The digital marketing industry is booming currently. With a rise in usage of cell phones, accessibility of low-rate internet, and massive digitalisation, digital mediums of marketing and advertising are on the rise. Companies of all types of segments are now investing in digital marketing campaigns to reach a wider number of audiences in a more effective manner. According to Business Insider, India's digital economy is expected to touch the $1 trillion mark by 2022. A report in Indian Express suggests that 85% of marketers are tracking revenues generated through digital marketing and 50% of them reported that e-marketing activities are contributing to more than 10% of their revenues. As reported by Dentsu Aegis Network, the total advertising industry of India in 2019 was valued at INR 68,475 crores and it was calculated to be INR 75,952 crores by the end of 2020. That's a whopping growth rate of 10.9%. This goes on to show that businesses are not shying away from advertising and marketing even during a pandemic. Moreover, digital mediums are the best way to reach potential customers in the state of lockdown.
An increase in digital marketing means an increase in digital marketing and digital advertising spends. Any business looking into making a foray in this direction has to keep in mind the added costs it shall incur. Digital platforms like Facebook, Instagram, Linked In, Twitter, YouTube, Snapchat, and others have a predefined way of running campaigns. All you need to do is add your credit card to the platform and choose the kind of campaigns you want to run. Even if you want to run a campaign for only 1 day, you still have to add your credit card and pay. Now, most often businesses have marketing managers run these campaigns. These marketing managers usually end up adding their personal credit cards to the platform and then get reimbursed for the expenses at the end of each month. This process is usually long and cumbersome with multiple approvals needed at each step. This is just the campaign part. There are also design agencies involved in creating the artwork, social media managers for uploading and managing the platform, and many more costs involved. And that's on social media. Print media is a whole new ballgame. Right from getting our creatives made to printing them and then setting them up - all of these steps come with their own added costs and multiple payments. Marketing and advertising is a costly affair and to cut down on these costs to a certain limit, there's a new tool in the market - digital marketing cards! These cards are made specifically for the advertising and marketing expenses of your business. EnKash with the power of its intuitive platform has virtual cards which are essentially preloaded digital cards that ease the process of marketing spends. You can create as many virtual cards as you need on the go and give it to individual employees, teams, departments, branches, and even temporary contractors. Let's take a look at the benefits of virtual cards powered by EnKash platform and how they help manage digital marketing expenses.
These virtual cards come with a customised usage limit so that there is no scope for overspending. You can set the limit according to your marketing budget.
These cards take only a matter of minutes to go live so you can start using the card instantly. With a digital KYC facility, verification happens almost instantaneously so that no time is wasted.
These cards can be created for specific end-use like social media campaigns, print media expenses, vendor payments, and so on. With a predefined usage policy, misuse of cards is prevented.
When all your cards are digitally synced to a single platform, you can easily keep a track of all expenses and maintain set budgetary constraints
You can also issue recurring virtual cards for all your SaaS subscriptions. This way you can put all your subscription payments on autopilot and never miss another payment.
Keep a track of all your expenses on a single dashboard. Virtual cards provide a high level of visibility into all your expenses so you can keep your cash flow in check and make informed decisions regarding upcoming purchases and receivables.
Virtual cards also come with an option of one-off use. Create pre-approved virtual cards for online spends. These cards are auto-destroyed after one use and hence are safe to use.
With automated spend management, your employees can spend their time on revenue-generating tasks and stay productive.