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Hot or Not Marketing

Hot or Not Marketing

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Published by Richa Chauhan

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Published by: Richa Chauhan on Oct 02, 2012
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Pacific Institute of Management Udaipur

A REPORT ON

Hot or not Sales and marketing trends in 2012
For the partial fulfillment for degree of Masters in Business Administration 2011-2013

Submitted to: Submitted by:

Miss Urvashi Sisodia
SEM : II

Richa Chouhan

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ACKNOWLEDGEMENT

Nothing in this world can be accomplished without the blessing of God, the Almighty. Therefore, at the outset, I would like to thank him with the blessing of whom, this arduous work could take its shape.

The basic beatitude, bliss and euphoria that accompany the successful completion of any task would not be complete without the expression of complete appreciation of simple virtues to the people who made it possible. So, with reverence acknowledge to all, whose guidance has made successful in winding up the project.

I wish to express my unlimited gratitude and thanks to Miss. Urvashi Sisodia and my friends for their kind co-operation, consistence encouragement and timely advice in making my work a success.

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Preface

In 2012, these trends and methods will evolve even more. This is one of the techniques that are effective to keep and get new customers continues to radically change.. We are one year into a new decade and we have all seen the shift in how we market and reach consumers. In order to be efficient in marketing, it's important to realize what will work and what marketing methods are being left by the wayside our society shifts these days at a radical pace. Marketing is neither life nor death so run our business well-we need to update our marketing techniques. For example, if you serve a senior market a yellow page may very well still bring in customers for you, but if your customer is under the age of 60 it's best to put those dollar elsewhere. In this is we are going to be hot (and what’s not) in the year to come.

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Index

1. 2.

Introduction……………………………………………….05 Various marketing trends……………………………...06-11
2.1 2.2 2.3 2.4 2.5 2.6 2.7

Direct selling……………………………………….06 Deal a day…………………………………………..07 Giving your pitch…………………………………...07 Generating web traffic……………………………...08 Using pay per click…………………………………09 It’s still the web…………………………………….09 More mobile………………………………………..10

3.

Marketing methods……………………………………11-13
3.1 3.2 3.3 3.4 3.5 3.6

Mobile marketing…………………………………..11 Social marketing……………………………………11 Traditional marketing diminishes…………………..12 Consumers determines value……………………….12 Regulations abound ………………………………..13 Loyalty and sales…………………………………...13

4. 5. 6.

Companies using these strategies………………………….14 Apple…………………………………………………...15-16 Nokia………………………………………………………17
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7. 8. 9.

Mob manager………………………………………….......18 Conclusion…………………………………………………19 Bibliography……………………………………………….20

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Introduction

This is one of the techniques that are effective to keep and get new customers continues to radically change. In 2012, they will evolve even more. Our society shifts these days at a radical pace. Doctors aren't using the same surgical methods today that they used 20 years ago, and while marketing is not life or death - no wait, technically it is the life or death of your business if not done right - you need to update your marketing techniques. We are one year into a new decade and we have all seen the shift in how we market and reach consumers. In order to be efficient in marketing, it's important to realize what will work and what marketing methods are being left by the wayside. Now, with that being said please understand that my statement of trends is broad and may not reach your specific demographic. For example, if you serve a senior market a yellow page may very well still bring in customers for you, but if your customer is under the age of 60 it's best to put those dollar elsewhere.

In this is we are going to be hot (and what’s not) in the year to come.

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Various marketing trends

1.

Direct Selling:

Concept- Direct selling is the marketing and selling of products directly to
consumers away from a fixed retail location. Modern direct selling includes sales made through the party plan, one-on-one demonstrations, and other personal contact arrangements as well as internet sales. "The direct personal presentation demonstration and sale of products and services to consumers, usually in their homes or at their jobs."

Not: It used to be that every sales effort started from picking up the phone to “cold call” an industry list. This is no longer effective (partially since no one ever answers their phone!) Besides being a waste of time, the fear of rejection makes this scary to actually do.

Hot: A company can automatically get put in the “maybe” pile for the sale when a connector or past customer refers that business to another prospect. Don’t be afraid to always ask for a referral or reference. Satisfied customers almost always are happy to give them.

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2.

Deal-a-Day Websites:

Concept: Deal-a-Day sites are fun and give you the chance to get a great deal,
but make sure you don't get roped in to buying stuff that you don't need, just because it’s the deal of the day.

Not: Offering coupons alone through Groupon , Living Social and other

daily deal mechanism is not effective long term. This may get an immediate cash flow bump for your business, but it kills the gross margin or may even make this particular transaction unprofitable.

Hot: When these daily offers are used to attract new customers and then retain a lifetime value relationship, they can be worthwhile. Businesses are now turning to companies like Mob Manager that help follow up daily deal purchases with multiple emails that build a future relationship.

Giving Your Pitch:

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Concept: It means to make a good first impression on customers with a positive,
focused and interesting speech. it is all about selling our product to a stranger within a short span of time . Elevator speech ” that outlines who we are, what makes our services unique, and what we can offer potential clients. Not: Trying to sell a product because it will make the future customer “better” no longer is compelling. Hot: Every company needs a targeted “elevator pitch” that focuses on the pain the business solves for the customer that has the money. People always buy when they are in pain. JJ Ram berg gives some great guidelines on building your elevator pitch in her OPEN Forum Crash Course.

Generating Web Traffic :

Concept: To successfully unite the words: internet, marketing, and income, we
require another term: traffic. If we are about to sell a product or service and the basics of the website are well ensured, what we will do now is to attract traffic into your site. Needless to mention, other websites desire traffic as well which include your opponents, therefore, getting traffic must be your top priorities. Not: Using an outrageous YouTube video or other social media stunt that has nothing to do with your business to get website traffic that visits once and never comes again is ineffective. One and done also becomes very expensive.

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Hot: Building long-term relationships by consistently giving value through email are important. Common email marketing tools used at low cost are Vertical Response, Constant Contact and Mail Chimp. Developing your own house email list from those who are interested in your content is key.

Using Pay-Per-Click
Concept Pay per click (PPC) (also called Cost per click) is an Internet advertising model used to direct traffic to websites, where advertisers pay the publisher (typically a website owner) when the ad is clicked. With search engines, advertisers typically bid on keyword phrases relevant to their target market. Content sites commonly charge a fixed price per click rather than use a bidding system. PPC "display" advertisements are shown on web sites or search engine results with related content that have agreed to show ads. This approach differs from the "pay per impression" methods used in television and newspaper advertising.

Not: Experimenting with pay-per-click by using Google Adwords, Yahoo! Search Marketing or Microsoft adCenter without really understanding how a comprehensive campaign works is a money waster. It only results in high priced ads and low conversion rates.

Hot: Hiring a certified pay-per-click professional who actually does know how to drive qualified traffic on a budget will yield improved results.

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6. it’s Still the Web
Not: Ignoring the Internet because it is not “relevant” to a local brick and mortar business or a professional services provider is a big mistake. In 2012, if your business is not on the Web, it doesn’t exist in the minds of most consumers. Hot: Claiming your company’s local listings from Google, Bing and Dex Knows by verifying that all information is correct. Optimize your website for local shoppers who do research online but want to buy from a physical location.

7. More Mobile

Not: Your company website is not visible or usable from mobile PDA and tablet devices. Hot: Having an “app for that” on major platforms like iPhone and Android. Prospects should be able to access information on your company through a mobile application that looks good on their phone or tablet. Apple is the best example of it.

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Marketing methods

This year there are five marketing methods that I'll be watching with a close eye. We've seen many changes over the last few years and this year will be no different. Trends and methods that I'll be watching closely this year include:

• Mobilemarketing

In a report done by CTIA Wireless Association it was reported that 250+ million Americans carry mobile phones - that's over 80% of the nation’s population. Mobile applications will continue to be developed and smart phones and tablet PCs will remain a part of our daily lives. It's no longer just about mobile access to email, messaging, calendars and websites. We will see more location based services, mobile gaming, applications, and event-based mobile marketing. We've been inundated with new technology from Apple's siphoned, iPod and Google's Android integration. we will continue to see mobile marketing innovations throughout 2012 and beyond. We will see new devices, faster speeds, and location based technologies integrated with one another

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Social Marketing Integration

In 2011 companies began to take social media marketing seriously and because of that we saw social media explode as a marketing tool. This year we will begin to see companies heavily integrate social media into their overall marketing plan, which is how it should have been done in the first place, but better late than never. We will see social media expand from a tool used primarily for customer service and brand management to being used to collect customer data and enable better target marketing of products and services that those customers are interested.

Traditional Marketing Continues to Diminishes

This is always a touchy subject, because there are so many those don't want to say goodbye to the traditional marketing. Interactive or real-time marketing is easy to measure, engage and gain real time statistics that allows us to change a marketing message quickly. Customers are continuing to go online to search for information and in return making their purchases online. It's important that marketers move their marketing dollars to where the consumers are and right now that's making a gigantic shift to online. Internet marketing enables us to reach targeted audiences online, advertising costs are lower and they are easier to measure.

Consumers Will Determine Value

In today's economy consumers are watching their pennies and because of this they
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will only spend on purchases that they consider to be of value. They will continue to seek value in every dollar spent and they will determine whether it's value, not you. Consumers no longer purchase just because an item is on sale, rather they will justify every dollar spent. This means you must marketing the value of your product or service in order to get consumers to open their wallets - if there is no value, they simply will not purchase.

Regulations Abound

This is a trend that makes many of us as marketers anxious. It's been apparent in the last six months that the FTC is looking at regulating the online industry. We started a few years ago with disclosures for blog reviews and paid endorsements. As recent as the last month, we've seen the potential of SOPA passing. I'm not sure how this will play out in the next year and beyond, but I do believe we will see regulations implemented when it comes to the internet industry and many of those regulations will affect us as marketers.

Relationships will Drive Loyalty and Sales

Customers want to know they matter to you and your staff. They evaluate now more than ever how they are treated, whether or not your business cares about their satisfaction. Gone are the days that they just purchase out of convenience. If you can give the best customer care, you will find that you will create consumers that are loyal to you, regardless of whether or not you have the least expensive price.
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They realize that in tough economic times their loyalty to you could be the life or death of your business and that's often why they will go out of their way to spend their hard-earned dollars in your place of business - if you have helped in creating loyalty by giving them extraordinary care.

Companies which are using these strategies
1. Apple 2. Nokia
3. Mob Manager 4. Dexknows 5. Groupon 6. Living Social

There are many other companies which are using these strategies. By using such strategies business and sales have been increased so rapid. Description of such companies is discussed in next page.

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Apple’s marketing strategy and method

As the method stated above two of the methods used by Apple is 1. Relationships will Drive Loyalty and Sales
Brand Loyalty: Apple Inc. was founded only a year after Microsoft, at the moment it is on the pinnacle of its popularity and success. Unlike most of its rivals, Apple especially is not known to care for the budget of a customer. In fact, it won’t be wrong to say that Apple, ever since it’s foundation, has only targeted a certain brand conscious class. Apple fever proved to be an epidemic and now it has spread far and wide. 2. Consumers Will Determine Value

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Justify Your Price: We’re in a time when pricing strategies are all over the place. People don’t know what to charge, and in many cases, prefer to race to the bottom instead of pricing strategically to a market that can bear the cost. Once more, Apple ignores the standard by not only pricing their technology more than 2x what their competitors charge, but doing so without blinking. 1. They build beautiful products for an audience that loves them passionately. 2. They justify their price with features and benefits that can’t be matched.

Apple Marketing Strategy drives Apple stock price past Google Following on to last week's post about Apple's retail strategy making them the most successful retailer - ever, comes today's news that for the first time, Apple's stock price is higher than Google's.

A pretty big milestone considering that Google hit $700 some 4 years ago and has not seen that level since while Apple as we know has grown from sub $200 share price to reach today's milestone. Apple’s retail operations are on track to generate more than $20 billion in 2012

Source: Marketingapple.com (29.March,2012)

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Figure 1

Nokia’s marketing strategy

Nokia using the strategies and methods are given as

• Mobile marketing

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Nokia is a communications based company, which focuses on mobile telephone technology. When mobile phones first became available on the market the models were very basic with the best technology being SMS messaging (sending written "text messages" from one phone to another).

Customer satisfaction and value:

Nokia is introducing it’s products by keep the customer’s values and satisfaction. high quality (with long battery life, good reception and good SMS features), low priced (priced lower then £150, but could be higher if call charges dropped),.

Methods used by Mobmanager are given as:

and

strategies

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1. Social Media Marketing Strategy Resources

Playbook : Our Playbook helps you develop a social media marketing The Social Media Quick starter is a collection of guides to get you building Social marketing: Manage the conversation about your brand on Face book,

strategy, from planning your campaign to measuring your success.

online social connections fast, in a way that's super easy.

Twitter, and other social networks, easy, with Nutshell Mail. It's your social media summary, right to your inbox 2. It’s still not the web:

Mobmanager Check out our product and best practices webinars and get the most out of Social Campaigns. It guides to get you building online social connections fast, in a way that's super easy.

Conclusion

Hot or not marketing trends and methods of marketing concentrate on the trends which were using in past and which trends are hot in 2012. It help marketers to understand that what are the trends which will help to make lifelong relations with
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customers and also tell us that what are the methods and fields in which we can do our business so easily and which will be beneficial for them. Sales of many companies have increased so rapidly by using these trends and methods.

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Bibliography 1. Philip Kotler 2. Robert .s. kaplen
3.

A Marketing Blog by Marketing Journal Saturday, January 07, 2012

Websites:

4. 5.

www.dev@mobmanager.com_ - trends of Mob manager Marketingapple.com - marketing strategies of Apple

6. Socialquickmaster.com

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