MARKETING
Future trends in marketing
Marketing and selling in favourable economic
conditions:
Prasanna Perera, Marketing and Management Consultant, Chartered
Marketer, CIM U.K.
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Prasanna
Perera |
As markets change and environments become more complex and turbulent,
marketing as a discipline is also dramatically changing. In this brief
article, my endeavour is to highlight some of these changes.
Expansion of the marketing mix
From the traditional 4 P’s to 9 P’s i.e. Product, Price, Place,
Promotion, People, Process, Physical Evidence, and Public Opinion and
Politics, specially for Asian markets.
Public opinion and politics are the two additional dimensions
included, given the emerging power of the Asian Continent.
Mass customization
With the increase in modern ways of living, the needs of individuals
become prominent. Mass customization is the ability to customize
products and services for individuals, within a mass production
framework.
For example, a customer can order a customized pair of Levi’s jeans
from the Levi’s website.
Online distribution (e Distribution)
With the growth in ICT, physical distribution channels are gradually
being replaced by e Distribution channels. This trend is being observed
across several product and service categories.
For example, in the US a customer can become a subscriber of Nexflix
and obtain video content through the internet or other interactive
mediums.
Ethical marketing
With consumers rejecting unethical marketing practices, Marketers are
moving into ethical marketing. Examples include truthful advertising,
unhidden promotional offers, avoiding the use of women and children in
advertising (unless relevant) to name a few. Consumers around the world
are showing preference to brands that are deemed as ethical. The Body
Shop comes readily into mind.
Brand Loyalty continues to be strong
Contrary to popular belief, consumers still demonstrate loyalty to
brands across different product and service categories. This is due to
the fact that the brand provides the assurance the consumer looks for,
in highly populated market spheres.
Explosion of social media networks
Consumers are hitting social networks by the millions, to interact
with family, friends and even business associates. Facebook users have
crossed the 1 million mark in Sri Lanka. Twitter, MySpace and Youtube
are also very popular networks.
The message to marketers are clear.
Today’s consumers live in social networks and unless your product and
service is represented in same, brand awareness and recall levels will
be hard to build. Social media needs to be added to the media strategy
of marketers.
Customers want privacy in relationship building
Many marketers are developing and implementing loyalty programmes,
with the intention of retaining customers. This is perfectly in order,
provided the customer’s privacy is protected. Therefore Permission
Marketing needs to be practiced at all times.
Green marketing
Consumers are going green, meaning they are becoming increasingly
environmental conscious. Hence, marketers are being forced to adopt
green practices and develop green products and services. Environment
friendly packaging, natural ingredients, carbon neutral processes are
all part of the going green initiative. GreenMarketing practices can be
used by marketers to gain a competitive advantage.
Spiritual marketing
This is a new trend emerging, where all marketing practices should be
aimed at elevating the consumer experience beyond the normal
transactional satisfaction. It is a combination of social, ethical,
community and environmental marketing. (A total spiritual package). In
spiritual marketing, the customers entire anatomy is effected. (Body,
Mind and Soul)
Techno marketing
Information and communication technology (ICT) combined with consumer
electronics, is creating an amazing range of products. Customers are
techno crazy, even if they do not totally understand the new technology.
Hence, marketers need to introduce new products at an increasing pace
to keep the interest in their brands alive. Take for example the
innovativeness of brands such as Apple, Samsung, Sony, HTC (China),
Blackberry, BMW, Google to name a few.
Customer delight
The need to exceed customer expectations is greater than before. Why?
The customer now has greater choice than ever before. Exceptional
customer service, coupled with world class customer engagement practices
is a must. Raving fans is what is required, not merely satisfied
customers.
In this article, I have outlined 11 future marketing trends. These
trends will transform marketing as a discipline to a level never
experienced before. Marketers of today, please take note and incorporate
them in your strategies.
Prasanna Perera
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