NEW ERA MARKETING: ENGAGING BUSINESSES
Written by : Prof. Shikha Ajmera
Associate Professor, Taxila Business School
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New Era Marketing : Engaging Businesses
Marketing; the lifeline of businesses truly gives zest to the corporates and makes a striking difference to the brand and its equity. The ethos of marketing keeps changing with the times. As the customer becomes more knowledgeable, the customer contact through marketing plays a vital role in conversion of businesses. Today we talk about Marketing 3.0 i.e. the genre of marketing moving from products to customers and now to human spirit. If marketing touches and bonds relation with the human spirit, then the type of engagement would be as strong as a bond of marriage where we talk about meeting of souls/spirits. If businesses aim to connect so strongly, then the commitment that the businesses give has to be equally strong. Marketing enjoys a dominant position today as can be seen by the success of the current age businesses.
Research was conducted by studying the marketing initiatives of various businesses. Also, secondary research was conducted through magazines, editorials, text books. The main objective of the research was to understand the changes in the implementation of the marketing strategies in today’s businesses and understanding the psychogenic changes of engaging the customers and businesses.
Marketing, collaboration, human spirit, communitization, innovation, character building, engagement
Over the years marketing practices have evolved, mainly the thrust has moved from the production era to product era to IT era to customer centric era to societal era. The current marketing scenario is emphasising more on the values of the businesses, human aspirations and touching of human spirit. As we see global economy recovering from the crisis, it becomes even more imperative to understand what kept some businesses as strong as the wall and what led to the meltdown of the other businesses.
Let us understand the major forces behind the shaping of the marketing initiatives of the new businesses. Some of these forces are:-
The age of participation and collaboration:
The technology provides an open platform allowing individuals to express and collaborate freely. The emergence of new wave technology marks the era that Scott McNealy, Chairman of Sun Microsystems, declared as the age of participation. One of the striking enablers of this new wave is the social media. Social media is being used very effectively for the marketing initiatives
e.g DELL cultivated a cross-platform community on the social media. They’ve created multiple Twitter handles, a network of blogs, and are very active on Facebook. Dell is also one of the few companies to publicly state that they created a return on investment from Twitter. Apparently, Dell’s social media efforts help create “$1 million in revenue“. Other examples of companies doing good business via social networking sites are IBM, Starbucks, Ford, Sun Microsystems, Burger King etc. Also, the new era compels for the concept of cocreation as the company creates a generic platform which can be customised further, individual consumer within network customises and finally the consumer feedback is taken and incorporated. This is how we can create the holistic approach.
The age of globalisation:
Globalisation is driven by technology. The paradox remains that as much as we get globalised, the cultural issues have to be kept at the heart of the company’s business model. E.g. McDonalds is a success globally because of its strategy to adopt to the culture of the local nation. If McDonalds would have approached India without understanding its cultural diversity, it would have become very difficult for them to create acceptance in India.
The age of creative and...