What drives the price up for digital marketing qualifications and courses?
It’s also important to remember that External Market factors can play a large part in increasing or decreasing the cost of digital marketing qualifications.
Developments and changes in technology
Digital Marketing is a continuously changing field. Technology seems to increase and improve at an exponential rate.
For example it doesn’t take an expert to realise that the impact of smartphones over the last decade has been unprecedented, with a majority of consumers now accessing websites through mobile and receiving their marketing messages through social media platforms.
In a trend that looks set to continue the influence that traditional Direct letters, print advertising and TV have on consumers has greatly diminished and they’re also very expensive and time-consuming as marketing methods.
While these fundamental methods and principles of marketing that have been around since the early 20th century will always have their place, digital advancements and continuously evolving technologies have meant that traditional techniques alone are no longer enough to employ an effective marketing strategy for a business. Digital techniques have become unavoidable for businesses if they want to succeed.
For businesses, ensuring they employ marketers with digital skills has also become a necessity in order to maximize Return On Investment for the company.
The DMI’s report found that on average, 60% of a traditional marketer’s time was now actually being spent on digital marketing methods, which suggests an increasing demand for marketers specifically trained in digital marketing methods.
However it seems organisations and individuals have had difficulty developing and sourcing the right skills.
The results of Target Internet’s marketing skills benchmark revealed that digital marketing skills have actually decreased since their last report, “despite technology continuing to evolve and levels of data increasing at a staggering rate”. Social Media had fallen back 2%, Content Marketing 4% and Analytics & Data a whopping 6%.
Since the world is now becoming more and more virtual and more and more of our lives are conducted online, this is a worrying trend.
It’s therefore perhaps not surprising that online courses in digital marketing which allow people to increase their skillsets and knowledge in vital digital areas have become extremely popular, driving up prices
One obvious factor which can drive up the price of Digital Marketing qualifications is the needs of employers or market demand. I.e. the number of job vacancies.
According to DMI’s report there is an definite need for skilled digital marketing professionals, and the target internet skills benchmark showed a huge demand for skilled marketers, with fewer individuals have the required skill sets and knowledge that businesses are looking for.
We’ve already established that in today’s marketing world, digital is key. According to Ask Careers, as traditional marketing has become more and more obsolete with the development of more effective, affordable digital marketing methods, the demand for skilled digital marketers is increasing rapidly. In fact, according to Marketing Hiring Trends, demand for digital marketing executives is exceeding supply with 44% of businesses wanting to hire more marketers.
This is a trend that looks set to continue judging by the decline in digital skills revealed by Target Internet’s skills benchmark and recent research by the DMI showing there are currently 6,717 digital marketing job openings in the UK with 2,566 in London alone.
As previously noted, marketers versed in traditional methods are seemingly struggling to find the right training to develop new digital skills, and employers are struggling to find candidates with consistent, comprehensive skill sets.
This demand can drive prices up for the best digital marketing training as more marketers see an opportunity and seek to get qualified in the hope of improving their employment prospects.
According to the Target Internet benchmark report, worryingly, digital marketing skills look to have declined or stagnated significantly since their last report, despite technology
continuing to evolve and data production increasing at a staggering rate. When you consider that the world is shifting significantly towards use of virtual and digital channels in all areas, this decline isn’t what you would expect and raises some questions.
According to the DMI’s report, some of this decline in skills and apparent stagnation of digital prowess in Marketers is down to a lack of effective training. Many traditional marketers seemed to be struggling to increase their skillset and digital marketing knowledge having studied on courses not dedicated specifically to digital marketing which didn’t have enough in-depth teaching about digital techniques. Marketers may have been left with inconsistent abilities due to a lack of reliable skills courses.
Target Internet’s marketing skills benchmark, took this analysis one step further, says that the decrease or stagnation of overall digital marketing talent strongly supported the idea that ‘one-off’ training was no longer going to cut it. The rapid pace of digital advancement means that marketers in the modern day can’t continue to rely on their current training and experience they need to constantly grow and Skills need to be regularly reviewed to keep them up to date.
Therefore both individuals and businesses need to invest in digital marketing training in order to make sure they don’t fall behind and they remain valuable assets in the current climate. There has been a growing recognition amongst individuals and employers that maintaining learning is important.
All of this however, might place increased demand on digital marketing training providers and increase the cost of learning courses as more individuals and teams seek to develop their skillset.
Since digital marketing is a growing job market which lots of savvy digitally skilled people are interested in breaking in to and making their mark, it does mean that competition for the top digital marketing jobs has become more intense. As organizations still cannot afford to hire too many workers, they look to invest in digital marketers who have the best and most relevant skills training to support the company’s digital campaigns.
Despite demand it can now be difficult to find opportunities in Digital marketing, particularly with the most respected and well-known organisations without an extra qualification on your CV.
To make the most of their valuable skills and maximize their career success, a digital marketer needs to demonstrate that they are going to be a vital asset to a business and becoming a qualified digital marketer is an excellent way to do this, proving to employers that you’ve got the dedication and are willing to go the extra mile since you’ve given up your free time to pursue excellence in your field.
Developing your digital skills through training can be vital if you want to gain a competitive advantage and stand out in the crowd.
With so many digital marketers wanting great quality flexible training solutions, this can drive up price.