In the ever-evolving and fiercely competitive world of business, effective marketing has become an indispensable tool for success. Decade after decade, product by product the marketing vertical has evolved with new groundbreaking strategies and formulas for reaching out to customers. The pandemic opened up the customers to experience the evolving digital-first strategies of marketing teams and their associates. From partner training to utilizing shared media the marketing vertical has been revolutionized with the help of technology. Marketing plays a vital role in helping businesses reach their target audience and differentiate themselves from competitors. It enables businesses to reach and engage their target audience, build brand recognition, increase sales, and cultivate long-lasting customer relationships.
The American Marketing Association (AMA) defines marketing as ‘the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.’ In today’s marketing world, two versions of marketing exist – traditional or conventional marketing and digital or new-age marketing.
But which version of marketing should businesses adopt?
Businesses can be the judge of it by understanding what each version of marketing entails.
Conventional marketing refers to the traditional methods and techniques used by businesses and organizations to promote their products or services to a target audience. It typically involves offline channels and mediums that have been used for decades before the advent of digital marketing. Print and broadcast advertising, direct mail, telemarketing, outdoor advertising, trade shows and events, public relations activities and word-of-mouth marketing are all the traditional marketing methods that still hold relevance in the digital-first era. These techniques have been effective for many years and continue to be utilized alongside digital marketing strategies.
New-age marketing refers to the modern and innovative approaches used to promote products or services in today’s digital and interconnected world. It leverages advancements in technology and changes in consumer behaviour to create more personalized and targeted marketing campaigns. New-age marketing strategies often emphasize the use of digital platforms, personalization, influencer marketing, content marketing, customer engagement and experience, data analytics and insights, marketing automation and AI, AR/VR, voice search and smart assistants, and IoT. It helps marketing teams to harness the power of emerging technologies to create more efficient, personalized, and engaging marketing experiences, ultimately driving business growth and customer satisfaction.
Do businesses benefit from marketing, if so, how?
A clear marketing strategy often helps in building brand awareness and recognition, helps businesses establish their identity, communicate their values, and highlight their unique selling propositions. By consistently exposing target customers to their brand to attract and engage customers through various channels, businesses can increase familiarity and trust, ultimately leading to customer loyalty and repeat business. By employing persuasive techniques, marketing efforts can convert prospects into paying customers thus increasing sales and revenue and boosting their bottom line. Marketing is not solely about acquiring new customers; it also focuses on building and nurturing relationships with existing ones. Strategies such as personalized email marketing and loyalty programs allow businesses to stay connected with their customer base.
Marketing enables businesses to stay agile and adapt to these shifts effectively. By conducting market research, analyzing consumer behaviour, and monitoring industry trends, businesses can identify opportunities and develop tailored strategies to meet evolving customer demands. Marketing keeps businesses relevant and responsive to the ever-changing marketplace. It also provides businesses with a competitive edge by helping them differentiate themselves from their competitors. Marketing is not just a creative endeavour; it is also driven by data and analytics. Through various tools and metrics, businesses can measure the performance of their marketing initiatives and make data-driven decisions. This allows them to identify what strategies are working, what needs improvement, and where to allocate resources for maximum impact.
So how to decide which marketing method to adopt?
We understood the versions of marketing and why they are needed for businesses. But the ultimate challenge for marketers is understanding how to utilize the best of both based on their vertical, customer and product portfolio and enhance their marketing strategies for an excellent ROI. A precise decision can be made only by understanding the pros and cons of both versions of marketing methods.
With conventional marketing, the advantages are – broad reach, tangibility and familiarity, while the disadvantages are high costs, limited targeting and difficulty in measuring ROI.
The new-age marketing has the advantages of a targeted approach, cost-effectiveness and measurable results. But in this case, the disadvantages are information overload for consumers and data overload for marketers. Technical expertise is a must to handle digital, AI, automation and other tech marketing tools, which not only demand external support from businesses but also trained in-house experts, which indirectly adds to the cost.
This is why every marketer needs to understand that both versions have their own merits and demerits and a balanced combination of the two helps their marketing strategies. By staying adaptable, innovative, and responsive to market trends, businesses can leverage marketing to gain a competitive advantage and drive sustained growth. Marketing is needed for businesses to create awareness, attract and retain customers, differentiate from competitors, build a strong brand, gather market insights, and ultimately drive growth and revenue. It is an essential component of a business’s overall strategy and success. In a dynamic business landscape, effective marketing is not just a luxury but a necessity for businesses striving for success.
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