The Sri Lankan economy has grown gradually over time and, as a result there have been changes and ups. The Tsunami catastrophe, the 30 year-long conflict against terror as well as the Easter Sunday attack, and the COVID-19 virus have affected the economy of the country, but Sri Lanka has been able to get over the obstacles and recover from many situations of crisis. The pandemic situation has profoundly affected the lives of citizens in the country and the economy and has left it severely affected and the country’s major source of revenue is almost eliminated. The travel restrictions and restrictions have had a profound impact on local industries and tourism, as well as manufacturing, clothing and agriculture one of the areas most affected.
But, we can also discern positive aspects of the pandemic that is emerging within the problem. The public is waking up to the fact that online-based activities are easier and convenient to carry out their daily tasks, even though they have a range of limitations on mobility. They are no longer afraid to conduct their financial or entertainment educational, utility and other home-based tasks through websites, considering the current circumstances.
Despite the speed of technological revolution, many of the emerging economies, including Sri Lanka, are just getting into this digital transformation. As per the Digital Data Report (2021) more than six million Sri Lankans access the Internet. If these figures accurately reflect the current situation and all is well. Even though the Sri Lankan Internet population has increased in double-digit increments every year during the last decade, only about 30 percent of the population use social media. The stakes are particularly significant for incumbents.
Between 1965 and 2015, the worldwide ‘topple rate for incumbents who lost their positions as leaders increased approximately 25%, because of the rise of digital technology. This led to increased competitiveness, changed industries and drove companies out of the market. In comparison to the other Asia Pacific emerging countries, Sri Lanka has advantages in connectivity and digital marketing, as well as digital project investments and the capacity to quickly adapt.
Sri Lanka, on the other hand, is far in comparison to China, India, and other rich nations. Regarding risk-aversion capability to incorporate digital considerations into the overall strategy, automated internal and external processes and the development of a culture of collaboration between the business and digital divisions and its businesses, it is lagging behind. In the research results, one of five businesses across all sectors and connected organizations are classified as digital battler.
A brief overview of digital marketing and the potential in the local building materials sector
Many industries at their final stage of development aren’t likely to boost their revenue by acquiring new customers. However, the hunt in search of new streams for revenue received lots of attention. In the end despite their initial attempts to decrease conversion rates of brands and to target customers that aren’t top companies, these leading firms and industries are determined to attract faithful customers into making additional purchases. Each of their actions is focused on increasing customer loyalty, which leads to positive behavior, such as consumers buying positive reviews to influence their competitors’ customers and cross-selling. The Industrial Sector accounts for 28% of the country’s GDP and is responsible for 7.4 percent of the construction sector, as per the Central Bank of Sri Lanka’s annual report (CBSL 2019). The improvement in affordableness of housing for middle-income households and a decrease in mortgage rates, as well as the growth of urbanization are thought as the primary factors behind the growth of this sector. The majority of the construction materials are produced in the region.
Modern industrial plants produce pipes, cables, cement tiles, paints, and cement in addition to other items. After talking to experts in the field The author found that certain products, like cement cables, tiles, paints and pipes comprise more than 74 % of the total amount of the building material’s value. The majority of these products however, are made locally, and the majority of them are part of an competitive market that is oligopolistic. This is why the majority of manufacturing companies are focused on increasing their market share using different strategies for marketing, while also building brand equity. In addition to minor competitors every industry is ruled by a handful of major companies who have around 70% market share. They target specific segments of international and domestic markets, using different products pricing, branding, and strategies for positioning. The interaction between each industry has been transformed dramatically due to the advancement of technological advancements and perceptions of customers, while traditional methods and strategies for implementation are no longer relevant. As we move forward commercial streams that are global in scope have led to a shift away from traditional methods of marketing and strategies to digital advertising.
The market for industrial products is slowly rebounding after the impact of the pandemic. This is why a lot of industries are considering whether they should spend money on digital marketing, or whether to not. The need and the quantity of marketing using digital technology services for industrial products is on the rise and will only grow as more employees are employed and keep up to date with the latest developments in the industry. A growing number of companies previously not interested in using digital marketing strategies are beginning to research and invest in the emerging industry to protect and increase the market they are in. This is why digital marketing is starting to make an impact on manufacturing businesses. In the end, online marketing is expected to be a requirement for industrial items. It’s marketing, branding, and sale of industrial goods via a variety of online channels. It’s not the case anymore. We’ve all seen how important digital marketing has grown during the past few years. We’ve discovered that digital marketing is an essential vitamin to ensure our business’s seamless operation throughout the day particularly after the pandemic that struck the world.
This is the reason why your industrial brand requires digital marketing. Every industrial brand is able to be promoted at the same time in the same way as it connects with its customers via digital channels. For industrial companies digital marketing comes with a myriad of advantages. An established objective, a well-thought-out plan and the implementation of a successful and effective digital marketing channel can give the company a variety of benefits.