Marketing for the Competitive World and Recent Trends

Content
Introduction Marketing

for the competitive world TEN Strategies of Marketing TEN Marketing Trends for 2011 Innovative Marketing Practices Opportunities ahead Conclusion

Introduction
Management

Guru Peter Drucker has said, If we want economic development in freedom and responsibility we have to build it on the foundations of marketing.

 Bill

Gates has documented the impact of information technology and sums up the entire challenge in his book, Speed of thought. The new millenium with net and web technology today give very little time to individuals and organisations to react & respond.

 Integration

Of Customers & Retention Of Customer Loyalty :- This issue will continue to challenge the marketers.

 Share

Of Opportunity : Market share Mind share and Wallet share

 Indian

Marketing Guru, Jagdish Seth added new dimensions to marketing by replacing 4 Cs in place of 4 Ps of Prof. Jerome McCarthy: 4 Ps 4 Cs 1.Product 1. Customer Solution 2.Price 2. Customer Cost 3.Promotion and 3. Communication and 4.Place 4. Customer Convenient

 We

have seen the dramatic shift in the market place triggered by sharp changes in demography, drastic differences in the life style pattern of the past and present. Eg. Blur Effect - very thin line drawn between segmentation in recent years.

 Gender

- Men buying skin-care products and women buying power tools and trucks. Age - Johnson & Johnson creams used by both children and elders. Region - Electronic gadgets used by both urban and rural population.

TEN Strategies of Marketing

Nick Panayi is the Founder and CEO of emorfie. Suggests the following ten innovative marketing strategies:

1.Think big and audit your time

Spend

more time with more important tasks such as marketing strategies, improving customer relations, and implementing new strategies to expand your services.

2. Be different and stand out from the competition

To surprise employees and customers, Barry and Eliot Tatleman dressed up like the Lone Ranger and Tonto and rode horses in their parking lot. They built an IMax theater inside one store to entertain children while their parents shopped.

 When

you drive around the back to pick up your furniture they provide you free hotdogs and wash your car windows.

3. Build relationships with your customers

For

each month that goes by, customers lose 10% of their buying power. Create a customer database and contact them on a regular basis. Mail them a postcard, birthday card, sales flyer, newsletter etc. to keep your name, phone number, and service on their mind.

4. Collect E-Mail Addresses

Fox's Pizza Den - To get its special price, customers had to go to their web site and register their email address to have the special coupon emailed to them. An amazing 500 email addresses were collected in two days. Publication of articles in Journals (IJ

5. Avoid poisonous personalities

Unfriendly

and negative employees cost you money by chasing your customers away. Spend more time and money interviewing and hiring people who enjoy helping people.

6. Put a shopping cart on your website

Online

sales are still growing at a dramatic pace. According to Jupiter Research this past year's holiday season generated $13.2 billion in online purchases, a 17% growth rate over last year.

7. Pay-per-click advertising
Many

business owners are cutting back on classified advertising in lieu for payper-click advertising. Pay-per-click will insure you receive top visibility on websites driving more customers to your door.

 For

example, you can pay ten cents a click for the keyword, "pool supply store." The most popular pay-per-click advertisers are found on Google, Yahoo, and Overture.

8. Use customer service commandments to create good habits

Bates

Ace Hardware store located in Atlanta created "Twenty Customer Service Commandments" modeled after the Ritz-Carlton hotels outlining specific behaviors employees are to demonstrate when dealing with customers and fellow employees.

9. Take your message to the media

Local

newspapers and television are always looking for stories and topics of interest. Learn to write a press release or call your local media outlet about a special aspect of your business.

 The

Varsity restaurant in Atlanta featured an employee who had worked there for 50 years. This resulted in a two-page spread about the employee and the restaurant.

10.Take advantage of trends

For some this economic downturn is an opportunity in disguise. Consider one entrepreneur who created a special brand of toilet paper. Printed on each piece of toilet paper is the face Osama Bin Laden followed by this saying, "Do your part to wipe out terrorism."

am not sure if this person made any money off his product, but he captured a lot of attention.

TEN Marketing Trends for 2011

Tips

to bring every aspect of business message to a worldwide audience.

1. Transparency and trust are paramount. 2. Less interruption, more enhancement and value-add. 3. Speaking of value .. 4. Show it, don't tell it 5. Social media is not going away, and engagement is critical.

6. Peace-of-mind messages prevail. 7. Relationship rule. 8. Online video and mobile marketing are hot. 9. Focus, focus, focus! Eg. Niche 10. Integrated marketing trumps standalone tactics.

 For

example, use online advertising, online video, custom content, point-ofsale collateral, and ads with consistent messaging to engage consumers in different parts of their lives

 If

you're consistent and persistent, your messages are more likely to connect with your target audience--raising brand awareness, recognition, purchases and loyalty.

Innovative Marketing Practices

1. Me Too Marketing
Don't

worry. Even the big guys make this positioning mistake. Positioning your business as simply an alternative to your competition with little or no differentiation is often referred to as "Me Too" marketing.

 Lots

of us make this mistake and if you feel like youre the only one, look at Microsoft and Apple. Even the mighty Microsoft is "me too"-ing Apples computer personification campaign with their own "I'm a PC" ads.

2. "Customer Service Marketing

Developing

a Customer-Focused Culture and Promoting it "Customer service" is one of those things that's as over-used as it is rarely delivered upon.

 Great

customer service is a must for any business to continue to grow without constantly turning-over its customer base, but what is customer service? More to the point, what is good customer service and how can you build a business on it? Needs better understanding.

3. Customer Relationship marketing

CRM

as a tool to build relationship and retention has become a centre of business activity of every business and particularly of service businesses.

 It

as a philosophy and a practice has proved its mettle to build and strengthen relationship and retention. However, its failure if any is due to improper conception and implantation of CRM as a practice.

4. Green Marketing
Green

Marketing All activities designed to generate and facilities any exchanges intend to satisfy human needs or wants, such that satisfaction of these minimal detrimental impact on the natural environment. It is the marketing of products that are presumed to be environmentally safe.

Few tips to preserve nature

Less

use of polythene Less use of Mobile phones Crush plastic bottle after use Use disposable items Save water Save fuel Avoid smoking Love nature and many more.

5. Wrap Advertising
Wrap

advertising is the marketing practice of completely or partially covering (wrapping) a vehicle in an advertisement or livery, thus turning it into a mobile billboard.

Wrap Advertising
This

can be achieved by simply painting the vehicle surface, but it is becoming more common today to use large vinyl sheets as decals.

Wrap Advertising
These

can be removed with relative ease, making it much less expensive to change from one advertisement to another.

Wrap Advertising
Vehicles

with large, flat surfaces, such as buses and light-rail carriages, are fairly easy to work with, though smaller cars with curved surfaces can also be wrapped in this manner.

Features photo examples of vehicle wraps.

 Eg.

1. Pepsis - Blue Billion (it is a web portal used by the cricket enthusiasts in India )and Mast Kurkure Express brands are promoting using express trains in India.

6. Digital Advertising
Digital

Advertising is something present video visual and audio visual. So, with the wrap advertising this concept is compatible.

7. Tryvertising
Tryvertising

is the concept used by the company to make there product more advertisement affective and profitable. TRYVERTISING, which is all about consumers becoming familiar with new products by actually trying them out.

Tryvertising
Think

of TRYVERTISING as a new breed of product placement* in the real world, integrating your goods and services into daily life in a relevant way, so that consumers can make up their minds based on their experience, not your messages.

8. Word of mouth advertising

Advertising that occurs when people share information about products or promotions with friends.

9. Viral marketing
Viral

marketing and viral advertising are buzzwords referring to marketing techniques that use pre-existing social networks to produce increases in brand awareness or to achieve other marketing objectives (such as product sales) through self-replicating viral processes, analogous to the spread of virus or computer viruses.

Viral marketing
The

goal of marketers interested in creating successful viral marketing programs is to identify individuals with high Social Networking Potential (SNP) and create viral messages that appeal to this segment of the population and have a high probability of being taken by another competitor.

Eg. Ponzi scheme and related investment Pyramid schemes

The

Ponzi scheme and related investment Pyramid schemes, are early examples of viral marketing. In each round, investors are paid interest from the principal deposits of later investors.

Eg. Ponzi scheme and related investment Pyramid schemes

Early

investors are so enthusiastic that they recruit their friends resulting in exponential growth until the pool of available investors is tapped out and the scheme collapses

10. Multi-level marketing

Multi-level

marketing popularized in the 1960s and '70s (not to be confused with Ponzi schemes) is essentially a form of viral marketing in which representatives gain income through marketing products through their circle of influence and give their friends a chance to market products similarly.

Multi-level marketing
Multi-level

marketing is rarely as successful as the promises given at sign up, with many in the lower levels spending much more than they can earn on the products. Examples include Amway and Mary Kay Cosmetics among many others.

11. Mobile Marketing

Over

the past few years SMS has become a legitimate advertising channel in some parts of the world. This is because unlike email over the public internet, the carriers who police their own networks have set guidelines and best practices for the mobile media industry (including mobile advertising).

Mobile Marketing
The

IAB (Interactive Advertising Bureau) and the Mobile Marketing Association, as well, have established guidelines and are evangelizing the use of the mobile channel for marketers.

Mobile Marketing
Mobile

adverts are going to be the future trend in marketing. Specially with the onset of high end smart cell phones which support internet- which will by itself support networking sites.

Mobile Marketing
Cell

phones will be the new handheld PCs of the on the move generationwhich would be the largest target for all marketers - check out the high growth rate of the high end smart cell phone market.

Marketing through Twitter blogs, facebook groups

Mobile

marketing is gathering shape but It is found quite ineffective, although innovative!! Social media... Twitter blogs, face book groups... these trends are building up. And these will build strength in brands!!

12. The "Off-Peak" Strategy

 For

underdog businesses trying to compete with behemoths, the tendency is to increase their marketing spending and message frequency to match that of their larger competitors. This is, at best, inefficient, and at worst, a total waste. Instead, consider an "off-peak" strategy. Eg. Toy Manufacturer spends only during peak seasons.

13. The "Price Premium"

 For

homogeneous products or services, careful consideration should be paid to your pricing strategy. As a pricing strategy, the Price Premium will position your product or service as superior to your competition. Who doesn't want to be "premium" if you can?

14. "Teaser" Campaigns

 The

"Teaser" can be a powerful way to draw attention to a new offering even before the product or service is ready for mass production or distribution.

 This

gradually unfolding marketing campaign is intended to intrigue the audience. Utilizing a series of marketing touches, this campaign brings increasingly complete parts of the message with each passing touch until the climax and completion of the campaign.

15. The "Thought-Leader" Play

 The

Knowledge or 'Thought-leadership' strategy is a powerful one. In this play, you position the company as one that not only knows the market space better than anyone else, but also knows you, the consumer, and how to satisfy your needs.

 Proven

in the world of B2B marketing, The 'Thought-leadership' campaign has been show to dramatically shorten the sales cycle.

16. The Power Play

 The

Power Play is the last-ditch, off-thewall promotional marketing strategy that's sure to make your audience (and, ideally, the media) stand up and pay attention. Just remember, you have to think big really big.

17. "Push/Pull" Strategy

 The

Push/Pull Play, basically pushes your channel partners to the right buyers and pulls the right buyers to the appropriate channel partners. Sounds easy, but it's one of the trickiest plays you can run.

18. The "PR Play"

 The

PR Play positions the business offering in the public eye. Using the press and other public relations mediums, it cuts through the clutter by not appearing to be "self-serving" like advertising often does. It also offers an alternative to the marketing adage: "Pay for advertising. Pray for Publicity."

Opportunities ahead
India-

the Knowledge based Economy. We are the worlds second largest education network. India accounts for 54% of IT services and 37% of IT enabled services globally.

 The

IT directly employs more than 2 million people and about 6-8 million people are employed with supporting industry. Marketing Strategies for Rural sector, Retail sector and Service sector are highlighted here.

Rural Sector
Untapped

rural potential 6,27,000villages across the country account for70% of population -60% of National demand for various product categories Rural Marketing:

Gold at the bottom of the Pyramid Growing Demand .According to NCAER study, there are as many 'middle income and above' households in the rural areas as there are in the urban areas. There are almost twice as many 'lower middle income' households in rural areas as in the urban areas.

Case study - Hindustan Lever, to serve remote village, use auto rickshaws, bullockcarts and even boats in the backwaters of Kerala. In Bangalore, Reliance company engaged in procuring fresh vegetables from farmers from the nearby villages and market it in the air conditioned Reliance Fresh outlets.

Coca-Cola, has evolved a hub and spoke distribution model to reach the villages. To ensure full loads, the company depot supplies, twice a week, large distributors which who act as hubs. These distributors appoint and supply, once a week, smaller distributors in adjoining areas

 Godrej

introduced three brands of Cinthol, Fair Glow and Godrej in 50-gm packs, priced at Rs 4-5 meant specifically for Madhya Pradesh, Bihar and Uttar Pradesh the so- called `Bimaru' States.

 HDFC

tied up with non-governmental organisations and offered reasonablypriced policies in the nature of group insurance covers.

Retail sector
India shows US$330 billion retail market that is expected to grow 10% a year, with modern retailing just beginning. Strategy suggested: Identifying weak segments, maintaining investment level selectively.

- Growth drivers in India for retail sector is due to the following: - Increase in spending Per capita Income. - Advent of dual income families also helps in the growth of retail sector.

Shift in consumer demand to foreign brands like McDonalds, Sony, Panasonic, etc Consumer preference for shopping in new environs

- The Internet revolution is making the Indian consumer more accessible to the growing influences of domestic and foreign retail chains. Reach of satellite T.V. channels is helping in creating awareness about global products for local markets.

About 47% of India's population is under the age of 20; and this will increase to 55% by 2015. This young population, which is technology- savvy, watch more than 50 TV satellite channels, and display the highest propensity to spend, will immensely contribute to the growth of the retail sector in the country.

 Availability

of quality real estate and mall management practices Foreign companies' attraction to India is the billion-plus population.

Services sector
Service

sector enable significant expansion of Market. Assistance Programmes Services are the chief source of economic growth, accounting for more than half of India's output with less than one third of its labour force. services and software workers.

 India's

chief strength comes from its large numbers of well-educated, skilled people, adept in the English language, helping India to become a major exporter of software

 The

one thing that is common amongst these estimates is that Indian organized retail market will be very big in 2011. IT sector to grow and will be the main source of Forex

 Agriculture

sector will remain the biggest sector with per capita incomes increasing significantly. Use the e-Choupal to order seed, fertilizer, and other products. At harvest time, ITC offers to buy the crop directly from any farmer at the previous days closing price.

 Export

of Services shows a quadratic growth exhibiting immense potential in the years to come.

Conclusion
The

trend of identifying the target audience/group, positioning the product etc would become in the future, secondary to how the company has stood for upholding the Social and Moral values.

Conclusion
A

company merely wooing the customers in the name of brand, lifestyle etc would be beaten badly in about a couple of years from now.

Conclusion
Only

those companies would play longer innings in business, which would identify itself with the concerns of the people at large, and position itself as being in business genuinely for the benefit of the society.

Conclusion
They

will have to actively demonstrate their claim. Only their product would sell - no matter what and whatever be their medium of advertising

Conclusion
The

trend of identifying the target audience/group, positioning the product etc would become in the future, secondary to how the company has stood for upholding the Social and Moral values.

Conclusion
A

company merely wooing the customers in the name of brand, lifestyle etc would be beaten badly in about a couple of years from now.

Conclusion
Only

those companies would play longer innings in business, which would identify itself with the concerns of the people at large, and position itself as being in business genuinely for the benefit of the society.

Conclusion
They

will have to actively demonstrate their claim. Only their product would sell - no matter what and whatever be their medium of advertising.