Writing Assignment help on : Modern marketing techniques
Modern marketing techniques
Marketing engages satisfying the needs and wants of the consumers. The task of a marketer or business is to deliver consumer value at a profit. In this context, marketers are presented with several modern marketing techniques and strategies in order to meet consumers’ exact demands. Consumer behavior is a significant point of concern while framing a marketing plan. On the other hand, sales numbers, profits, and department generating it are equally important. As business develops from product centric to consumer centric marketing, a set of successful marketing techniques and practices emerges that mainly place emphasis on enhancing the customers’ life time value by satisfying their needs and wants because consumers are both a source of value and a scarce. Attempting to find out what propel, attracts, and encourage customers is quite important information for marketers to know their needs and demands and then respond accordingly. To distribute consumer value companies have to manage quality level of service because big gaps do exist between the customer’s expectations or requirements and service level they get. Intention of this discussion is to explain why modern marketing techniques and strategies are taken into consideration to address consumer behavior in today’s modern context. Afterward, it also focuses on various different ways that marketers use in order to respond to the requirement of customers and satisfy their needs.
A latest survey of technology purchasers and marketers in various nations exposes remarkable moves on how customers research products before making purchase decisions, which have influenced advertisers and marketers to use modern marketing techniques and strategies to deal with consumer behavior. Social media, mobile, and digital have demonstrated a great level of impetus among the consumers. Therefore, marketers do not only make modifications in their existing marketing strategies to satisfy the customers and meet their requirements, but also consider new and modern marketing techniques (Hernandez 2010). One of the main reasons that marketers use such techniques like experiential marketing, relationship marketing, guerilla marketing, social, internet, virtual, viral, online video, database, digital, neuro marketing, etc is increased social media and online services usage among the customers. Most of the consumers are working and hence do not have enough time to go to the store and purchase based on their requirements. Therefore, they generally visit the online sites and seek social media to view the offers on online purchase. Moreover, they get attracted by discount and other eye-catching offers that are flashed on the screen of computer and working systems. Therefore, company’s come up with modern methods of marketing with the big investment (Technorati Media 2013).
Next, brand loyalty is also one of the reasons that influence consumer behavior. In today’s modern context, majority of consumers do not concern about price and give preference to brand and quality. Thereby, those consumers who are loyal to a particular brand for one type of product usually have a tendency to shop by brand rather than price in other groups. Accordingly, customers make their purchase decisions on the basis of positive image and brand name of the company, which creates high level of completion in the market. In this condition, marketers bring about new and innovative marketing strategies to deal with such consumer behavior. They need to put extra effort to compete with the loyal brand of consumers and attract them toward their brands. In this case where customers face ample number of choices and options for similar product, a powerful brand carries clear competitive advantage and allows competitors to initiate with effective marketing strategies to attract the customers (Potts 2012).
Furthermore, there are many companies that offer plenty of deals, offers, discounts, where customers are not expected to pay the full price for a particular product or get any kind of discount, gift voucher or coupon free with a purchase. It is playing a vital role in changing consumer buying behavior. This results in more and more demands which means that brands require to incorporate effective and modern marketing strategies with their businesses and customer loyalty programs. On the similar façade, some factors are also there that affect the consumer behavior like family, friends, colleagues, social class, roles, status, income, personality lifestyle, etc. It results in changing behavior of customer while making a purchase decision and goes (Darren 2012).
Accordingly, every customer has different perception toward a product. Requirements of customers are higher presently than ever before due to increasing use of internet and other technologies that consumers use to obtain information instantly. A simple way to deal with customer requirements and behavior is to bring about innovative marketing techniques that target the specific audience or market without affronting them. In order to do this, marketers needs to put themselves in customers’ shoes. Understanding the consumers and their behavior and then improve the service accordingly should be a priority all through the business (Lynch 2013). Everyone from the front office to the delivery staff must focus on exceeding expectations and requirements of customers. Unfortunately for marketers, customers have distinct tastes, needs, and demands. Recognizing what encourages customers to select one brand over another is not always clear and easy (Rahnama & Beiki 2013). Marketers strive to keep their customers with their brands by delivering satisfaction and value from their products and this is executed in minds of consumers as a mix of price, quality, and service. A few customers do not mind paying a higher price for a service or product if they are offered very good service (Bijoor 2010).
Hyperdifferentiation and resonance marketing are modern methods that marketers use to transform all attributes of marketing strategy of the company, encompassing product design, pricing strategies, production, and distribution. In this context, it is now possible for organizations to design and launch unique offerings for those consumer segments most eager to pay for what they desire to have. Marketers have changed the role of marketing mix in marketing strategies. Informedness enabled manufacturers and service providers to develop great differences in preferences of customers, building tremendous differences in willingness of consumers to pay. Hence, in order to find the way the change to quality marketing strategies, marketers understand how information changes customer taste and preference, and consumer behavior; how these changes force conglomerate to transform their product offerings; preferences are ever changing; how they require to modify production and distribution to control costs in the existence of greater complexity in the product portfolio offerings (Clemons 2008).
Thus, it can be stated that marketers exceed customer expectations and use experiential marketing in which customers are provided with a holistic experience by constituting sense, feel, think, act an relate values. Moreover, emotional marketing technique is also most popular because it plays a vital role in purchasing decisions of customers. Relationship marketing focuses on creating relationship between customers and brands by interrelating with them regularly through loyalty programs. Other than this, guerilla marketing is also a modern technique used by marketers which is implemented without the target consumers being aware about it, by accepting an undercover marketing approach (Gupta & Syal 2012).
Two ASX 200 listed companies of Australia, G.U.D Holdings ltd and Merchant house international limited use modern marketing techniques to address consumer behavior. Both the companies consist of multiple customer and industrial products company. These companies use experiential marketing method. The idea behind this marketing technique used by the companies is to let the consumers touch, feel, sense, think and relate before making a purchasing decision. This effective experience encompass creating a positive image in the insensible mind of the target market by linking the brand with assured emotions, so that customers see the product and finally it generates the desired motion. They also involve Guerilla marketing into their marketing strategies, which fosters referral and replicate actions through personal canvassing, advertisements, brochures distribution, word-of-mouth campaign, etc (GUD Holdings limited 2013; Merchant house international limited 2010).
For a conclusion, it can be said that to distribute consumer value companies have to manage quality level of service because big gaps do exist between the customer’s expectations or requirements and service level they get. One of the main reasons that marketers use such techniques like experiential marketing, relationship marketing, guerilla marketing, social, internet, virtual, viral, online video, database, digital, neuro marketing, etc is increased social media and online services usage among the customers. A simple way to deal with customer requirements and behavior is to bring about innovative marketing techniques that target the specific audience or market without affronting them.
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