Dr Pradeep Salgaonkar explains effective marketing trends to engage with customers and generate more revenues, in current times.
It was from 14th to 16th February 2020 that I attended the 2nd AI & Big Data Retreat, organized by the All India Management Association (AIMA), where expert speakers from the industry discussed and deliberated on importance of AI and Big Data in industry and how it is going to affect businesses of tomorrow. The retreat was attended by top and middle level managers from industry across sectors. Participants discussed and debated on concepts like cognitive learning and singularity. While some were skeptical about its widespread use in industry and business applications, some remained amazed and showed fear and concern over newer technological advancements backed by AI and Data analytics. We thought it would take a while for this technology to become a routine part of our daily life, but the situation changed soon and so did the markets and our lives.
Post the first lockdown owing to COVID-19 pandemic, everything started changing in the lives of people. WFH became the norm and demand for faster connectivity, better gadgets, home entertainment, use of OTT etc. surged high. Consumption patterns changed. Consumption of essential products increased manifold, at the same time discretionary spending came to a grinding halt. Sporting events were washed out. Conferences, events, workshops, seminars got cancelled and all these as a platform for marketers got erased. On the flipside, consumption of online content surged, and of course, became a good platform for marketers to promote their offerings. Online meetings, conferences, seminars and a host of webinars mushroomed up, so also demand for online conferencing platforms. Marketing budgets across industry got deflated, revenues dipped and companies suffered losses, with exception of those in essential supplies sectors. While some businesses reinvented their business models for success, many still continue to struggle to generate sufficient revenue.
The way ahead post pandemic, and thereafter is very challenging, as market forces and competitors will be brutally working against each other. Those businesses which can understand their consumers closely and individually are the ones which will sustain and grow
After about six months’ time frame, there seems to be a ‘U’ turn, with number of COVID cases reducing and market condition returning slowly to normalcy. However, the pandemic is not over yet and marketing challenges will continue to persist. In such difficult times, it is prudent for businesses to rediscover themselves and chart out a fresh course of journey to market their offerings. Every marketer needs to get an understanding of current marketing trends and work their way ahead.
Current Marketing trends
What marketers could do is adopt one or more of below listed marketing trends to reach out to consumers and better engage with them to generate revenues. Here are some effective trends of marketing;
a) Consumer personalisation: Whether it is online business or brick and mortar, it is necessary to focus on consumer personalisation. Many businesses use AI and Data Analytics applications to personalise offerings to every single consumer. A different offering for every consumer, based upon the consumer’s shopping habit, which is easily captured and analysed to tailor-make the offering in short periods of time. In offline mode too, marketers need to be proactive to personalise their offering to match consumer requirements. To cite an example, I witnessed a customer looking out for a wash basin of a particular brand and size. He wanted to change his existing wash basin without punching additional holes in the wall which would damage the wall tiles. When the customer told his requirement to store owner, he bluntly reacted with a ‘NO, Not available’, reply to the customer’s request, although he was a dealer for that brand. Further the customer asked if he has any other brand of wash basin with the distance between the holders of 10 inches, and the store owner replied saying ‘We don’t have time to check those specifications. If you want the basin I will get and give it to you’. The customer left disappointed. This store owner has not lost the order for one wash basin but probably a customer for life. A smart marketer would be one who would arrange and give what this customer wanted. It is not the immediate value of order that is important today, but earning every single customer’s heart and trust is essential for reaping future value of this customer.
b) Content marketing: This is the in thing in marketing trends today. Telling an appealing and convincing story about your brand in the most exciting manner and in shortest possible time is the essence of success in content marketing. Marketers should create content that entices customers to patronize, think and endorse their brands. Continued flow of new and fresh content always, is the only way to succeed in this time starved world.
c) Video Marketing: Especially 360 degree videos or immersive videos on social media is a very effective way of marketing as it gives a consumer the real feel as though s/he is physically examining the product.
d) Podcast Marketing: The greatest advantage being consumers on the move can be approached with ease. One of the best ways for content marketing especially in form of storytelling.
e) Affiliate Marketing: Influencing and encouraging the affiliates of a business to promote the brand and bring in customers,works very well with online as well as offline business models. This is an effective means of marketing, as it reinforces a consumer’s purchase decision and revenue generation.
f) Voice Search and Visual Search Optimisation: Google Assistant, Siri, Cortana, Pinterest Lens and Google Lens are tools for voice search and visual search respectively. Ensuring Voice Search and Visual Search Engine Optimisation will enable easy accessibility to your products by consumers. Time and patience starved consumers, especially the millennial and Z-gener consumers will find these ways very exciting and marketing your offerings through these channels is a great opportunity.
The way ahead
The way ahead post pandemic, and thereafter is very challenging, as the market forces and competitors will be brutally working against each other. Those businesses which can understand their consumers closely and individually are the ones which will sustain and grow. Ability to do individual customization wherever possible and consumer personalization will be the most important criteria for success. Businesses will have to be agile and adopt and adapt technology in day to day operations. AI, Data Analytics, AR & VR will be part of marketing operations.There will be need to revisit marketing plans, revisit marketing budgets and come out with an operating strategy to face and survive in the new normal. There will be no place for laggards in market place. Rather they may just perish. Business will have to strive to be innovative and early adopters, embracing change and rebuilding business and marketing operations to suit the current times.
Omni-channel marketing, a strategy of using a mix of different channels of marketing to provide continued content experience across buying process of a consumer will be best suited for most businesses in current times.
And finally, I wish to say, personalize and personalise and personalise to be a successful marketer in current competitive times
