Marketing: Then & Now
Marketing started in the late 18th and early 19th century when people started using various other resources above and beyond word-of-mouth for brand endorsement. But even after more than so many decades, we barely identify what marketing is all about.
According to Phillip Kotler “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit”.
In other words, it’s a process by which you get people interested on your brand. If you work in a marketing role like me, it would be a tough task for you to define marketing on its entirety even if you see and use it every day. Marketing does not only help you to sell your product or service but it’s required from the time of your brand’s inception to abolition. This happens through market research, analysis, understanding target audiences, pertaining to all aspects of your business.
Let us understand what marketing really is:
A PROFESSOR EXPLAINING MARKETING TO HIS STUDENTS:
1) You see a gorgeous girl at a party, go up to her and say, “ I am very rich, marry me”-That’s Direct Marketing
2) You attend a party, and your friends go up to the girl, points to you and tell her, “he’s very rich, marry him”- That’s Advertising.
3) You are at the party, a girl walks up to you and tells you, “you are very rich, marry me”- That’s Brand Recognition
4) You are at a party with a girl, whom you have picked up from her house, brought her in your car, picked up her bag or carried it, opened the doors for her, offered her a ride back home and then say; “By the way, I am very rich, marry me” –That’s Public Relation
5) You say you are very rich, to marry you, and the girl gives you a hard slap across your face.-That’s Customer Feedback.
6) You say you are rich and ask her to marry you; she introduces you to her husband- That’s Supply and Demand Gap.
7) You see a gorgeous girl, you go up to her and before you could say anything, someone else comes and says “I am very rich, will you marry me”, she goes off with him- That’s your Market Competitions.
8) You see a gorgeous girl, you go up to her and before you could say: “I am rich, marry me”, your girlfriend arrives. - That’s restriction for entering new markets.
Today, due to the technological storm all over the world, accessibility to the World Wide Web has become very easy. Digital media has anchored itself across all aspect of our lives and hence business. Statistics claim that by the year 2030, there will be around 50 billion connected devices; approximately 15 devices per person will connect to the internet. Therefore, there’s a huge potential which can be harnessed
With the advent of Digital Marketing, brand promotions and advertisement does not have to be limited to only billboards, pamphlets and hiring celebrities to endorse your brand. Efficient marketing and brand advancements have become available and attainable for all.
“Digital Marketing is the use of Internet, mobile devices, social media, search engines, and other digital channels to reach customers”
Today there are literally dozens of places where a marketing campaign can be held. It is up to the marketer’s agenda to conduct the market research and analyse the right marketing mix the brand requires.
Here are some relevant marketing channels which have gained excessive popularity over few years.
1) INTERNET MARKETING: Using the internet for your business was first experimented by Bristol Myers Squibb to formulate an online campaign to promote one product. The very basic idea of having your presence over the vast network of internet is an online marketing strategy on itself.
2) SEARCH ENGINE OPTIMIZATION: Also known as SEO, is a process of optimizing the contents of your website in such a way that it appears in a search engine result. It is used by marketers like us to attract consumers who seem interested in a particular industry or product.
3) SOCIAL MEDIA MARKETING: Nowadays, businesses across all sectors use social networking sites such as Facebook, Instagram, Twitter, LinkedIn, etc. to stay relevant in the eyes of their customers.
4) BLOG MARKETING: Presently blogs are not just published by writers. Brands consistently use them as a marketing channel to let potential customers know about their product or service.
5) SEARCH ENGINE MARKETING: Very often businesses pay the search engines to create links on different web pages of its indices that gets them a lot more exposure to their customers.
In conclusion, even though businesses do not really forget about the thumb rule of 4P’s of marketing, but the landscape has invariably changed, and so has the audience preferences. According to many leading marketers, DIGITAL MARKETING is the most efficient way to move up the scale for any and all Brands.