Marketing and selling in favourable economic conditions :

The changing face of marketing

Prasanna Perera,
Marketing and Management Consultant, Chartered Marketer, CIM U.K.

Marketing as a discipline has changed over the years, based on developments in the marketplace. From consumer marketing, to industrial marketing, to relationship marketing.

The evolution goes on and in this brief article, my endeavour is to discuss some of these aspects for the benefit of practitioners.

Consumer Needs

One of the major driving forces for changes in marketing, undoubtedly is the consumer. Due to generations evolving (Baby Boomers, Gen X, Gen Y, Millennials) radical changes in consumer needs have taken place. For example consumers today are ‘personalization’ driven. They want products and services tailor-made to their individual needs. This has resulted in the concept of “Mass Customization.” Consumers are also paranoid about “convenience”, since they are short of time. One-stop shopping is the name of the game. Marketers have to respond by creating the required convenience dimensions at all times.

The information superhighway - Internet

The Internet has changed the marketing discipline forever. Consumers are increasingly surfing the net for browsing and purchasing. Digital Marketing has evolved as a result of this. The Internet has also tilted the balance of power towards the consumer.

The consumer is better informed, can easily compare offerings and can become more demanding. Search Engine Marketing (SEM), Search Engine Optimization (SEO), Blog Marketing and Viral Marketing have all developed as a result of the Internet.

Social media marketing

Social media has grown exponentially. Facebook, MySpace, Twitter are all global household names. Gen Y’s and Millennials access social media and live “online”.

Hence, using traditional communication media will not help to reach them. This has resulted in the rapid advancement of “Social Media Marketing” and social media has become a powerful marketing, selling and communication tool.

Facebook today is the third largest country in the world after China and India!! (700 million + subscribers).

Mobile marketing

With the explosive growth of mobile phones and devises, reaching consumers has become even easier.

The “always-on, always-connected” consumer can be targeted through SMS and MMS. Further, devises can be integrated with others, offering unlimited communication and marketing opportunities.

Green marketing

Marketing is growing green, driven by eco-conscious consumers demanding “green” products and services. Although green marketing is predominantly taking place in the developed world, developing countries too are getting on the bandwagon.

Environmentally friendly packaging, reducing carbon emission levels and eco-friendly raw materials are several initiatives being taken by marketers, to gain a competitive advantage.

Ethical marketing

With the advent of “ethical consumerism”, marketers have adopted ethical practices. “Fairtrade” products are a clear initiative towards ethical marketing. Further, ethical marketing communication is also being practiced to project an image of a responsible corporate citizen.

Spiritual marketing

There is a global trend towards greater spirituality amongst consumers. Having fulfilled their lower order needs (Maslow’s Theory), consumers are targeting higher needs such as “self actualization”.

In pursuit of this, they are seeking brands that demonstrate good values, which would manifest their personal values.

Cultural brands and spiritual brands are all outcomes of this modern trend.

Sensory marketing

Today’s consumer is over stimulated more than ever before. Global marketers have raised the noise levels beyond comprehension.

Hence, consumers have a tendency to “switch-off”. In order to avoid this marketers have developed sensory marketing, targeting the human senses. (Sound, Sight, Feel, Smell, Taste). Take for example the “Body Shop” which creates a total sensory experience to the customer.

Experiential marketing

Modern consumers are demanding and don’t merely purchase products or services.

They are aspiring to enjoy total experiences, if that is sipping coffee at Starbucks or shopping at Mango or buying footwear at Adidas.

Marketers will have to deliver a total bundled experience, which will be perceived as something superior. So the message to today’s marketers is clear ; Stop keting products, start marketing experiences!