Modern Marketing Techniques and Strategies - Essay Example

? Modern marketing strategies Why should a business give chance to the traditional marketing techniques when the modern techniques are here with us? This is the prompt for the development of the modern strategies due to the speed at which technology develops and the change in handling of demand from the product oriented technique to the consumer oriented model (Clemons 2008). Marketing as a way of communicating the value of a product or service to the consumers to make them develop the interest in buying the product is much critical; hence the need for such strategies to be relevant and up to date (Rainey & Salaris 2004). The firms in the modern market should be very careful to develop and use the modern marketing techniques due to several reasons one of which is the ineffectiveness that the traditional approaches have resulted into due to the transformations they have undergone (Sturm, 2004). The society is already quite tired of being marketed to hence the need to adopt the consumer oriented marketing approach. A variety of corporations or companies are not also in the right place to survive when they try to pull consumers towards them prompting the need for inbound marketing strategies, ways that make the consumers feel they are being looked for as opposed to them feeling they are pulled (Clemons 2008). On of the authors of modern marketing tools argue that firms need to take advantage of the modern strategies of which people or consumers are placed in the platform over which they learn as they shop. This means that such a platform has to be the online platform which allows the consumers to search for information as well as the services. These forms of marketing strategies should be developed in a way that they contain some compelling content that are shared interactively. In this way many buyers are able to communicate and share about a product as the longer chain develop to enhance the marketing of the product (Rainey & Salaris 2004). The modern marketing strategies as portrayed by other authors is that it posses the ability of making the idea behind the product get into the minds of the consumer especially on how they think and perceive the product. This is considered a very important way of achieving success in business as the idea of the product will be stuck in the minds of the consumer (Molesworth, Nixon*, & Scullion 2009). Through these marketing strategies, we are able to learn the emotional feeling of the consumer about the products and know the exact reason why they have chosen the product since the approaches captures both the experience of the customer and the response thereof. The modern marketing techniques also have a way of connecting the brands of the product to the consumers as they sell plainly to the consumers the product. They give test on products to the consumers to smell, touch, apply or taste without demanding that they purchase the product first (Harris 2009). The modern techniques in marketing may be costly yet very effective; this is because the benefits in terms of increased sales are likely to outweigh the initial investment. The other reason that this form of marketing strategy is better that the traditional approach is that they are less risky. Customers normally love testing before buying and one can be sure that once a customer has had a taste of the product and it fits their taste and preferences they will surely notice the brand existence and go right for that product (Rainey & Salaris 2004). It is a proven fact that products which are available for consumers to test first before buying record the highest sales as opposed to those requiring purchase before testing. This is because customer interactions will normally intensify as they test the product giving them a more memorable brand experience (Harris 2009). Modern marketing is therefore responsible for increasing sales by ensuring that customers go along with the company in terms of their goals and objectives (Sturm, 2004). This they do through engagements and fostered relationships which results into customer love through connected emotions giving the customer a reason to care about the company products and hence the their love for the products. The modern marketing tools provide platforms through which the organization will be able to listen to their customers hence able to know always what the consumers think about their products after listening (Rainey & Salaris 2004). The modern generation of consumers has been born hence the need for a devised way to approach marketing for the sake of keeping up with the consumers. One of the approaches is mobile marketing which is here with us due to the advent of over 5 billion mobile devices worldwide. Mobile marketing as a modern marketing strategy is directed towards reaching the technology geared consumers (Molesworth, Nixon*, & Scullion 2009). This group is used by the ever busy group of consumers to make their lives easier hence a gain of new consumers daily. This is because shopping is enhanced and the customers are able to even shop through text applications. Another way is the use of web access which also still borrows to use the same mobile devices. The devices such as smart phones and laptops enable consumers get constant updates and a range of information on the consumer market globally. In this way consumers are even able to deliver information to a wide range of individuals or a targeted group depending on the advertisement category chosen (HOFFMAN, KOPALLE, & NOVAK 2010). The other modern marketing approaches are Search Engine Marketing (SEO), E-mail marketing and social media marketing. The use of such modern technological methods is as a result of technological innovations to enable businesses execute their marketing campaigns. The use of these modern methods of marketing is also due to the little costs that are incurred while still obtaining effectiveness and efficiency in their marketing. These forms of modern marketing use the online approach; this is a method used by most companies to build their online presence in the most economical way possible. These methods are tried and tested and have the impacts of hitting a larger client base as they use the World Wide Web in their connection of the consumers (Harris 2009). The social media approach requires that the marketer strives to use one social media at a time and this should be the one which is most appropriate to the job. The method chosen should be kept as simple as possible as complexity is normally equal to an added cost (Molesworth, Nixon*, & Scullion 2009). This is achievable if the marketing program is directed towards fewer activities which will allow for more time and efficient utilization of resources on the marketing campaign management. The results will as well be easy to track and measure. In handling the approaches described, thorough training is advised in a diverse field. This is achievable through use of vast resources which must be sourced and economically used. Such forms of marketing targets more precisely its audience hence called personalized marketing or one-to-one marketing (HOFFMAN, KOPALLE, & NOVAK 2010). Generally, the modern forms of marketing take the internet marketing approach as it includes all the mentioned forms right from e-mail, wireless media marketing among others. The most used modern marketing tool by Australian companies is the social media. The companies I choose are in the banking industry where we have the Commonwealth Bank of Australia and Qantas Airways Limited. These are companies in the ASX100 list which have a very wide following in the social media segment a method that the company has adopted to advertise its service and product provision to its customers (Merrett 2002). This media has helped the banks to reach so many customers since the customers are able to interact with their products and brands through the media used. The banks have well grounded plans for social marketing campaigns which are In line with the goals of the banks. These have enabled the banks to have a well laid down plan to achieve their goals with very clear marketing plans (Sturm 2004). The marketing plans through the social media have helped the businesses through a number of goals such as website traffic, conversions, creation of brand awareness, creation of brand identity and positivity in brand associations and finally, the enabled communication and interaction with the key stakeholders in the market (Merrett 2002). The banking industry is quite volatile and the social media marketing is as well quite unpredictable when not planned well. This has ensured that the planning departments of the banks are quite endowed with resources to enable them act with precision when it comes to social media marketing (Merrett 2002). The social media marketing tools used by the banks apart from being well planned are endowed with content together with conspicuous brand image which has enabled the banks extend their influence in the market. These have in the long run enabled the bank track competition of fellow competitors in the banking industry. In addition, the banks through its analytics have been in the position of determining its success (Sturm 2004). Modern marketing strategies are hence vital for the relevance of the businesses in the modern operational environments. Most businesses destined for success in the current operational environments must therefore embrace the use of such strategies to enable them compete fairly with the others in the same market (Clemons 2008). Otherwise, those stuck in the traditional ways will find it very hard to survive. References Clemons, EK, 2008, How Information Changes Consumer Behavior and How Consumer Behavior Determines Corporate Strategy, Journal of Management Information Systems, 25(2), 13-40. HOFFMAN, DL, KOPALLE, PK, & NOVAK, T P, 2010, The Right Consumers for Better Concepts: Identifying Consumers High in Emergent Nature to Develop New Product Concepts. Journal of Marketing Research, 47(1), 854-865. Harris, F, 2009, Product classification: an ethical perspective, The Marketing Review, 9(2), 127-138. Merrett, D, 2002, The Internationalization Of Australian Banks, Journal of International Financial Markets, Institutions and Money, 12(4-5), 377-397. Molesworth, M, Nixon*, E, & Scullion, R, 2009, Having, being and higher education: the marketisation of the university and the transformation of the student into consumer. Routledge, 14(3), 277_-287. Rainey, LS, & Salaris, C, 2004, Marketing Modernism: Marinetti as Publisher, Modernism/Modernity, 1(3), 109-127. Sturm, J, 2004, Foreign Bank Entry, Deregulation and Bank Efficiency: Lessons from the Australian Experience, Journal of Banking & Finance, 28(7), 1775-1799. TAN, CS, 2010, UNDERSTANDING CONSUMER PURCHASE BEHAVIOR IN THE JAPANESE PERSONAL GROOMING SECTOR, Journal of Yasar University, 17(5), 2821-2831. Read More