My Column
Modern Marketing: What is it all about
Every CEO and entrepreneur across the globe is burning the midnight oil to fine-tune the marketing strategy that could probably help them to stay afloat in the post- COVID era. The pandemic has completely redefined the modern marketing and it has dragooned many business pundits to brainstorm in hatching the new avatar of modern marketing.
A perfect marriage between innovation and marketing gives birth to modern marketing. Modern marketing is a perfect milieu of well-defined holistic philosophy, the latest technology that could create a perfect bonhomie between the brand and its targeted customers. Several key components shape the face of modern marketing-
Strategy and Insights:
In modern marketing, the toughest part is to interpret the mood of the consumers and to woo them through a perfect strategy. Consumer pattern of the modern world is complex. Each of them has their specific needs, desires and expectations from corporates and brands. Every brand should be flexible enough to evolve and meet the consumer's demand. A smart strategy can only be cooked by analysing the valuable consumer insights. Strategy and insights from the market go hand in hand and must complement each other to back the overall outreach of the product.
Content marketing and advertisement:
Technology has completely changed the skyline of advertisement and content marketing. Modern marketing is largely dependent on apt content marketing and advertisement campaign designed by aiming the targeted market. A right ad campaign can not only build new consumer but can convert consumer and build an invisible bonding between the consumer and the brand. A well-painted advertisement campaign backed by good content can create a strong footprint of the brand in the market.
Media and channel activation:
In modern marketing, the role of media has also evolved in the digital era. The strong presence of social media has already changed the ecosystem of modern marketing. Social media has rebooted marketing and enhanced the outreach of the brands. The brand presence in media not only helps it to gain the faith of the consumers, but it also helps in creating new partners to channel the product in different macro markets.
Customer experience & personalization
Registering the consumer experience and acting on the feedbacks of the consumers shape the destiny of brands. Only those brands will survive and sustain in the modern marketing era who will be able to personalize their brand face and strategy by understanding the customer experience. All the brands are putting extra efforts to keep in constant touch with the consumer base and understand the consumer experience and act o them immediately.
Measurement & Marketing ROI
Experts believe that every successful marketing investment must assure a profit. The calculation of marketing ROI is important and plays a significant role in gauging the profit earned from the specific marketing campaign. It further helps the brand to understand the cork the loopholes in the brand perception that the campaign has created in the consumer's mind.
Product & Pricing
Pricing is probably the lifeblood of a brand. Pricing ensures the foothold of the brand in the market and helps to create a separate identity of the company in the targeted market.
Apart from pricing the product quality and its overall character also helps in creating demand and gives it an edge over its competitors.
Some organizational traits are also important that influence the overall skeleton of modern marketing.
Organizational structure and culture:
A well-designed organization with strong marketing minds can make a difference in the overall marketing outreach. The smart execution team can add value to the overall structure of marketing.
Multi-tasking workforce:
A multi-tasking workforce can reap the benefits of modern marketing. If the workforce is flexible enough to accept and adapt, then it adds a burst of energy in the marketing of the company.
Picking the right talent:
Picking the right talent for the right job is another key component that could probably make a lot of difference in the brand building.
Data &Technology:
Application of perfect technology to provide the customer with a seamless experience always helps in building a strong image of the brand in the minds of the consumers. The application of big data and AI has ushered in a sea change in the modern marketing arena. The perfect mix of technology in marketing has helped in collating, defining, and refining the important data which is further used in crafting a well-designed marketing strategy to reach the doorstep of the consumers.
The modern marketing is a constant evolving formula which is backed by bright minds and smart technology. Marketing is only successful when it brings the brand successfully in the drawing-room of the consumers.
Authored article by Yogita Tulsiani, MD & Co-founder, iXceed Solutions
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