The New Marketing Realities

There is a rapid change take place day by day in the market, as what we consider marketplace 10-15 years ago but the conditions are totally different now. The marketplace is dramatically different from over 10 years ago, with new marketing behaviors, opportunities, and challenges emerging.

Marketing Reality A real-time existing tool to generate leads for marketing is the shortest and simplest definition of marketing reality.

 As time is changing , even every second now, the combat of standing out from the throng is getting difficult among the traders and sellers. One has perceived that if there is even a single day’s delay in improvise your knowledge with the ‘NEW’ thing in the market, you consider this as an already lost race. One has to keep up with the pace of improving, updating, and analyzing the entries and exits of a market. 

New marketing realities are based on Three Transformative Forces:

1. Technology
2. Globalization
3. Social Responsibility

Technology

The pace of change and the scale of technological achievement can be staggering. The number of mobile phones in India recently executed 813 million, Facebook monthly users passed 2.40 billion.

With the rapid rise of E-commerce, the Mobile internet and Web penetration in emerging markets, marketers must enhance their digital balance sheets. Massive amounts of information and data about almost everything are now available to consumers and marketers.

The consolidate power of TECHNOLOGY, BIG DATA, ANALYTICS serves a vital revolution in the e-commerce platforms.

The best outcome of bringing in technology has been Innovation. Nowadays, while launching new products and services marketers are coming up with their own apps.

The technology has been dynamic throughout right from Television (advertising) to Internet (viral marketing).

Procter & Gamble is determined to stay ahead of technology trends. When Tide was used to clean a fuel spill at a NASCAR, the brand ran social media ads with real news footage within 72 hours , P&G looks at a wide range of technology applications.

A clever business capitalizes on a Daytona five hundred crash where a box of the P&G suds cleans up the track

GLOBALIZATION

The world has become a smaller place. Globalization simply means to the transformation in the world where all of us are stepping away from self centered countries and approaching to a more unified world.

Globalization brings the modification in a business from a company associated with a single country to one that operates in multiple countries.

By 2025, annual consumption in emerging markets will total $30 trillion and contribute more than 70 percent of global GDP growth. A staggering 56 percent of global financial services consumption is forecast to come from emerging markets by 2050, up from 18 percent in 2010.

Product introduced into developing markets, such as GE's portable ultrasound, are finding success in developed markets too.

Globalization changes innovation and merchandise development as companies take concepts and lessons from one country and apply them to another. After years of little success with its premium ultrasound scanners in the Chinese market, General Electrical Company successfully developed a portable, ultra-low-cost version that addressed the country's unique market needs. Later, it began to successfully sell the product throughout the developed world for use in ambulance and operating room where existing models were too big.

SOCIAL RESPONSIBILITY

In today's era the private sector has some responsibility for improving living conditions, and firms all over the world have elevated the role of corporate social responsibility. As firm also takes a lot from the society in the form of resources so it should be returned back by the firm by showing some responsibility towards increasing societal problems such as poverty, pollution, water shortage, climate change, wars an wealth concentration and try to eradicate them.

An initiative took by Daikin India #BetiBachaoBetiPadhao is way higher and break the stereotypes related to women by initiating a first-ever all-girls batch at Daikin Japanese Institute of Manufacturing Excellence(DJIME). This small step that make a huge impact on the society.

Social responsibility not only help the company to encourage a positive company reputation but also significantly impact productivity and profitability favorably.

Apart from above mentioned forces, Marketing Channels, IT, Deregulation, Convergence, Delivery, Loyalty, and Budget have enough potential of affecting marketplace at large extent.

That’s what usually all triumphant businesses are up to, they are persistently leaving provisions of change to unfold with the marketing realities. Be it the electronics giants like AMAZON, E BAY, and ALIBABA who have adaptable structure of the business to go along with the flow of their host nation’s ease, or Retail giants like WALMART, SPARR, SHOPPERS STOP who also have now begin giving a sturdy match to the online platforms. Now, what distinction will it create to have an offline or online presence as long as you are selling it to someone? IT DOES due to marketing realities. This is the power of marketing realities.

NEW MARKETING TRENDS

As already discussed above the New Marketing Realities, many things have been changed in the world of marketing - the new trends have come up. Here is the list of most popular trends in the world of marketing.

• Transform your customer into your biggest Promoters and Upholders.
• Content based Marketing to enhance the customers.
• Emerging use of Native Marketing, where advertiser can blend & promote the brand to a new customer audience.
• Ephemeral social media marketing - as they are popular, low-fi and more effective.
• To liaison with Micro Social Media Influencer who are having 5k to 20k followers to capture the niche market.

• Make your website Mobile Friendly so that your customers can reach to you anytime.
• Use of Chat Bots so that your consumer can get quick response for their queries.
• Incorporation of Artificial Intelligence with marketing so that your customer feels more satisfied when it comes to customer service and customization.
• Today's business cannot work from isolation of Virtual Reality (VR) & Augmented Reality (AR) which both are making waves into the world of marketing, which will ultimately improve the customer experience while shopping.

As long as a business is keeping the following trends in mind & always remain open for the possibilities of change and work on them - a business won't fall behind.