Digital Revolutions - Report Example

Digital revolutions (4) of the of the Contents Contents 2 Introduction   3 Body of Content   4 Conclusion   7 References 9 Introduction   The digital revolution has acted as a major influence that has led to changes in the marketing aspects of companies across the world. The advent of the digital revolution has instigated the development of unique marketing capabilities and tactics that the companies have introduced with the aim of creating competiveness and success of their respective businesses. The companies in the current corporate environment are increasingly combining new digital abilities with their existing business philosophies and structures so that the processes and activities result in promising enhancements of the performances of the organization in the market. The marketing of products and services are undergoing dynamic transformations and are likely to experience the need for more innovative marketing techniques which can be used with integrated digital capabilities. There are a number of ways in which digital revolution has impacted the ways in which the marketers are developing their marketing strategies and processes. This report is aimed at analyzing how the advent of the digital revolution and its various phases and components has affected the marketing styles of global marketers. This analysis is conducted by studying the effects of digital revolution on the marketing aspect of businesses from a multidimensional approach. The different factors of marketing including consumer behavior, marketing strategies, marketing media, promotion, advertising and selling methods and communication strategies that are used by the global marketers in the present day business scenarios are analyzed for assessing the impact of the digital revolution on global marketing. Body of Content   The digital revolution has brought about many changes in the business world by causing multiple shifts in the ways the organizations function. The various domains of a business including operations, supply chain, customer relationship management as well as marketing are being influenced by the technological advancements to a high extent. The marketing part of an organization is perhaps most impacted and modified by the digital revolution due to which the marketers have taken up new technological systems and advancements as a way of creating sustainability as well as enhancing the capabilities and image of the business in the minds of the consumers. The digital revolution has contributed to the creation of new avenues and channels for communication with the existing and potential customer groups and for communicating the messages of the company in a more time effective, direct and transparent manner. The use of digital Customer Relationship Management (CRM) systems is extensively done to manage the customer relationships in the most value adding manner. Also, the (CRM) is responsible for the creation of new communication and promotion channels like the social media and the internet. The social media particularly has started acting as a core channel for promoting and advertising the products, services and the brand of a company. Since, the number of users of the social media networks is increasing at an accelerating basis; therefore, the use of the social media channels is done in a widespread manner by the marketers. The social media channels has become so important in the current marketing strategies of a business that a new form of marketing known as social media marketing has been developed and followed by marketers across the world. Apart from this, the digital revolution has also contributed to the technological capabilities of a company in the marketing domain by creating the abilities to link the product and customer data which acts as an immensely useful information base for the development of the most appropriate marketing strategies and the most value adding customer relationships. The customers continue to be primarily important for any kind of business organizations because the efforts of a profit based organization is always directed towards the fulfillment of the needs and demands of the target customer groups. The marketing process of any business essentially involves the study of consumer behavior because the consumer behavior study acts as the main platform on which the marketing plans and strategies of a company are based. Today, the use of digital and technological advancements have made it possible for the global marketers to gain an in depth understanding of the existing and future need and mindsets of the customer groups which in turn helps the marketers to develop the most appropriate marketing techniques and strategies (Gilbreath, 2009). The achievements of technological discoveries and advancements have impacted the creation of new found ways to marketing the products and services to a wider and diverse group of customers for every organization. The digital revolution is characterized by the technological inventions like the internet, mobile phones, Global Positioning Systems (GPS), laptops, tablet PCs and notebooks etc. all of which have can be add to better and continuous connectivity of the human beings with the technological and virtual world. These changes have impacted the lives of all people in a significant manner by making communications easier and faster. The marketers of products and services have identified this as a high potential opportunity for promoting and marketing the products and services of the respective firms (Walter, 2014). Therefore, the marketers have started implementing the different kinds of technological inventions in the basic marketing processes of a company. For example, the communication technologies are being used by the marketers to promote their products as well as to create continuous communication systems with the customer groups through chat systems in their corporate websites and 24 by 7 online help centers for each of the brands. The use of communication technologies has made it possible for the marketers to share the product and service information more quickly and directly with the customer groups. The digital revolution has modified many of the traditional ways of marketing and has also caused many general marketing strategies to become redundant in the post digital revolution era of businesses. The marketers focus on using technologies to emphasize on the market side of the business and thereby develop appropriate marketing strategies that can result in the penetration of the market and enable the company to tap in a wider group of customers. Whereas in the past, the global marketers used more traditional ways of promoting and marketing the products and services, in the contemporary business world, the marketers have started focusing on social media marketing, electronic mail marketing, blogging, reviewing and online advertising as the primary ways of promoting their products among the target customer groups. Of all the communication and information technology services that have been developed in the recent eyras as a part of the digital revolution, the internet by all means remains the most significant and critical way of promotion, marketing and communication for the contemporary business organizations in their marketing processes ( Zysman and Newman, 2006). The social media websites like Face book, Twitter, Linked In, Hi Five, Blog Spot, and Word Press etc. are the most commonly used social media sites that are being used by the modern day marketers to promote their brands and products among a wider group of customers. The fact that the social media networking sites and the internet often provides ample scope for generating high level of advertising and promotion in a cost effective and fast manner has been the main reason for the increasing popularity of these marketing channels and thus, are essentially being integrated into the marketing strategies of any kind of organization that is functioning in the globally integrated and dynamic business environment. Also, the selling methods of products are also largely impacted by the characteristic features of the digital revolution. The marketers are using all the technological and digital means for marketing their products effectively. Many companies have started the system of demonstrating their products in the selling points through the use of notebooks and laptops. This allows for the creation for a higher level of impression regarding the brand and its products on the minds of the consumers. Additionally, since the use of technology is done by the customers with the aim of accessing information in an easy and time effective manner and since the collection of these information often play a crucial role in impacting the final purchase decisions of the customers, therefore, the digital revolution has created the scope for the marketers to leverage on different new marketing concepts and strategies like internet marketing, business marketing, relationship marketing and social marketing all of which act as effective marketing strategies and styles for enhancing the sales and marketability of any product (Jeffrey, 2010). Conclusion   The digital revolution has been a prime driver in the creation of new scopes and strategies in the realm of global marketing. The marketers of the modern businesses have to find the most suitable ways of coupling the traditional marketing strategies and styles with the new digital marketing and communication strategies so that the most appropriate balance is and out that will help the companies to market the products and services to the right people at the right time and in the right manner. Technological advancements can impact all the different phases and components of a marketing process starting from the market research process, consumer behavior study, segmentation, targeting and positioning of the products, promotion and advertising, pitching the products, selling the products as well as maintaining the relationship management systems and after sales services systems all of which are crucial for the d development of a robust marketing plan of a business. Thus, a successful marketing strategy for the global marketers in the contemporary corporate world would need to focus on all the factors that can impact the marketing processes and combine them with the digital advancements so as to tap in a wider group of customers and create higher scopes of marketability of the products and services in the industries of operation for the respective businesses. References Gilbreath, B. (2009). The next evolution of marketing: connect with your customers by marketing with meaning. New Jersey: McGraw Hill. Jeffrey, M. (2010). Data-driven marketing: the 15 metrics everyone in marketing should know. New York: Wiley. Walter, E. (2014). 2014 Digital trends and predictions from marketing thought leaders. Retrieved from http://www.forbes.com/sites/ekaterinawalter/2013/12/17/2014-digital-trends-and-predictions-from-marketing-thought-leaders/. Zysman, J. & Newman, A. (2006). How revolutionary was the digital revolution? National responses, market transitions, and global technology (innovation and technology in the world economy: a BRIE/ETLA project). London: Stanford Business Books. Read More