Recent Trends in Modern Marketing
Marketing is developing at a rapid rate. There are a number of new marketing trends poised to make a significant impact on go-to-market strategy. Here are some:
With the fact that today’s customers get more motivated by factors like quality, features, and convenience to buy products than anything, marketers too have started putting emphasis on these factors.
Today’s marketers give more focus on “offering more for less” because this is what interest consumers to look at their products in the crowd of similar products.
70% of companies believe that it’s cheaper to retain a customer than acquire one. It has also found that the cost of acquiring a new customer cost you seven times more than retaining your existing customers.
Today’s marketers know this and that’s the reason they are shifting from transaction thinking to build a relationship.
Big Companies create, maintain and update customer database that includes all their details and design offerings accordingly to delight them.
Companies now a days started shifting their focus from managing semi-independent departments, each having its own motive to managing business processes that overall is impacting customer service and satisfaction.
Same way, Marketing personnel has started focusing on working with cross-disciplinary teams rather than just in the marketing department.
A company can’t fulfill all the requirements of customers without the help of others. It lacks adequate resources to succeed. The company has to involve in partnership with other organizations to supply different requirements.
Managers at Top-level management contributes their significant amount of time in designing strategic alliance and network that create competitive advantages for the partnering firms.
With the growing trend of online marketing and its positive impact on the consumer buying behavior, companies have aggressively make it a part of its marketing activities.
Online marketing gives access to companies website to order goods, it also allows customers to chat with other users for their suggestions. This helps in greater buying and selling efficiency.
It’s a fact that 70% of people are directly or indirectly involved in service marketing. As services are intangible and variable, they pose an additional challenge compared to tangible goods marketing.
Marketers are increasingly developing strategies for firms indulge in providing services like insurance, software, consulting services, banking, insurance, and other services.
You can’t build credibility by adopting malpractices in your marketing activities. Marketers must practice their craft with high standards. Even, governments have made many rules to put marketers away from these malpractices.
That’s why marketers should try to sell their products by following moral standards or business ethics.
Act locally but think globally.
This is what today’s marketers believe. Customers now a days are global and exhibit international characteristics due to information technology and mobility of people across the world. This is the reason, companies are dropping their traditions and customs and pursuing markets beyond their boundaries.