, 2018). Journals were accessed through Google Scholar where the researcher accessed the abstract to match the relevancy of the literature with the research objectives. The only authentic sources of data were used for the research.
Sampling holds a great role in making the process of research easier for the researcher. It is because it helps in selecting a set of respondents that are a true representation of the set of the population and the elements involved in it (Sekaran and Bougie, 2016). There are two types of sampling methods – probability sampling and non-probability sampling. Probability sampling is the one the researcher has a piece of information about the rest of the population and hence the selection of the sample is based on it. In non-probability sampling, the researcher is not aware of the different elements of the participants or respondents involved in the study. Thus, the sample is selected based on the ease and convenience of the researcher. To carry out this respective research, the research made use of a random sampling method for both the survey questionnaire and the interview data collection (Pal, 2017). It is done so that all the elements of the research study have an equal or fair chance of being selected for the study.
Random sampling is selected as this is very easy for the researcher. Along with that, it saves a lot of time and effort helping in researching efficiently. To collect the response, the researcher first shared an email to the management of RemitNow stating the purpose of the research and the permission required to move forward with the same. Once receiving the same, an email was shared with the different respondents stating the purpose and aim of the researcher, the way the data and information collected would be used along with the surety of maintaining the privacy and confidentiality of the information and respondents in all regards (Graue, 2015). The sample selected for the survey questionnaire method involved a total of 10 questionnaires that were shared with the employees working in different locations of RemitNow. All of these were complete and suitable to be used for analysis. These were people who are working at RemitNow in a different position and can offer an understanding of the impact of digital marketing that they can witness in the working of the company. The response received from the final 10 sets were used for analysing and drawing a meaningful understanding from the same.
For the collection of the response from the interview method, a total of 2 people holding some managerial or higher position at RemitNow was selected by the researcher. In a similar fashion just as the questionnaire method, a mail stating the purpose and the usage of the information along with maintaining the privacy of information was shared with the respondents. Along with that, a suitable time and date were asked from them to conduct the telephonic interview. Based on the response received, proper analysis was conducted. The sample size in both the survey questionnaire and interview aspect is justified as it suffices with the need of the research as it offers suitable information and data for analysis with the help of the right tools and methods (Berndt, 2020). The selection of a large set of respondents would have made the process quite complicated which may lead to compromising with the need of the research.
The data collected through the primary form of data collection solves no purpose if one cannot draw some understanding of meaning out of it. It helps in assessing the information acquired through the use of the different tools and methods for an easier and better understanding of things. In the respective research studies for the qualitative research data, the use of thematic analysis is done. It is the method that is quite flexible and the use of multiple theories and themes is undertaken for the same. This is done by assessing and analysing the range of studies including the previous information and research (Terry et al., 2017). The researcher gets an understanding of the different themes and then the data collected is analysed and sorted based on the themes. It is then compared with the secondary data for a better and clear understanding of information to draw suitable conclusions from it.
To analyse the quantitative data collected through the survey questionnaire method, the use of the Excel sheet method was done. It is quite an easy and user-friendly method for data analysis. The information or the data collected from the respondents for each question is presented in an Excel sheet. Using the analysis option, the data is then presented in the form of graphs and charts along with other quantitative techniques that can help in a better understanding of things. This method is selected as it is easy to use and helps in the proper visual representation of the information and data. This can be used to get a true understanding of things for further decision-making.
Reliability states the level to which the same answers can be acquired with the usage of the same instruments for the research (Price et al., 2015). It means that if other researchers use the same conditions and parameters, would they get the same results or not. In this study, the researcher has considered the element of reliability on a huge level. The element of the research conducted is considered to maintain the reliability of the study. Validity of the research states the use of the scientific research method to generate the findings of the research (Heale and Twycross,2015). Validity is vital for all types of research and helps in maintaining the accuracy of the measure. It is done to assess if the research offers an understanding of the true role of digital marketing for RemitNow as a business. This will help in producing the same results for the situation in different regard.
There are many ethical issues or concerns that research holds because of the nature of the study. Thus, ethical considerations can be considered as an important part of the research (Feister et al., 2016). The lack of this can lead to the failure of the dissertation. The different ethical considerations maintained in this research included that the participants were not subjected to any form of coercion or harm of any kind to be part of the research. The privacy and confidentiality along with the dignity of the participants was maintained at all times and in all regards. Proper consent and permission were taken from the researcher before moving forward with the research. The respondents were given the right to withdraw from the research at any time if they wish to. The data and information acquired from the research were presented in their true form and no form of distortion of any kind was conducted or done. In this study, the researcher has offered complete and true references to the previous work of literature that has been included in the research (Arifin, 2018). It was ensured that all sorts of plagiarism were avoided in the research. Complete honesty and transparency were maintained while researching at all times.
3.11 Research Limitations
No matter how well one tries, there are some limitations for the research that cannot be avoided. The arrangement of proper time and the experience related to the research topic seems to be the biggest limitation of the research. The collection of secondary data is another limitation as it is based on the understanding of the researcher which cannot be correct all the time (Mertens, 2018). Collecting the right and relevant information through the different sources can lead to skipping of things which might compromise with the research to some extent. The selection of the right method for data collection and analysis is also one aspect that can become questionable in this regard.
The data analysis chapter states analysing and assessing the data and information that is acquired through the primary method of qualitative and quantitative data collection. To do the same, the use of the Excel sheet and thematic analysis has been done based on the information. This has led to the use of graphs and charts to present the information in a better manner for better understanding.
Part A: Demographic Questions
Table 1: Demographic Data
From the above table, it can be identified that the majority of the respondents in the research were males with 8 out of 10 forming 80% of the population and the remaining 9 were females. The majority of the population belonged to the 31 to 35 years of age group (30%) making it quite a young bunch of people. The other age group respondents are also a part of the research making it quite a mix of people from different age groups. The majority of the respondents were from the mid-level with 50% of the population belonging to it. The lower level or executive level had 3 people while the remaining 2 people were from the senior level of the organization.
Part B: Research Specific Questions
1. What is the biggest difference between traditional and digital marketing for a business?
The researcher asked the respondents about the major difference that they feel exists between traditional and digital forms of marketing. Concerning this, the majority of the respondents feel that customer reach is the biggest point of difference between the two. It states that through traditional marketing one reaches types of customer base while the use of digital marketing helps in reaching the required and stated customer based on the need and requirement of the business.
2. Do you believe digital marketing holds any importance for a business?
Table 3:Data related to digital marketing importance
From the above table and chart, it can be assessed that the majority of the respondents with around 90% believes in the notion that digital marketing holds great importance for a business such as RemitNow. It is considered because digital marketing offers great opportunities and advantages to a business that can be used by companies for their overall growth and objectives (Piñeiro-Otero and Martínez-Rolán, 2016).
Table 4: Online Purchase frequency
The researcher asked the respondents whether they have purchased any product or avail of any services by seeing it online. The major section of the participants with 6 out of the 10 respondents stated in the affirmation that they have bought some services or products by seeing an advertisement of the same online. It is an indicator that the different companies and brands have reached out to potential customers leading to a good move from the side of the brand.
4. Do you agree that there is a positive relationship between digital marketing and the growth of a business?
Table 5: Data related to digital marking and business growth
One of the questions asked by the researcher to the respondents was whether they agree that there is a positive relationship between digital marketing and the growth of a business. Most of the respondents in this respect agreed that digital marketing offers great support to the business as it helps in increasing the reach of the business along with offers better targeting. The influence of this is that the increase in reach leads to better awareness of the brand or business among the target customers (Desai, 2019). This helps in the growth of the company as more and more people know about the brand increasing the chances of them visiting the brand and making a purchase if it matches up with their needs.
5. What according to you is the advantage of digital marketing for a business?
Table 6:advantage of digital marketing for a business
From the response received by the respondents when the researcher asked about the advantage that digital marketing offers to the business, the most response was received in terms of the reach that the business can have control over. For a service brand such as RemitNow, physical borders are not a boundary. This means the company can reach out to customers from different regions and geography as long as they match the target persona of the business. It makes the reach element a huge advantage for the brand making it easier to cater to the customers majorly in the UK and UAE region among others. The other responses of awareness and tracking of results were also highlighted as advantageous as for a start-up these hold great value (Sceulovs and Lorencs, 2017). It will help in making people aware of the brand and evaluating the results generated by the different digital marketing activities conducted by the business.
6. What according to you is the disadvantage of digital marketing for a business?
Table 7:disadvantage of digital marketing for a business
The researcher asked the respondents about the disadvantage that they believe digital marketing has on account of a business. The major response received concerning it was concerning the high level of competition that exists on the digital front. There are quite a several brands and companies from the local as well the global level that competes for the attention of the users. All of them makes use of digital marketing features to create awareness about the business. This leads to an increase in the competition making it a bad element for a new or start-up business as they have limited resources. Another disadvantage highlighted in the responses is the complexity of the terminology and elements in digital marketing (Herhausen et al., 2020). It makes it difficult to understand a lot of things and hence the time and efforts required to be put in increased to the great count. This makes it not so feasible if this persists for a longer period.
7. What is the impact of digital marketing on businesses and start-ups?
Table 8:impact of digital marketing on businesses and start-ups
From the above table and graph, it can be interpreted that the participants believe that the major impact or influence of digital marketing on businesses and start-ups is about building trust among the customers. It is because there are a lot of brands and businesses that are available online but are fake and often scam customers. The use of digital marketing in the right way helps in brand building which in turn leads to the building of trust among the customers. Customer engagement is another aspect of this is when the customers or consumers believe in a brand or company, they would engage with them. This helps in better understanding of the customer’s needs and demands which in turn offers leads to conversions for the business (López García et al., 2019). Thus, it can be stated that all of them are related to one another.
8. What are the challenges that a start-up faces while incorporating digital marketing in their marketing strategy?
Table 9:challenges that a start-up faces while incorporating digital marketing
One of the questions asked by the researcher to the respondents is about the challenges that digital marketing presents for businesses. Most respondents stated that budget constraints are a huge challenge for digital marketing. It is because there are too many channels and platforms and gaining an understanding of the most profitable or feasible channel requires a lot of time and money for a business. This burns a lot of resources of a company making it a big challenge for the brand in many regards. The lack of experience presents in terms of the way to use the different channels of digital marketing or the aspect to pay attention while using digital marketing is another channel in terms of small businesses or start-ups while preparing their overall marketing strategy (Diez-Martin et al., 2019).
9. Rate the following digital media platforms from 1 to 10, 10 being the highest in terms of value for a brand?
Table 10:Rate the following digital media platforms from 1 to 10
The researcher asked the respondents to rate the key channels of digital marketing based on their understanding and the need of a business. Based on the response received, it can be stated that email marketing and search engine marketing seems to be the most useful or effective as per the respondents. It is because it helps in reaching out to the target customers or getting the most result for the search or visibility of the company. Email marketing allows businesses to offer information about new products or services or any other aspect making it useful to reach the right target customers for the business. The other services that were rated higher than others were content marketing and pay per click marketing. Content marketing states the use of content in different regards such as vlogs, blogs and other forms which creates information that leads back to the brand (). Pay-per-click marketing ensures that customers who are looking for the brand or products and services offered by the brand or is similar to a brand can find it with ease. This makes things easier helping in better awareness and reach of the company for the best results for the brand.
Theme 1: Digital marketing is vital for RemitNow because of the many offerings that it offers
The researcher asked the two respondents about the reason they feel digital marketing is important for a business. In this respect, both of them state that digital marketing is something that can be executed from one place without one having to go or physical move to incorporate it. Traditional marketing makes it difficult to reach out to international customers and assess their responses as fast as possible. It also costs more to a business in comparison to digital marketing where companies can analyse the performance and make changes in the strategy to ensure the attainment of the desired objectives. Digital marketing overpowers traditional marketing on many accounts. One gets the opportunity to converse with the customers from different nooks and corners of the world without any physical boundary hampering the process. One has the opportunity to engage and interact with a wider audience to assess and identify the true and right customer base for the business. It allows companies to make suitable plans and strategies based on the insights gained (Page, 2015). Digital marketing offers a chance to establish the brand in the eyes of every person with the right marketing efforts. As most people are online and active, digital marketing allows businesses to reach them at any time of day and night. This broadens the efforts that are put in by the business which in turn makes it crucial from a business perspective.
Theme 2: Assess the needs and objectives of business before selecting the digital marketing channel
One of the key aspects that businesses and companies should take into consideration before selecting a suitable digital marketing channel is the objectives and goals of the company. If the business aims to engage with the customers, then social media marketing is the most feasible option as it leads to brand building and engaging with the customers that offer products that require interaction with the customers. If the brand’s objective is lead or conversion from digital marketing, then pay-per-click marketing or search engine marketing would be the feasible or preferred digital channel for the brand. It would be because this will ensure that people looking for such products reach the brand for better awareness. The path carried out by the customers can be learned and that can be used to make changes in the digital marketing channel to make the most of the resources available with the business (Negoiţă et al., 2018). If the business aims for brand building and leads and conversions from digital marketing, then SEO and pay-per-click marketing along with social media seem to be the digital channels that the business should look out for.
Theme 3: Learn about the customers and gain insights to incorporate them into the digital marketing strategy
When the respondents were asked about the recommendations in terms of start-ups or small businesses for effective digital marketing, both of them stated that the insights and information gained by the business should be used effectively. It means that the path undertaken by a customer to make a purchase or to reach the brand should be taken into account. Based on the understanding gained, the business should design and plan the digital marketing strategy considering the target customers and the budget with the small businesses (Gupta, 2020). As visibility and brand awareness is not great point or aspect for a start-up, the focus should be on putting efforts in this regard. It should be concerning all the information that the business has about its potential customers and transferring the same on the digital front. It is also recommended that the other marketing activities of the brand should be combined with that of the digital marketing activity. The business should either get a basic understanding of digital marketing and how it should be operated or reach out to experts that can conduct the work for the business (Ištvanić, et al., 2017). The start-up should ensure that their activities are aligned in terms of creating brand awareness along with interacting with customers. It will help the start-up have a better connection with the people.
The conclusion aspect of the research states the learning and insights gained concerning presenting the major consideration gathered from the different chapters of the study. Based on the understanding gained, suitable recommendations are suggested that can be effective in terms of the betterment of the organization. The future scope of the research study is also stated to make use of the study for different other sectors and businesses.
5.2 Achievement of objectives
To understand the importance of digital marketing
From the analysis conducted, it can be concluded that digital marketing is vital in the present time and age. It is useful for reaching out to the target customers offering a global reach to businesses. The investment offered by digital marketing to a business is quite low in terms of the result offered by it when compared the same with the traditional form of marketing. One has the opportunity to design and implement it as per the different business objectives making it easier to derive the desired results by the business. Digital marketing is important as it is the place where all of the people from different geography and demographics are present (McGruer, 2020). Businesses need to be present and available and be visible to them for better outcomes. This makes digital marketing important for them. The importance of digital marketing and its understanding is vital as it helps in building and scaling up the brand on the online medium. It is in terms of how to manage the reputation of the business along with attracting and retaining the customers for the company.
To assess the relationship of digital marketing for RemitNow
Research identifies that digital marketing is the use of digital means and online platforms to reach out to people. It is not bounded by geography or time. One can sit at one place and still reach the audience in their language and time without any burden. This makes it crucial for a business such as RemitNow that is established in one part of the UAE but can help people from across the globe to transfer and remit the payment and money at any time of the day or year. Digital marketing is the method through which businesses market and promotes their offerings to the target customers (Patel and Chugan, 2018). For a business such as RemitNow that offers remittance services to people and businesses in the UK and UAE brand awareness and visibility is highly crucial. The business is still in its early stages and not many people are aware of the same. This makes digital marketing crucial for the company. The awareness offered through the medium along with engaging with the customers will be helpful to create a customer base for RemitNow.
Digital marketing holds a close relationship for a start-up or business such as RemitNow. As the company is recently established, it needs to be very strategic in the marketing of the business. Digital marketing offers this to the company allowing to make use of the limited resources and capital of the business to achieve the desired outcomes. The concentration of the company should be on offering the key information to the target customers. Digital marketing offers the best platform for this to the company making it a positive push for the success of RemitNow in the right direction. Digital marketing offers great lucrative opportunities which a business such as RemitNow can make the most of by using it in an efficient aspect. The role of digital marketing for the company can result in better reach and growth of the company along with brand awareness which is the key focus of the business (Singh and Singh, 2017). All this along with the research states that there is a close and positive relationship between digital marketing and the success of RemitNow.
To identify the advantages and disadvantages of digital marketing for RemitNow
From the secondary research conducted in the study, it has been argued that digital marketing offers both positive and negative aspects to the working of a business. The research revealed that the advantages overpower the disadvantages as for a company or a start-up digital marketing open up new opportunities which might not be available otherwise for the company. The major advantages consist of the reach and awareness facility allowing a start-up like RemitNow to become better visible and have a better connection with people on the digital medium. It means conversing with them and engaging with them allowing them an understanding of the brand and its offerings (Teixeira et al., 2019). Other advantages identified in the research are the way a start-up can assess and evaluate the ROI in terms of the money spent on the digital marketing activities and the return it has offered to the business. The facility of tracking the results in terms of which activity has offered what outcomes presents great value to assess and make changes in the working of RemitNow. One of the best advantages that digital marketing offers for RemitNow as a business is the scope of brand building which is necessary for a start-up. It caters to making a digital presence of the business which is vital in the present era where everyone and anyone is active on it.
The other advantages as identified in the research account for the affordability and time aspects. One can start with digital marketing as soon as in a day whereas the other form of marketing may require days or even weeks before they can be put into action. One can also witness the result of digital marketing activities at a faster pace in comparison to the traditional form of marketing. Another advantage identified in the research is personalisation while targeting the customers of the brand (Verma, 2016). One can offer them a personalised email or newsletter which helps them feel special. It is critical to build customer relationships for a start-up that is still trying to set a base and make a mark of itself in the market.
But there are a few disadvantages of digital marketing which businesses should be well-aware of to manage things in a better way. It includes the level of competition that exists in the market. Many other businesses and companies offer services similar to that of RemitNow. All of these companies might make use of the digital front which increases the level of competition. This can make the company not achieve the desired results despite putting the time and effort into it. The research also identified that digital marketing requires a certain level of expertise and knowledge. It might not be feasible for a start-up to hold that with it. It can either hire people or outsource the same to agencies. But the expense related to it can make the situation difficult for the business making it a huge disadvantage for the start-up. The research further assesses that the lack of understanding of the insights gained in terms of what stands for what and the way it can be used by the business makes it difficult for businesses to get the most out of the situation.
To recommend strategies for effective digital marketing for RemitNow
It is important to understand that effective digital marketing is carried out with the assistance of effective strategies in this aspect. The world is online and hence digital marketing strategies should consider all the benefits and opportunities that can be gained by a business from it. It is recommended to assess the resources available with the business and the results or objectives expected out of the activities (Teixeira et al., 2018). It will help in making suitable plans based on the type of channels and the activities on those channels that can lead to the successful establishment and growth of the business on the digital front. The other marketing activities should be assessed and analysed and an overall understanding should be developed on the way digital marketing can offer support and assistance for the same.
To recommend the digital marketing channels for RemitNow
There are very many digital marketing channels available for a business. It includes SEO, SEM, SMM, PPC, email marketing, affiliate marketing, influencer marketing and others. The selection of the digital marketing for RemitNow would be dependent on the objectives or the results that the business aims to achieve. For a business such as RemitNow, brand building and leads and conversions are the objectives of the business from digital marketing, this makes SEO a great digital channel for the business. Using the right content and keywords would be important in this regard. Along with that, pay-per-click marketing with ads showing what is the brand and what are the services offered by it will help in brand awareness and reaching the right target customers of the business (Faried, 2016). It will help in attaining the set objectives of the company. Content marketing can also be very effective along with influencer marketing by associating the brand with people who are liked and followed by the target customers of RemitNow. All this will lead to creating awareness along with the brand image of the company. It will help in reaching out to more people and more website traffic leading to achieving the overall business objectives of the company on all fronts.
With the base of the understanding from the current study, many learnings can be gathered from it concerning digital marketing and the role that it has concerning RemitNow. Here the study has been conducted concerning RemitNow or a start-up. But the same factors can be considered for a small business or a start-up offering different other services or established in different parts of the world. The scope of the study is quite wide as this can help in assessing the positive and negative aspects in terms of the role of digital marketing in a business. The same learning can be used by other businesses and companies and carry out research that can be effective for them in different aspects.
Chapter 6: Reflection and Personal Learning
In this section of the research, the reason for selecting this topic of research is highlighted. It would state the main focus for making this topic as part of my course for undertaking my MBA program in Strathclyde Business School. It will also state the reflection of the learning done from my part for the research.
After undertaking the research, I implied my understanding in terms of critical thinking and analytical aspect. The learning gained through the modules and the chapters that I have grasped over my MBA course helped me in preparing the right strategy and executing it most effectively. The use of the marketing management aspect of the module along with strategy making helped me in understanding segmentation, targeting and positioning which is vital to prepare the right marketing plans for a business or company. The customer journey aspect along with gaining a deeper understanding of digital marketing made it helpful to move further in this direction.
The experience gained from this research and the module learning has been quite fruitful for me in many regards. I learned about the functioning and operations of RemitNow as an organisation.
The learning in terms of skills and knowledge gained through the module presented a better and deeper understanding for me in regards to digital marketing. This led me to understand the requirement of the same for the company and the best way to implement the same in the working of Remit Now. Another learning was that I started the literature review was minimal knowledge of a lot of topics and things. The learning helped me assess the right way to conduct a cohesive approach for the overall strategy for the company. This helped me look at the many approaches which helped in opening the horizon of the different elements that can make this study diverse in terms of the learning gained. I interviewed two people at Remit Now and the narratives offered by them made me understand that digital marketing is vital for the growth of a start-up such as RemitNow.
The understanding of the different channels and the advantages and disadvantages of digital marketing for the business help me understand the angle that would be beneficial for the business as a whole. This offered flexibility and better decision-making based on the need of the company at a given point. Also, the understanding of a better strategy with such understanding will help in the overall working of the company which is vital as my learning from the module. The working of the company along with the leadership and structure and capabilities shall result in great outcomes for all. In addition to this, the flexibility that I gained through the research opened up my eyes in many aspects. I was able to see many elements the understanding of which could be offered to the people of the company for the overall marketing strategy of the business. This will help in presenting a better picture which was not the case earlier on.
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Appendix 1: Survey Questionnaire
Part A- Research specific questions
PART 1-Demographic profile of respondents
- Don’t prefer to say
- 18-24 years
- 25-30 years
- 31-35 years
- 36-40 years
- 41–45 years
- 46 years and above
- Don’t prefer to say
- Level in the company
- Executive level
- Middle level
- Management level
Part 2 – digital marketing and its influence or role in business
- What is the biggest difference between traditional and digital marketing for a business?
- Customer reach
- Budget / Finance
- Time factor
- Others (if any)
- Do you believe digital marketing holds any importance for a business?
- Can’t say
- Have you purchased anything by seeing an advertisement online?
- Can’t say
- Do you agree that there is a positive relationship between digital marketing and the growth of a business?
- Strongly Agree
- Strongly disagree
- What according to you is the advantage of digital marketing for a business?
- Better targeting
- Tracking of results
- Others (if any)
- What according to you is the disadvantage of digital marketing for a business?
- Lack of expertise
- Too much competition
- Too many complexity
- Time consuming
- Others (if any)
- What is the impact of digital marketing on businesses and start-ups?
- Brand awareness
- Building trust
- Customer engagement
- Leads & Conversion
- Others (if any)
- What are the challenges that a start-up faces while incorporating digital marketing in their marketing strategy?
- Budget constraints
- Quality of leads
- Others (if any)
- Rate the following digital media platforms from 1 to 10, 10 being highest in terms of value for a brand
- SEO (Search Engine Optimisation)
- SEM (Search Engine Marketing)
- PPC (Pay per click)
- SMM (Social Media Marketing)
- Content Marketing
- Affiliate Marketing
- Influencer Marketing
- Email Marketing
Appendix 2: Interview Questions
- Why do you think digital marketing is important for a business?
- What according to you are the best digital channel for a Remit Now?
- What are the ways digital marketing affects a company?
- What are the recommendations for RemitNow for effective digital marketing?
Appendix 3 – RemitNow Platform as RAAS – Overview
Figure 1.1 The idea behind building the RemitNow’s Remittance as a Service (RAAS) Platform
Figure 2.2 Payment between Exchange Houses and service providers
Appendix 4: Interview transcript
: Why do you think digital marketing is important for a business
Participant 1 – Digital marketing allows businesses to reach a large number of people at a faster rate at a price less than other methods of marketing. It also allows businesses to analyse the result of the performance helping in making better decisions for the company.
Participant 2 – I believe that digital marketing allows businesses to reach beyond the physical boundary. A small business can also reach a large audience helping in the better establishment of the company which makes digital marketing so good for the business.
: What according to you are the best digital channel for RemitNow
Participant 1 – I have realised that there are many channels of digital marketing and each one of them holds different importance. For RemitNow, establishing the brand along with creating awareness states the use of SEO and pay-per-click marketing as the most feasible option for the business.
Participant 2 – It can be stated that brand awareness and engaging with the customers is the aim of the business making SEO and social media along with PPC as the effective channel for a start-up. It is because this help makes the company more visible which is necessary for a start-up the most.
: What are the ways digital marketing affects a company?
Participant 1 – Digital marketing impacts business as it allows businesses to reach out to customers which may not be physically possible. Also, it opens the window to reach different types of customers to identify the true customer base of the company. It helps in improving the revenue and customer satisfaction of the business.
Participant 2 – Digital marketing is the big thing. In my vision, it is what will make or break a business in the coming time. Digital marketing affects a company as it makes it more visible to people attracting more customers to the company. It also helps in tracking the journey of a customer which can be used to ensure a smoother and easier path for the customers.
: What are the recommendations for a RemitNow for effective digital marketing?
Participant 1 – The biggest recommendation would be to identify the objectives before initiating digital marketing. Then the channels should be selected based on that. If the objective is lead or conversion from digital marketing, then pay-per-click marketing or search engine marketing would be feasible.
Participant 2 – Brand awareness and visibility is the element that RemitNow should put attention to. The other marketing activities of the brand should be combined with that of the digital marketing activity. The strategy for digital marketing should be based on the objectives and efforts should be put following it.