New Age Marketing Techniques Businesses Use to Crack the Competition

The businesses these days are faced with tough competition. Looking best in eyes of consumers is a task that every company wishes to achieve. Due to growing technology, use of internet, the market itself has got digitized. More than commercial or purposeful relation with customers, organizations want to humanize their services/products to suit the people better. For performing such activities, firms have moved out of traditional market research methods to new age marketing techniques. Here are some of the procedures, tools, platforms entities utilize to stay on top of an industry.

Social Media Channels

Social media, a thing of the present, is a platform where people and businesses alike can connect with each other. Entities like Facebook, Twitter, LinkedIn, Pinterest, Instagram, and Goggle+ are some of the popular social media channels. These are wonderful places over the internet where folks can share, learn, and get to know each other, which has transformed as a hub of marketing research as well.

From social media channels, companies can get in touch with consumers in real-time. They can build leads, observe competitors, launch campaigns, actualize goals, and even sell their products/services here. What more, these mediums are quite cost effective than going the traditional way to increase customer base.

Digital Networks and Devices

The digital world is expanding its roots in marketing industry as well, besides being a medium for entertainment and casual connect. With rise in use of smartphone devices, tablets, laptops, and others, people can access the internet on the go. And, online platform is one of the best to continue a trade. Not only have the new media, companies met promotional goals via launching TVCs, advertisements on broadcast or podcast channels as well.

Not a single digital platform is there where marketers do not stay active. Be it the radio, television, instant messaging services, GPRS tracking to customize customer needs on a click, digital networks and devices are the novel way of performing intensive evaluation of the market and industry.

Advertising the Humane Way

Earlier, an advertisement would only focus on what a product or service is, probably talk about the unique selling points, include a bit of humor or ideas to make the ads seem interesting. While these aspects are still needed in the adverts, establishing an emotional link to the customers, which arouse real interest in them, is how advertising is done these days.

The advantages of such ads are more viewer-ship, better brand awareness/recall, encouraging loyalty to a product/service etc. When analyzing advertising and marketing research, a consumer’s behavior is strictly studied, which gives improvised way of marketing technique valuable in the new age of businesses. What an ad invokes in a person is directly proportional to the sales and profits a company generates.

Studying Consumer Experience

The new age marketing techniques discussed above prove that businesses are directed towards knowing a larger audience, striking a relevance of purpose for their products/services in a more consumer oriented way, while also inculcating a humane or emotional element to keep the customers stuck on the brand for a longer time. However, the observations from the audiences have to be studied properly, and put down to analytical solution for answering business problems.

This is where new tools and software come for rescue. Google analytics and relevant tools are utilized for studying consumer behavior, responses, and experience. There are applications analyzing customer turnover over the internet and at physical locations as well. For example, CCTV cameras are good example of knowing the customer preference or behavior for in-store purchases or activities.

Cloud Computing and Analysis

As we already discussed how online marketing and brand advertisements are the major attraction aspects for consumers, there has to be a common server or network platform where the responses can be managed, segregated, studied, analyzed, and applied. All these are done on cloud computing services. Basically a cloud medium can integrate numerous services, and bring everyone at one touch, bonding with each and many others, without wasting resources or energy.

It is one of the many mediums that marketers prefer nowadays for doing an extensive study of their products/services/organizations, and other characteristics. Moreover, the virtual presence of the networks allows people to access facilities from anywhere in the world. Thus, analysts do not have to depend solely on physical locations or components to perform a task or talk to their subordinates.

Media Mix Marketing- A New Wave for Successful Business Planning

The approach of marketing has transcended over the year. With inception of internet, the marketers are able to increasingly analyze and capture the interest and behavior of customers. This has allowed upsurge in meaningful insights of how and why people consume services/products etc. online or at an in-store location. Businesses performing market research can now identify new data points, and execute strategies better. Cross-channel content is deliverable dynamically based on uniform and integrated platforms.

Traditional Marketing Plans

Traditionally, a marketing cycle was halved into planning and execution phase. In the former, the analyst team decided creative and financial components for a period, such as quarter or yearly long. People determined what assets department would require for initiating a marketing plan, while creative component included identifying audience segments, content, plan’s timeframe, and channels of distribution. After considering outputs from market research reports, the useful findings would be applied in budget.

However, this way of looking at marketing plan is not outdated in today’s world where the online world is booming, making companies step up production, easy connect, and driving high volume traffic to products/services, and a lot more. Now, real-time strategies act quickly and improve the developments. To stay on part with the changing needs of people, media-mix planning does bring a revolutionized thinking in catering to customers, on a much larger and enhanced scale.

Media-Mix Strategies

In media-mix planning, the approach is towards determining right budget to optimize effectiveness of a promotional activity. The process follows top-down and bottom-up strategy. In the first method, the analyst looks at high-level expenses and data of historical revenue to predict the performance of a plan in moving forward. This kind of procedure is easier to execute than bottom-up. The later looks at concrete data and high-level assets to base the predictions.

·         It focuses on detailed insights to plan a development, and is more difficult to initiate on grounds of the inputs.

·         The bottoms-up methodology also concentrates on creative-level data. These data points are harder to correlate and capture, especially in offline platforms.

·         The process is directed towards improvising in execution phase, giving real-time insights in the changing marketing behaviors.

·         It is also complex to link economic data in this approach, and it becomes challenging to appropriately assess ROI potential for a program.

However, any advertisingand marketing research out of media-mix planning betters a marketing cycle by hiking the ROI accuracy and predictions based on historical performances. It promotes understanding of budgeting and forecasting. This provides suitable solutions for capitalizing on trends. One of the important features of media-mix method is ad stack.

Advantages of Ad-Stack

When a mix of creatively designed programs is integrated on multiple channels to capture real-time, important analytics for peoples’ behavior and interaction, it is termed as an ad-stack. The process involves managing multitude content on single space such as online e-commerce to mobile applications or sites, across special device, social outlets, and more.

·         As the data is captured in real-time, the responses are faster, and it is possible to keep track of changing content for a marketing strategy.

·         Reactions are quicker and credible, so the transitioning phases are better analyzed to be converted into fulfilled goals.

·         Conversion figures are greater, and wasting of resources is minimal. Thus, any negative brand impact is swiftly curtailed.

In ad-stack, the media-mix planning is actualized in meeting consumer needs to accurate levels. The activities promote internal environment for a company as well. It can assist in synergizing employees in understanding the sales process properly and make faultless predictions. With financial resources sound, there are no loopholes for inventory leakage. Resulting data points can effortless correlate, and serve the channels.

Social Media Analytics Networks Intelligent Market Research

Social intelligence on digital platforms has reformed businesses and markets. Companies are flocking on the stage to create a positive brand image to pitch them higher in the industry as well as the consumers. In such a bustling environment, where quick interaction and real time analysis can settle or unsettle an organization, Market Research Companies are using the social media platform as a medium to gather and structure data.

From the big data pool, researchers are able to mine important information and utilize it to leverage their strategies to meet goals. The benefits of social media analytics are endless, and it is the present and future of businesses, which even Google, agrees with.

Gearing Information Ahead

Some of the visible key trends can emerge out of this free and open podium of global audience under one roof. Here are some the ways a start-up, enterprise, or an established organization can use social media analytics for collecting finest information, first hand.

·         It is a wide platform of Market Research, where one can launch structured surveys, campaigns, contests, polls, and a lot more.

·         Get a deep jump into structured and unstructured data for the market’s bigger picture. It gives a virtual, speedy insight into customers’ behaviour, competitors, and significant others.

·         Social listening is performed on a flick, capturing the world between fingers. Valid insights and powerful wide ranged shot at actualizing business motives are possible.

Hub of Competitive Optimization

Grouping audiences, segmenting existing research over the digital realms add value to traditional support to companies. Social media assists in searching, validating, and forming the accurate opinion in aligning quantitative and qualitative materials together for the brand.

·         Via social media analytics, businesses can become trendsetter by using interactive tools, events, product ideas, media mix, and shaping them as per the changes.

·         It becomes easy to monitor and identify assets, leads, proposals, and customers’ perceptions over time, which feeds the business interests.

·         Product ideation, update, and development can be all done on a crisper note, while optimizing marketing plans.