How Marketing Myopia damages company's reputation

Put customers first and you will win

While engaging in marketing activities, many high-profile businesses often neglect their customers and their needs. Most of them are unaware of the fact that customer focused approach is the most integral marketing tenet, so they do not view things from each and every aspect. Their goal is to maximize profits and increase their sales which leads to their downfall in the long run. This narrow mindedness or short sightedness of marketers is often referred to as Marketing Myopia. Now let's discuss some of its complications and how companies can avoid it.

Set long term goals to avoid failures

A company should create and design its products keeping in mind the nature of their target market and what their requirements are. For example, there are some customers who prioritize price more than quality. If you offer high quality products at a high price to them, it is more likely that they would not purchase that product and might look for other alternative products of competitors. A major mistake made by marketers is that they do not adopt a provident approach or conduct prior in-depth research before the launch and selling of the product. They end up producing it in large amounts without considering the demand for it. Thus, they should adapt to the dynamic consumer environment and focus on building strong customer relationships by giving equal importance to all strategies. 

Innovate and adapt to change

The world of business is erratic and ever changing. If a business fails to take note of its competitors, its own potential and capabilities, latest marketing trends and the needs of your customers, it means they are pushing themselves into a state of self-deception. For example, for today's consumers, sustainability is an important touch point that affects their purchase decision. Old Spice prevented itself from being the victim of marketing myopia by adapting to the changing marketing situations. Initially, its target market was men but when the company saw further growth opportunities it decided to expand its customer base by targeting females. This strategy prevented them from falling behind in competition. One company that failed to implement this stance was Kodak, which was once a leader in the realm of photography. With time, digital cameras were introduced by other companies, it did not innovate and this was where its failure began.

Forward thinking

Marketing Myopia can be avoided with a futuristic mindset and by taking risks. Companies should put their customer needs at the top of the list, innovate in a skillful manner, give way to new ideas without any limits, and also work on its competitive intelligence. This will not just help them to increase their sales and profits but will also ensure that their customers remain satisfied.

 

Why Multichannel Marketing is important for businesses?

Companies have to trail behind their customers all the time in order to win their hearts and successfully sell their products and services. For this, they must use a multichannel marketing approach to communicate with them. With time and rapid advancement in technology, more and more marketing channels have been added to the list. Consumers’ needs and preferences have changed, and they are shifting towards online buying. Thus, as a marketer you have to choose the channel which they like and prefer. In this article we will be discussing the major benefits of multichannel marketing but firstly you should get acquainted with this term. 

What is multichannel marketing?

This term is quite self-explanatory, multichannel marketing refers to the brand’s interaction with the target audience or the existing customers through different platforms, mediums or devices. Through this method, you can engage with your customers with different demographic backgrounds, using slogans and advertisements that best suit them. 

Want to hit the jackpot?

The art of effective marketing lies in being attentive and responsive to consumer requirements and needs and delivering services in the right manner and at the perfect time and place. The relevance, authenticity and the trustworthiness of your ad campaigns counts the most for your target market. A study has revealed that 74% companies were able to boost their sales by implementing multichannel marketing techniques.

Spending a huge sum of money on quality content and then spreading it via a website is not enough. You must make it visible in the eyes of your customers through other mediums and channels including emails, SMS, WOM, social networks, billboards, television, Facebook, Instagram, Twitter or even through stores. Consider the example of Apple that reaches out to their audience via their brick and mortar store i.e. Apple Store. Here customers can preview their products, making their experience more enjoyable and providing them top notch services. Later, they can buy the same product online if they wish to.

Customer knowledge can be enhanced in this way and simultaneously the way they interact with your brand enables you to provide them a personalized experience. Moreover, higher revenues can be generated through impulse buying as consumers are sometimes inclined towards products they see either on shelves or come in their product recommendation list while they scroll on their phones. This spontaneous purchase can in turn lead to upselling or cross selling success for companies. 

Multichannel marketing is the best strategy to nurture and build relationships with your customers and gain more access to customer data. This trend will grow more in the coming years so companies must tread in that direction to drive away the competitors.

 

Why are Tech Blogs Important for Tech Businesses?

The only constant is change

There is always room for upgradation in the tech industry. With time, prior technologies become outmoded and obsolete which means their replacement is necessary. In a world where technology rules, inevitably, companies have to keep themselves up to date so they are not left behind in competition. According to a study, each week around 60% of individuals skim through different blogs. Thus, technology blogs keep them in the loop by providing them information related to the most recent occurrences. For example, it enhances our knowledge by providing information related to the newest gadgets, upcoming technologies or product development etc. Below are some of the benefits of technology blogs.

1. Provides objective product reviews

With the help of technology blogs customers are able to make informed decisions when choosing between products which are available in the market for purchase. The unbiased nature of some blogs provides people with authentic information and product reviews, highlighting their benefits (quality, price, features) and disadvantages in detail. It also provides answers to their queries i.e. proper usage of product. Since there are a lot of products, models and brands which are continuously being launched in the market, it’s difficult to decide which is the best but reliable sites make all this easy for you.

2. Helps in marketing products

Blogs provide a platform to businesses through which they can promote their products or brand and reach out to their potential clients. A large amount of website traffic is generated when your target audience views your products, reads the blogs or when you put your ads. Search engine optimization tools and techniques are a major facilitator here as potential clients can find you easily on Google. Companies can also increase their brand engagement by posting them on various platforms i.e. Facebook, Twitter or LinkedIn.

3. Builds audience trust

The content of a blog is a great way to show your company's professionalism. Your existing and potential customers can learn about your values and expertise. The use of digital marketing strategies plays a crucial role here i.e. using multiple channels to reach different demographic segments, adding personalization and evince empathy through your content. This helps to gain their trust and leads to retention.

Both tech startups and well-established businesses can use blogging for the purpose of marketing, to communicate with their audience, inform them about critical changes that take place with time and also to increase their brand awareness.

 

The Role of Technology in Modern Marketing

An incisive move for marketers

Technology has tapped and shaped every aspect of our lives. Over the years, we have seen a visible and profound change in marketing and all the credit goes to technology. With the help of social media and digital platforms, businesses can interact or reach a larger audience to promote their products and generate more sales. A report has revealed that 24% of the marketers around the world believe that the success of their business hinges upon social media platforms. Data analysis and tracking has become way easier than before and understanding consumer behavior is also not onerous. With all this information at hand, companies can come up with more effective marketing campaigns and make improvements in their existing products and promotional techniques. This creates a stronger relationship between the company and its customers.

Reaching new heights

With the growing intervention of technology, business operations have become smoother and efficient and companies are able to devise better customer service strategies. They can provide a personalized experience to their customers, know about their preferences and can even track the progress they themselves have made. A number of marketing tasks have become automated which were previously time taking and needed human involvement. This is boosting the overall performance of the companies and is also enhancing their efficiency. For instance, companies can send automated emails to their customers to give updates about the launch of a new product or service. Similarly, for formulating and decision making, marketers rely on artificial intelligence technology. One interesting thing is the search engine optimization used to improve the ranking and website traffic.  With this, you can promote your products to potential customers which can lead to greater reach. Another advantage of technology is that it has allowed customers to closely engage with the brand. Providing them support, timely dealing with their issues through emails or messages and getting their feedback are some touchpoints that lead to customer loyalty and satisfaction. Since marketing teams can work from anywhere, connecting with customers is not a problem. Customers, on the other hand, are increasingly relying on AI powered chatbots, voice assistants and videos so marketers have to develop their strategies keeping in view their customers’ needs and wants.

Wrapping up

Technology is assisting marketers but it has also posed great challenges for them. In order to meet the needs of their tech savvy customers they have to spend a lot on updating their outdated technologies and training their staff.

The Negative Impact of Marketing

Every day we are bombarded with an unlimited stream of advertisements in the form of billboards, digital screens, banners, posters or emails etc. Whether you turn on your television screens at home or leave for work, these advertisements are polite reminders from brands and companies to inform their target audience about their presence in the market and to sell their products and services. But many of these ad campaigns have negative connotations, misrepresent information or are clichés. One must give a thought to these elements before promoting their brands and consumers should also make a purchase while keeping such factors in mind. For example they should question themselves "Is the brand selling products in an ethical way?”. Now let's discuss some negative consequences of marketing.

Consumerism and Overspending

Marketing has given rise to consumerism. People believe that buying material possessions and consuming goods and services leads to happiness and wellbeing. This has negatively impacted the mindset of the society and has made them more materialistic. For example carrying the latest iPhone depicts your social status. Similarly, buying new clothes, shoes, makeup and accessories has become a necessity to enhance your appearance. Companies and marketers urge you to buy their products and services even when you can live without them. Many such products are useless and make little difference in your life. Some people overspend, borrow money or go into debt and waste their hard earned money so that the society does not look down upon them. 

Promotion of Harmful Products and Rise of Environmental issues

In order to manufacture products for customers companies need huge amounts of raw material which means large scale mining of metals and cutting down of trees. Ultimately, earth has to pay the price when harmful greenhouse gases are released into the atmosphere and natural resources deplete. Not just this, brands sell harmful products such as drugs, alcohol, vapes, cigarettes and many others to which many people get addicted. Though these are extremely bad for one’s health, people, especially teenagers’ use them because they believe that such products will make them cool in the eyes of other people. Similarly, gadgets and fast food chains have caused many health issues among youngsters such as obesity, diabetes, eyesight issues and high blood pressure etc.

Use of Stereotypes

Most of the companies and brands adopt a stereotypical approach so that more people can relate. Companies that offer beauty products such as fairness creams target women. Such brands are promoting racism, narrow-mindedness and pushing them into the wrong direction by telling them what they should do to fit in the society. Marketers try to create a need by subliminally telling them through ads which products they should use to look more masculine and attractive e.g. body sprays. Similarly, companies who sell products for women inculcate the idea that their product will make them look pretty and physically appealing. 

Lower Self Esteem

In order to persuade you to buy a product, companies often try to make you feel bad about yourself by lowering your self-esteem and confidence. This has given rise to insecurities and vulnerabilities among people. We have often seen ads featuring models with a perfect hourglass body while some show people being bullied or body shamed for being overweight. In the end pills are recommended to you as a solution to your problem. Through this toxic mindset companies take advantage of the consumers and make money. 

Mislead and Misrepresentation

Through manipulation and amazing advertisements brands try to sell their products and increase their sales. Most of the time these companies do not deliver what they promised and rob you of your money. Some ads highlight a number of benefits of a product but when the person uses it in real life they have to face a number of side effects too. A very common example is fairness cream brands that say that you will get fair after just one application but in reality you get the results after several applications. So most of the time you cannot trust these brands.

Marketing and advertising is considered one of the most effective forms of communication, but strict regulation is needed because many companies misuse them to increase their sales.

 

 

 

Marketing Techniques that Small Businesses Should Use

In order to create presence in the market and to secure a wide customer base small businesses have to use different marketing techniques. At each and every stage of their business cycle they have to use tactics accordingly. Companies have to keep in mind whom they want to reach out through their promotional material, especially when they are struggling with budget constraints. It is essential for them to take each step wisely and use inexpensive ways for advertising such as guerrilla marketing. Let’s explore the different marketing techniques that can be of help for them. 

1. Posters and Flyers

When you use a variety of different channels you are able to gain more exposure. While visiting a mall or some other public places, you must have seen free bulletin boards which the brands can use to promote and market their products. Make sure your poster is visible and you use removable tabs so that customers can avail discounts. You can also target your campaigns in the area where most leads were generated. Companies should come up with a poster that is very eye-catching and has vivid images. You should use memorable phrases that people find entertaining and are able to recall when they need something that is related to your product or service or what you are selling. Flyers are another cheap way of advertising your business. Once you are clear about the areas you want to target, you can easily distribute flyers either through mailboxes or by door to door visit. While making flyers keep the content short and add only the relevant information such as the products or services you are offering or contact information. You can offer and mention discounts, free trials or appraisals, coupons or other promotional offers to attract the customers.

2. Referral Networks

Customer referrals are very valuable for a business as it leads to customer retention. This means companies can offer discounts, perks or other rewards to its existing customers for recommending their brand to others through positive word of mouth. This helps them to grow their customer base, increases brand engagement and enhances the reputation of the company when more customers show interest in their product. 

3. Value Additions

The special and improved features that a brand offers along with its product or service are powerful selling points that must be mentioned when coming up with advertising material. Value addition helps companies to deliver value to its customers and increase their level of satisfaction. It also distinguishes you from your competition. Some examples are referral rewards, guarantees, offering discounts or point cards to loyal customers or those who make repeated purchases.

4. Follow ups

Getting feedback from your customers is important to see where you stand and what perception they hold about your products and services. The best way to get their response is to propose follow up questionnaires, ask about how your advertising campaign is going and if it satisfies them or not. Here is a list of questions you can ask:

·       What made them choose your company?

·       How did they come to know about the product?

·       What satisfied them the most?

·       Which alternative companies will they prefer?

5. The Internet

Creating your online presence has become crucial to meet the expectations of your tech savvy customers. Internet technology has made it easier for them to search for a brand, its reviews or the list of products it offers before making a buying decision. Having a website and a social media presence (Facebook, Twitter, and Instagram) will keep you in the eyes of the customers when they regularly see your ad campaigns and your page comes in their suggestion list. Companies also need search engine optimization skills and content management systems to raise their website ranking and to enhance the digital experience of their customers.

The above discussed marketing techniques will surely take your business to an incredible peak if you wisely incorporate them while keeping your goals, budget and target audience in mind.