Changing Trends In Marketing
Every new era brings about a substantial change in the marketing not only as a subject but also with the change of technology, change in consumer psyche and change in needs and wants.
The age where marketing was just taking its baby steps, is long gone. Now, its close to a speed racer.
Today the speed and technology helps marketers and businesses around the world to connect with the global audience.
Web 2.0 and AI integration has changed the dynamics of marketing and marks the beginning of the social media age, where in host of consumers can be found in close knit communities of social web, where they share similar likes and interests.
Marketing mix which originally concernced itself with only four Product, Price, Place and Promotion ("4 P's") has realised that it has more than the four dimension world. Today according various marketing experts there are 5P's, 6P's and many more Q's and R's.
Yes the world has changed since the use of radio's and TV's commercials came in place of traditional newspaper advertisements. It changed the way businesses reached the audience,not only the content of marketing was audible and visible but it also potrayed strong brand messages in a way the newspapers and magzines never would have.
Many businesses built a strong brand loyalty with this new prime time audience. Where people were such loyal to brands that the actual product lost its nomenclature and became synonymous with the brand name.
Changing trends in marketing in 2018. Changing the way businesses are marketing products.
Though very engaging the marketing content, the marketers still failed to generate enough revenues, the content was marketed to all the people in general and the target segment still seemed out of reach.
Many businesses tried various strategies alined with the current trends of their time. Their marketing campaigns were watched and heard by all the segments and the result was, that the marketing done via radio and tv commercials got more passive responses.
In the Last decade of the millennium, the world got its web 1.0. Emails took the place of tratidional post and it became easy for the businesses to target the desired market segment.
Who could have thought the turn marketing was taking as it entered the new millennium Y2K. the world changed and people started coming together joining online communities, this is the time when Frendster, Myspace took the stage and later were replaced by Facebook and other such communities. They changed the way the marketers could target people. Now marketers were able to target the people on basis of likes, interests, age, geography, culture, race, practically everything. The more segments also brought out the niches that were ignored or never thought by marketers. This in turn brought more businesses into the market.
By this time a new medium of smartphones emerged which would in future replace your PC. This medium gave marketers the access to millions of consumers world wide. Technology changed rapidly and now more than 50% of online people are accessing their web by these smart phones.
Marketing has evolved so much from the simple newspaper inserts to Integrated Marketing Campaigns(IMC) that we can't really forcast its evolution further. There are new things and technologies coming up that are going to change the face of marketing in coming years.
As of now we are at the doorstep of Web 3.0 and AI automation, may be that is what the future of marketing will be. We shall see that in coming years. This automation in marketing will surely bring out new opportunities for marketers and make their task more easy.
We shall see more about the trends in coming blogs till then stay tuned.