Marketing------- Post recession trends.

Different people have different views about the concept marketing. The
differences in their conception is quite but natural, as in reality ,marketing is such
a vast field. The word marketing is too often confused with selling. Marketing is
not just selling and price is not the only factor for competition. According to Peter
Drucker, “ the aim of marketing is to make selling superfluous “. This essentially
means that marketers do not have to do much of selling, If they are able to
identify unfulfilled needs of customers and satisfy them. After all marketing
transaction is one of mutual satisfaction between the buyer and seller. The
companies or the sellers need to realize the fact that the customers now have
many options to choose from. If the customer is not satisfied with the product or
service, he can immediately switch to a competitor. This leads to not only loss of
sales but also loss of customer lifetime value.

One of the major functions of marketing is to create an environment for

exchange. An exchange arises when one person gives something of value, in
return for something of value from another person. From this point of view
exchange take place when customers have needs and wants and the company has
products to fulfill those needs and wants. Need constitute the basic requirements
for existence of life and want, on the other hand, arises when the basic needs are
satisfied. It is important for a marketer to understand whether his product falls in
the need category or in the needs category and devise his marketing strategies
accordingly. However, it is possible that a product which is perceived by one
customer as a want may be perceived by another as a need. Regardless of how a
customer choose to view the difference between needs and wants, the ultimate
aim of marketer should be to motivate customers to consider their products in
the first place. This task is considered to be most challenging and a tool for the
test of abilities for anybody in the field.
Every economy, as per the experts, face the vagaries’ of situations due to normal
business cycle and the consequences are always beyond normal for economies
and individuals. Economic recession is one such situation where the marketers are
put to test the efficacy. Recession is generally believed to be caused by a
widespread drop in spending. Recession is a contraction phase of the business
cycle. During recession, extravagant luxuries are the first to be replaced with
more efficient, lower cost alternatives. It is generally believed that ‘ when things
are going well, people buy steak, when economic confidence is down, people buy
beans’. For any shrewd businessman every situation should be an opportunity
and therefore, recession cannot become an excuse to shed responsibility. In
recessionary situation if a marketer believe it is the best thing to happen he
cannot be considered to be an over optimistic. While one may have great
empathy for the people who lost the job, agencies that lost clients and brands
that did not make he should have deep respect for those in the market that did
and still survive the recession. Necessity is the mother of invention as
recessionary survivors were forced to innovate , reinvent and think more
strategically.

Trends that have come about as a result of recession :

Brands as life enhancers:- It may seem counter intuitive to move away from sales
driven marketing campaign in favor of long term brand strategies that add value
to customer’s lives in the midst of financial meltdown, but consumers have less
cash, are more discerning and therefore, will consider brands that add value.

Brands as source of information:- Recession surviving marketers are definitely

placing a strong emphasis online, providing consumers with a myriad of useful,
relevant and related info about brands. This also means that brands professionals
have to a great extent lost control of their brands. It is OK. Let go a little and
provide consumers with brand information that they can own, use, edit and
importantly share with many others in their online community.

The upside to this trend is that marketers no longer have to spend millions
developing micro sites, but can work fast and smart with tactical ideas that
revolve around specific consumer needs or specific communities, allowing
consumers to access content across primary websites, microsites, applications,
social networks and mobile devises.

Customer services as a vital part of the mix:- While a quality brand remains a
biggest asset in achieving success, never before has the vehicle of customer
service become one of the best methods of connecting with consumers and
building lasting relationships engender word of mouth. Also, conversation and
community is vital. Brands that encourage and engage with consumers feedback
thrive. If consumers are able to post public feedback, trust is built and if they trust
the community, they will extend the trust to brand. This is the evolution of
customer care. Good customer care breeds the right word of mouth and brand
awareness will follow.

Integrated authentic brand values:- Consumer spending will continue to be

replaced by consumer’s interrogation of what your brands stand for and whether
or not it has value and therefore is valuable. This is trouble for brands with no
brand meaning. Consumers no longer buy into shallow emotional manipulations.
Consumers are informed and cynical and do not afraid to call brands on their
promises. If brand is authentically believable, it will enjoy enhanced consumer
engagement.

Engage with consumer:- Marketing heavyweights around the world are coming to
terms with the fact consumers control their brands and that this power shift has
far reaching implications. Today’s brand strategies have to include methods to
engage with consumers by capturing their hearts, minds and conversations
throughout the purchase and relationship cycle, while remaining brand centric at
every touch point. Today’s consumer generates their own brand commentary and
content and would be remiss not to facilitate this. Personal consumer
involvement with brand that is not going away.

Post mortem: Embracing these trends will require a post recession paradigm
shift. A massive recession is always tough, but it is safe to say that someday, when
the marketing sun is in full shine, we will find that some good came from it.
Whether real recovery has began or still on the way, start planning for growth
without forgetting the important lessons learned through 2008-09.