People say marketing is as old as the man himself. Marketing came into existence when the first barter took place.
Lot of water has flown down the Ganges since then and marketing has evolved over years. It all started with the production concept, evolved as the selling concept, graduated into the marketing concept and post graduated into the social marketing concept. Each phase of evolution brought along with it various marketing concepts and strategies befitting the dynamic needs environment and market situations prevailing.
If you are wondering how to go about it in the 21st century, do not fret. We give you the following 20 trends, shifts & challenges that the marketer and business people will need to take into consideration for formulating the Marketing strategy.
1. Traditional marketing vs. relationship marketing
Traditional marketing strategies focused on attracting consumers. The goal was to identify prospects, convert them to customers, and complete sales transactions. But today’s marketers realize that marketing efforts also must focus on establishing and maintaining mutually beneficial relationships with existing customers including suppliers and employees.
2. Symbiosis of Marketing with other Functions
Marketing is gradually getting integrated with other Major functions that are responsible of creating value for the customers. In the current situation, R&D, Design, and production should work in collaboration with marketing to assess customer needs and deliver products/services to satisfy the same. This simply means that marketers will have to have a good understanding of the functioning of other departments as well.
3. Be Different/be what you are
The future will belong to those who manage uniqueness in their projects by being different. There is no point in trying to imitate others who have been in the past. In the age of the individual, it is enough to be what you are and bring out the best in you.
4. Discount Effect
Promotions, discounts are now known as the basic horse of marketing. Consumers today seem to have a lot of options to buy into, amongst products and services of every kind with websites like yebhi, myntra, fashionand you.com. Choices so unlimited. Price seems a key “P” to use. Using it innovatively makes it that much more of a creative exercise to lure in the customers. How you get a better “bang for the buck” is the important issue to consider.
5. Profit from Complaints
Internet reputation marketing is gaining ground. Complaints can be the mirrors of your business. Keeping this in mind most of companies are now searching for programs where they area take opinion of customers, finding out what were the causes of the dissatisfaction, if any and what it would take to put things right.
6. Plethora of Ps
As the four Ps (Price, Place, Product, and Promotion) was found inadequate to meet the new developments in the market place, a plethora of new Ps was added to the marketing strategy literature. Philip Kotler added the following “2Ps” for entry into restricted markets. In present scenario, multinational companies had to manage public opinion and local politics to enter restricted market like China, Russia, and India etc.
The fifth and the most important “P” People is the most relevant .Whatever be the business, industrial products, cosmetics or the day to day items ,the people are the core of it. The marketing is for the people, to the people and by the people.
7. Customer Satisfaction Vs Customer Value Management
Value should always measure in terms of total benefits & total cost. The consumers will choose that company which offers better value for their money. Providing better value to customers is the job of the whole organization. This is a function of strategic importance, which cannot be left in the hands of a few marketing people. This should be managed by a team of cross-functional experts and monitored the top management.
8. The Rise of Sports Marketing
With television broadcasting and savvy sports agents as friends, sports marketing industry that includes broadcasting, endorsement, sponsorship, merchandising and ideas is growing in stature and relevance. Sportspersons display attributes that people & brand would love to stand for. Determination, humor, style and flamboyance and attributed that marketers dig in order to establish a connect with consumers. As per Pitch – Group M estimate, the annual size of sports marketing business in the country is Rs. 900 crore.
9. A Shift towards One-On-One Marketing
While the earlier paradigm aimed at meeting the needs of segments of consumers, the new paradigm treats every customer as unique. The development of technology has made it possible to address the needs of individual customers, the day may not be very far off when a customer wanting to buy a toilet soap may have to put his/her hand into a scanner which will sense the skin complexion and pop out a pouch of liquid soap that is ideally formulated to suit his/her skin.
To be continued…..
Very Nice article. Gives you an insight on new trends in marketing. Keep it up Aditi.