Impact of digital marketing development on entrepreneurship

Abstract

The article discusses the impact of digital marketing on modern entrepreneurship, as well as the main tasks in the formation of the business structure. Predictions of rising consumer power in the digital age leading up to the turn of the century were bolstered by the advent of the Internet and then reignited by social media. Changes in consumer behavior require firms to rethink their marketing strategies in the digital sphere. Currently, much of the related research focuses more on the client than the firm. This study uses the firm’s perspective to facilitate understanding of digital marketing and the use of social media, as well as its benefits and inhibitors. The second generation of Internet applications enhances marketing efforts by allowing firms to introduce innovative forms of communication and co-create content with their customers. Firms ’ participation in digital marketing can be classified according to the perceived benefits and uses of digital marketing. To improve engagement with digital marketing, marketers need to focus on relationship-based interactions with their customers. This article demonstrates how some firms are already achieving just that.