Tag Archives: #marketing

Adapting marketing to the new economy

Companies in 21st century have to adapt to ever changing environment. At present, companies represent a curious mix of old as well as the new economy. A great deal of research has already been done with respect to the old economy, but for the new economy, companies are learning it rather hard way. Companies have to choose elements from old and new economy wisely as to build a business model which would bring value to the company.

Technology revolution, globalization and market deregulation factors are among many sculpting the new economy. These 3 factors interact with each other at different levels creating the driving force for the new economy. The old economy was full of analog devices, which were running on a continuous signal wave, for example, gramophone records. In today’s world systems and devices are running on digital technology where information is carried in ones and zeroes. However, this digital information cannot be exchanged between devices without connectivity through wire or wireless networks. This connectivity is achieved through intranet, extranet and internet.

Internet allowed players like Yahoo, Amazon, ebay to offer products like music, books, apparel, etc. directly to customers. This move de-stabilized the traditional distributors and retailers causing some to shut down their business. However, some of the players developed online portals to offer their products and services which in turn de-stabilized new online players. Some of the old players were successful with help of their brand strength and poor business models of pure online players.

In the old economy focus was only on standardization, mass production and singular marketing policy. However, with the amount of information available in the new economy, companies are best at understanding consumers. This better understanding has led to customized products, a shift from standardization. However, this customization has its drawbacks not only for companies but also for customer. Companies find it difficult to maintain the cost level for customized products to register profit. Customization is impossible for products, which require complex industrial engineering. Customer does not know real product appearance until it fully completed and also return policy is not there in customization.

The new functioning of economy has changed the way companies approach their business. Companies are looking forward to expanding across market segments to get maximum market share while keeping focus strictly on customer needs. For these companies are making organizational changes where departments are developed to manage a segment rather than a product. Companies are looking forward to developing consumer based brand equity to foster long term relation. Companies are coming up with products, which perform superior than consumer expectation there by creating a strong brand while the earlier branding task was accomplished through advertising. Companies are treating employees, distribution channel, and suppliers as their business partner and not customer.

Since companies have changed the way they function in the new economy, it is imperative that marketing practices also adapt. As consumers are looking forward going online for major of their purchase, businesses are looking towards electronic commerce (e-commerce) as a way forward. Research has shown online users usually buy music, software, books, apparel, etc. rather than goods like automobiles, house, etc. Business buyers are also coming online as well as suppliers, thereby substantially reducing the establishment cost. E-Commerce has also open doors for customer to customer relation through social networking and community forums, in which experience and discussion are done with respect to products. Through internet consumers are able to provide faster feedback to companies with respect to products and services.

As businesses are moving online, the focus shifts to developing of web sites to provide reliable and correct experience to consumers. Web site design, maintenance and security are of paramount importance for creating a favorable impression on consumer. Online marketing and advertisement have got prominence in this internet age.

The new economy had brought forward challenges and opportunities not only for companies but also for consumer.

We Forgot the product name !!

Marketing is a process to promote the product and create value with the customer by selling products or provide service. There are so many times when companies marketing so well the brand name becomes the product name. We actually don’t realize that every day we use the name of the product actually their brand name. Here is some example

Google, it’s an inseparable part of our life today, our all curiosity satisfy google, we always say that “Google it” it helps us in so many ways ,Google Is the brand name the product name is Internet search engine

Parle-G evergreen morning snack. Parle-G is the brand name and product name is Glucose Biscuit

Brand Name Colgate, product name :Toothpaste

Brand Name: Nestle Maggie Products name: Noodles

Brand name: Photoshop Product name: Image Editing software

Brand name: JCB Product name : Excavator

  • Brand name: sellotape product name: transparent Adhesive Tape
  • Brand name: xerox product name: Photocopy
  • Brand name: Vaseline, product name: Petroleum jelly
  • Brand Name Fevicol Product name Adhesive
  • Brand name: Boroline product name: Antiseptic perfumed cream

Marketing is an amazing thing, we rarely used these products name, their brand brands names are their identify.

Lead people with what they want.

This is the era of digitalization where everything works on the digital platform in this Social media marketing has gained immense importance in the last few years which has totally changed the working of the companies.Social media marketing is the use of social media platforms and website to promote a product or service.Social media platforms are build in such a way that they can track the progress, success, and engagement of advertisements campaigns.Companies address a range of stakeholders through social media marketing, including current and potential customers, journalist,bloggers and the general public.It is a powerful way of buisness to engage with the customers.It is form of internet marketing that involves creating and sharing content on social media platforms which creates a ‘Buzz’ among the people.It includes activities like posting text and images updates , videos and other content that drives customer engagement.Their are various platforms now a days through which we can do the marketing of product ie Facebook, YouTube, Pinterest, Instagram, Twitter, LinkedIn etc.Social media marketing helps in attaining number of marketing goals such as increase website traffic through Search engine optimisation, it increases brand awareness,it improves communication and interaction with audience’s by taking feedback.Someone has rightly quoted “If content is a king, then conversion is queen”.

Social Media: The perfect tool for Digital Marketing

As indicated by one Facebook report, there has been a 70% expansion in time spent on the application in Italy. A March 2020 study of U.S. conducted on online networking users discovered that 43.1%  would scroll through Instagram more whenever staying home while 63.7% and 62.3% used YouTube and Facebook, in comparison to the other websites, more.

Presently is a prime chance to develop business accounts by putting out valuable content that doesn’t focus on a hard sell. The objective should rather be to assemble an internet following through: 

1) For example, how to extract productivity out of “work from home” and methods of reducing expenses on veggies.

2) Posting harious content of mockery, similar to funny clippings and memes. 

3) Collaborating with an influencer. 63% of shoppers trust influencers more than brands and COVID-19 has allowed influencers over a wide scope of ventures to make their administrations accessible at a sensible cost. 

With relatively little expense and exertion, an organization can understand results that keep on profiting them long after the situation improves.

GENERATING MARKETING SCHEMES OVER THE WEB

Online campaigns help to spread the word about their businesses and the new ways of functioning, with less amount of time and effort invested, than asking their regular set of customers to do so.

This can be achieved through Smart bidding like Google Ads, Content Marketing and Coupons designed from Easy Promo Or Woobox

CARRYING OUT DAY-TO-DAY OPERATIONS ONLINE

There are not many organisations can transition their day-to-day functioning using internet. However due to the availability of video conferencing facilities like Zoom and Google Meet, there can still be interactions between the customers and the buyers. 

Orders of groceries and other essentials can be taken online, education through schools and Institutions is being provided online and live tutorials and sessions are being conducted in which clients are asked to make the payments online. There are several other courses available on digital marketing too  which can be availed to enhance the speed of the working staff and enable them to make the most out of the present situation.

WHAT’S IN IT FOR YOUR BUSINESS? 

Numerous organizations are curtailing their showcasing endeavors due to COVID-19, however what they should do is multiply while making the most of the new open doors that are springing up. 

This accentuation on digital marketing isn’t something that they’ll need to back off on once the lockdown is over. Internet shopping won’t stop at any point in the near future, and most organizations will find that online associations are more helpful than in-person interactions. 

While it might be viewed right now as an alternate course of action, when the pandemic is over, everybody will probably understand that it’s much more than that.

On the off chance that a very much upgraded site, all around arranged advertising devices, and selection of virtual interchanges can get an organization through one of the most exceedingly terrible crises in present day times, for what reason can’t digital-based promoting make its all intents and purposes relentless?

(Part 3/3)
Hope you all had a good time reading!

BEEFING-UP THE COMPANY’S WEBSITE

Presently is a lucky opportunity to put resources into longer-term venture channels, especially if an advertising expenditure plan can be rearranged towards that path. 

The global market is chaotic and questionable now, so outbound strategies can presumably be moved to working out inbound resources, similar to the organization blog.

For instance: 

1) Making announcements on the home webpage passing information that the business is willing to support its customers. Incorporating a connecting link to a FAQ where clients can get more data about assistance hours and delivery options. 

2) Reorganising product/services or administration pages with new illustrations and portrayals. Brief specials or discount offers could be made to maximise the orders. 

3) Setting up an internet business framework for taking on the web orders. Major web hosts have incorporated Stripe integration in their progressed facilitating packages. Local companies and small businesses can likewise opt for Shopify or Etsy, which have e-commerce facilities. Many individuals also use Paypal. Managing account there can also speeden up the growth of orders.

Businesses that have generally sold items to customers from shops/stores only  may scrutinize the intelligence of building advanced resources like an online store, accepting that they can’t contend progressively with bigger, established portals like Amazon. 

Notwithstanding, due to over-crowding in web based shopping and much-expanded social networking, individuals are currently holding up longer than even a month to receive their Amazon packages, and no one’s upbeat about it. 

In the event if people discover that an independent business is selling what they require and that they’ll receive it quicker without prolonged delays, they’ll be up for it instantly.

TAKING FIRST STEPS WITH SEO MARKETING

The pandemic has transformed the way customers approach the idea of shopping. Roughly 47%  expressed that they are staying away from shopping centers and strip malls in an online poll. 

Then again, SEO is experiencing a gradual upward trend, with certain brands announcing a noteworthy increment in their search visibiility from January-March 2020. 

Suggested steps towards creating an impactful SEO procedure during Coronoavirus pandemic are as follows: 

1) Content creation intended to fabricate trust.

 COVID prevention measures have made purchasers increasingly pessimistic. As per a Forrester report, they don’t confide in organizations to finish on guarantees. Brand messages should be created with the goal to instruct, advise, and console rather than gruffly requesting a buy. 

2) Adapting a “take-charge” attitude while dealing with the corporate web. 

It is significant for organizations to deliberately deal with their online brands. Refreshing item accessibility, keeping the Google My Business page current and keeping client information secure would all be able to put forth the picture of a reliable business.
ATTRACTING AUDIENCE ON SOCIAL MEDIA

An ever increasing number of individuals are managing self-isolation by going on the web to get access to recent news, look for data, and engage themselves.Hence, business social media pages can be easily promoted.

To be continued….

( Part 2/3)

Is Digital Marketing The New Approach Companies Need To Adopt During The Times Of Covid 19?

Some issues tend to just disappear if they don’t receive our attention for a longer period of time. However, the coronavirus pandemic is a mammoth issue for the companies all over the world. It is becoming extremely troublesome to just let go of the problem for it is hugely influencing the way business is being carried out globally.

Furthermore, a lot of businessmen, managers and directors are finding it difficult to bring about a change in their marketing strategies so as to get used to this short-term “new normal”.

The possible reasons could be that they maybe still not convinced to adapt to this sense of normalcy with so much going around and them facing their own issues but whatever the reason, this is only going to lead to much bigger problems and could even result in the downfall of their respective companies.

Moreover, handshakes are being replaced by the new norms of digital marketing and remote work forces during the signing of the business deals amongst a handful of other organisations.

These dynamic companies are not only accepting the Covid-19 world with open arms but are also ramparting the need of the hour, the recession resiliency.

HOW HAVE THE BUSINESSES BEEN IMPACTED?

Despite the fact that somehow, every business has been able to keep itself intact amidst the current situation, it hasn’t been any easier for the small startups due to the lack of capital or reserves to sustain their existence especially those which were massively dependent on physical interactions like beauty salons, fashion boutiques, Health Care Centres for yoga etc.

Since these startups were habituated to getting constant customer reviews and then stimulating their growth, they are now afflicted by colossal losses to such an extent that their spontaneous takeaway on this entire situation has been to minimise the product marketing expenditure which should have otherwise been to explore much innovative methods.

All the types of businesses irrespective of their magnitude of growth can easily extract benefits out of digital marketing. The only thing that needs to be done is to bring about a small change in the route of reaching their customers i.e by making business accounts on social media to ensure the prolonged survival of their businesses.

Because customers are in immediate need of all sorts of products but they cannot step out of their homes so the only way to flourish is by doing business digitally.

THE FIRST STEPS TO CARRYING OUT A BUSINESS ONLINE

In the pre Covid era, every customer was well aware of the the “best” that every local business had to offer. Now as we take the present situation into consideration, some of these local businesses have been shutdown after being categorised as “non essential”. Also, the customers are not informed that whether or not they can still continue to buy products from their local favorites as there is a huge question mark on them being still in business.

So now this is the time that these affected startups and local businesses grab most of the opportunity and make this bold decision to step out from the confining walls of their stores and expose themselves to new horizons by establishing their accounts on social media and connecting with customers all over.

 CONNECTING WITH CUSTOMERS

Given below are enlisted three steps which are crucial in springing up that link between the buyer and the seller and keeping the momentum going to ensure the business continuity and also building strong connections by adhering to the technological aspects of the process.

1) The first email: If the delivery of products like milk, groceries etc has been affected by Covid 19, the business should make an effort to inform its customers via Email or WhatsApp briefing about the new changes. 

2) ‎Updating about post-corona functioning on existing platforms: Businesses who already own emails or other digital communication facilities should inform their customers about the new methoods of operation.

3) ‎ Making announcements: Lastly, a public post on social media needs to be made regarding the resuming of online orders while also briefing about how their business is responding to the pandemic.

P.S~ This is a highly detailed research report that I have done on this topic and hence this is just PART 1 of it so that it doesn’t become too lengthy or monotonous.
Next part would be published soon.

Reference article for deeper insights: https://napoleoncat.com/blog/digital-marketing-during-covid-19/
 

EXECUTING SUCCESSFUL BUDGET-FRIENDLY COLLABORATIONS WITH CELEBRITIES.‎ How to do and Why is it required?



For a large-scale promotion of the campaign, say a physical activity driven campaign which would emphasise  the benefits of regular exercising & staying fit and is less about preaching the nutritional value of particular foods. I reckon that we should use TV and Social Media preferably Instagram or Facebook. Nextly, we need to lookout for affordable and successful collaborations with a trending or in-buzz celebrity. The contact details including the email id and phone numbers of their managers are rightly mentioned in their Instagram bios and Facebook official pages. We can shortlist a few celebrities and then finalize one or two of them as per the budget. We can create illustrative posters, banners and post it on our social media handle under the brand name “play to slay the calories”,  “stay fit to be hit” etc.
Once we have officially communicated our needs to the celebrity, we can ask the him to repost our posters on his account and encourage his audience to engage in physical activities. We need to hand over short scripts enlisting the agenda of our mission to him and ask him to make videos to be uploaded on Instagram story campaigning for our brand and helping it grow eventually. I am sure the active followers upon his advice would record the videos of them exercising or playing an indoor/outdoor sport along with all the members of the family which includes both the young and the older generation and when they would put up those videos on the social media then the the celebrities should be asked to repost the best entries on his page. We are well aware of the fact that whatever a celebrity does tends to attract a lot of media attention so automatically the videos would reach other platforms like TV news and articles by leading media portals i.e Pinkvilla. When people would see others gaining overnight fame and becoming a sensation just because a celebrity posted their exercising or playing video on their page then people would get enticed and also motivated to be promoted on the official page of celebrities like Asim Riaz of Bigg Boss 13 who was trending almost everyday on Twitter. I witnessed people going mad for him. They even overcrowded a mall in Mumbai because of a rumour that he was going to visit as a part of a big boss task.
‎As per the budget we can also go for a young sporting athlete preferably from the Indian cricket team or any IPL franchise because if sportspersons promote fitness then the whole idea is accepted more widely and they have a larger fan base, not confined to any particular age group. Meanwhile on our social media handle, We will keep posting stats like 1 out of 3 people haven’t done any physical activity in the last year to appeal to their emotional conscience. And you never know, people might actually feel motivated to step out. We can use catchy captions like being active on social media isn’t being truly active. We will also keep posting regular videos i.e yoga tutorials or in other ways that would tempt them to make videos by going out and playing so as to get featured on a celebrity page. This way without the expenditure of much money or resources our job would also be done, people would exercise as well, our campaign would also get promoted and our brand name would also grow by utilising the fame of a particular celebrity.
‎The reason this idea popped up in my head was because I checkout Alia Bhatt’s Instagram stories of June 5 where she asked people to upload a selfie with plants on the occasion of World Environment Day and within 4 hours social media flooded with so many of them because 7-8 lucky peoples’ stories got mentioned in Alia Bhatt’s stories. Liked the idea?