Marketer’s Trends which will grow in 2020 and catch the right customers
“The snake which cannot cast its skin has to die. As well the minds which are prevented from changing their opinions; they cease to be mind.” ―
Change is bound to happen as the state of individuals, groups & society is getting altered with the time. This is creating a constantly changing environment which we call as “dynamic”. Not all changes are equally significant and impact the market but few can’t be ignored.
Marketing activities are the first one to be impacted by the change in society and consumer thought process. Here marketers from large or medium scale organisation must understand the latest trends which have been adopted by successful marketing organisations.
Some of the changes may cost them little higher but are necessary to adopt the latest marketing trends before it gets too late.
The inclusion of Societal Marketing
We often hear from business executives that the company is not here for social service but to deal with business, surprisingly this doesn’t hold true in changing the environment.
As per the latest marketing trends, all big & small companies want to ride on social infrastructure for the marketing. This can be successful only when they will understand social elements of the marketing.
Marketing specialist defines it as societal marketing, an approach to marketing where the company should make marketing decisions not only by considering consumers’ wants, the company’s requirements, but also society’s long-term interests.
Major multinational companies are adopting this approach by sparing some part of sales or profit to social development, child education and healthcare. But this could be a cost-effective proposition for small scale companies too.
There are no other options than mass media to influence the individual’s behavior & mindset. Here societal marketing can play an effective role to achieve the goal with the win-win situation for industry & consumers.
Approach of brand like Patanjali (By Free Yoga Training), Nihar Shanti Hair Oil (By financial contribution from Sales for Child education) Or even Rin English learning academy are the ongoing examples of the same.
Small & Medium Scale Organisation may not advertise in masses to execute the societal marketing but they can involve the potential buyers directly in the activities and can create hundreds of brand ambassador in the audience. Our consulting services prepare such plans for SME clients.
The advantage of societal marketing is high involvement of potential customer & cost effective publicity to the company with a positive image. It is one of the best ways to engage your buyers during their regular social process.
One part of societal marketing is Social Marketing which meant to influence behaviors that benefit individuals and communities for the greater social good.
We apply all techniques to improve the welfare of people and the physical, social and economic environment in which they live. It is also beneficial for the country & society as a whole.
Use of Data Analytics and AI in Marketing Decisions
Successful organisations do not take any decision based on guts but they believe to collect the sufficient data on partners like potential buyers, trade partners, and other stakeholders. They are using business analytics to enable faster and fact-based decision making.
It has become very important marketing trend in recent years to help organizations to accurate decisions making & beating the competitions. Method & quantity of data collection determines the accuracy of the decision.
Data is collected based on objective and nature of a decision to be taken. If we need to explain & analyse the Past & current scenario of market or business it is called “descriptive analytics” which helps organisations to figure out recent situations based on past activities. It helps to create immediate possibilities if growth is stuck up due to historic problems.
If organisation is willing to plan future activities for launching new products or set up a new business unit, uses “predictive analytics” that provide advanced models to forecast and predict future and minimises the risk of future investments.
The most effective way is “prescriptive analytics” which utilizes machine-based learning algorithms and dynamic rule engines to provide interpretations and recommendations.
Neither marketing professionals nor individual entrepreneurs can afford to ignore data analytics if need growth with minimum risk.
Embracing the Digital modes of Marketing
Organisations are convinced and heavily using the technology for the last two decades in internal operations & customer reach out programs through apps & software.
However recent digital evolution has given a new dimension to marketing organizations. As per the latest trend of marketing, the organization has found many resources available on internet space to target an accurate set of customers through digital mediums.
Organizations are finding this most suitable way of marketing as people spend a longer duration with electronic devices like Smart Phones, Tablets, laptops & electronic gadgets than traditional mediums like TV.
On the other hand, higher literacy has triggered the habit of searching on the internet, surfing social media portals & mobile apps.
For some organization it is ranging from 60 to 80% of potential customers are available on internet space. The decision of buyers can be influenced easily on internet space than doing so on fragmented traditional media. There has been a 20 to 45% growth in users of different internet media options yearly.
Our organization provides complete training to your team to utilize digital channels with the least investment & highest output ever realized.
Marketing of Happiness & Aspirations
Marketers have always tried to showcase the emotional connect & utility of of products with potential consumers. But last 3-4 years has been the year of creating happiness by the products.
It is an advertising function of marketing where marketers are exploring that product/brand can be connected with the happiness of customers to create new customers or retain the existing one.
Most the of Automobile companies, FMCG Companies, White Goods Companies & BFSI Companies are doing so. They are successfully connecting the aspiration of users with the product with an emotional benefit.
Marketing trend 2020 is a clear-cut mandate for marketers to follow the happiness of users and make them aware of how your product can increase their happiness.
These trends will grow faster in the year and will give a competitive edge to the organization adopting the same as soon as possible. Our consulting services are available to strategize the marketing for you.