Posts Tagged modern marketing
An Empty mind is marketer’s paradise, is so true, ultimately every modern marketing strategy today while being written is on the shifts seen in consumer behavior cycle starting from impulses through desire to demand, and what is phenomenal, is that, such basis have always brought in solutions which become the part of a business paradigm. Let’s see, how some of them have revolutionized marketing strategies; Moment of Truths by P&G, which talked on showcasing the product (first moment of truth) went on the bring in the visual merchandising & packaging as one of the prime component of retail strategy; followed by experiences on consumption (Second Moment of Truth) to become feedback for product improvement & innovation, testimonials for the artifacts to encourage prospects in the process of being lead. Then came the era of searches, as the searches started growing in prominence, the resonance was reflected in Google’s Zero Moment of Truth, theory on searches, solutions are quite evident in terms of presence in terms websites, audio-visual aids on various platforms, ad words, usage of keywords with what the prospects search, to reflect in the top search ranking.
In all the paradigm mentioned above, we see reflection of the buying behavior, what comes more appealing is that engaging customer at the right time, right place & with right messaging, no doubt the phrase of ‘rights’ looks so simple but it isn’t. We have been seeing through the Great social Media revolution, which is now been used by every business to engage their prospects, but it’s still not clear on time & place. The right time, in many cases are engaging an empty mind or idle mind of an individual, and direct them to what you want. As a marketing professional, when we question on our efforts being enough on engaging our prospects, down some where answer is,’ no’.
Thanks, to the all-round development in technology in past 5 years, what is seen, the opportunity in engaging people are growing through the horizon. Smarter, lighter & customer centric application have enabled the growth in dependence on personal devices, to an extent that today you have avenues to reach your prospect, through them. You just need to be smarter and have customer centric attitude in you.
Empty mind or in other words captive minds are huge potential today, if I would have to talk on the same couple of years back, people would have stared at my thoughts, but today, it isn’t the scenario. Have you actually seen how an ideal individual spends his day, lets look at the balanced media diet, courtesy Steven Leckart in Wired Magazine issue 17.08 shows an illustration of time spent by individual on various sources of entertainment like starting from Television, social media, micro blogging, gaming and so on.
What comes across is that, smart devices are becoming more and more prominence in an individual’s life and in some cases they accompany the individual with the source of entertainment, the relation of smart devices with sources of entertainment is of symbiotic nature. Hence, it is very important for any brand today to be present to capitalize on the empty mind or idle mind, and have mobility options in their strategy. The challenge here is if you could engage that state of mind creating an impact on the subconscious mind, you have An Empty mind, which is marketer’s paradise.
With this, I am tabling across, today, a paradigm of engaging, captive minds or idle minds or an empty mind, which is the Subliminal moment of truth, in other words, it is engagement of that state of mind, where an individual has nothing scheduled and looking for sources, any activity involved in engaging that state would result in greater engagement with the brand, leading to other Moment of truth mention above. Subliminal Moment of Truth, brings in relevance of integrated messaging through various modes & Mobility Components (Smart Devices), in some form or other in terms of applications, mobile advertisements, campaigns which goes in your marketing strategy to engage prospects. Hence, it is very important for any brand, to have their mobile strategy in place, to engage such idle minds. To give you an example, Click on the link An Empty Mind is Marketer’s Paradise – Leveraging Airports To Enhance the Customer Base, is an perspective to engage people using an interactive mobile app, which would lead to Moment of Truth, and more over creates a deeper impression in the mind, which goes to become talked topic. Check the video which stress on the growing dependence on mobile devices.
Thanks to company like Google, Apple, Samsung, Microsoft who have been continuously innovating and emerging thought leaders in the mobility, their every release sets a new paradigm for marketers to engage with their prospects. Subliminal Moment of truth, gains more momentum when you check the statistics of the usage of mobile in one of interesting info-graphics shared by Sarah Kessler in an article in Mashable.com on Mobile Marketing, indicates the internet usage on mobile would overtake desktop by 2014, Mobile tags provide more product information like comparison shopping offers than traditional barcodes, 86% of mobile internet users are using their devices which watching TV (Opportunity for marketers to engage), 29% of mobile users are open to scanning a mobile tag (interesting applications could increase brand engagement), 91% of mobile internet access to socialize (integrated approach with digital media could have a far reaching effects). Interestingly to note how people use their mobile phones; 61% for gaming, 55% for weather, 50% for maps/ search, 49% for social networking, 42% for music, 36% for news, 33% for entertainment, 25% for dining and 21% for videos. Aren’t these statistic enough to show how the paradigm of Subliminal Moment of Truth i.e engaging empty or idle mind through mobile application is possible. In fact, if you don’t have the mobile strategy for your product you have missed on something.
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Over the past few weeks, I have been researching on to the B2B space, which happens to be complex and marketing is slowly taking prominence over the traditional approach. Prospects in these spaces predominantly are becoming more & more informed and are more risk averse then before. Digital Media has shown its impact on to it and the marketers have started capitalizing on to Modern Marketing strategies to mature the leads from awareness followed with engagement, to be in the prospect’s minds and to evade the risk of not being in the short listing process.
There are three main categories which underline strategy in the B2B space; Influence-rs, Perceptions & Value Proposition, which help marketers to take their product into the target market. Each of the components is symbiotic to the other; hence the strength of the strategy is defined on an optimized rational equation, rather than just based on observation. All this derived from the impact of technology advancements happening, which are not sequential rather all round, turning more& more user models into user centric, predictive, smarter & mobility based values changing the consumer decision-making behavior. To top it predictive analysis have strengthened companies today to build their decisions based on rational thought process to counter economic scenarios.
Influence-rs – These are the stakeholders or gatekeepers, involved while deciding on B2B products. In certain cases they even show greater prominence while decision has been taken, hence your strategy would be incomplete without them. They could be anybody from Analyst, Trade bodies, Go-To-Market components, ISVs, system Integrators, Consultants, Advisers, internal employees and so on. Identifying the right one is a challenge, and the tip is that every product category shows a particular type of behavior and following it would help to recognize them. Hence, Messaging, Segmentation, Targeting & identifying the right kind of strategy is the key here. The best what works in terms of influence-rs is engagement tactic through building communities of like-minded people and identifying what Go-To-Market suits to the recognized community.
Perceptions – These are those notional value sets which go to define the brand equity of the B2B marketer in the minds of the customer. Usually, this is the one which is most ignored and classified as the cost items. They are tricky though when you are venturing into vast product portfolios catering various segments of verticals & horizontals. In some case, where you have already foray into the defined segment like services and you are venturing into products portfolio, they become even more challenging as you have a preset conceived values in the minds of the customers. In these cases, it’s very critical for any B2B brand to optimally play using digital media and various thought leadership forum to demonstrate the innovation capabilities and domain expertise in area being ventured. Identifying the key product experts in the company as the face of your product works well (apart from the Company leadership team), building attractive artifacts, being present in the industry leadership forums which is looked upon, makes a promising appeal to gather perceptions about your products. In today’s world, Zero Moment Of Truth by Google holds weight and edge in the digital era, complemented with tradition methodology.
Value Proposition – These are beneficial values which a B2B consumer is going to get. The smarter strategy would be to be consumer centric, understand the industry requirement, visionary features and values what your consumers are talking about and address those pain area. If you are able to bridge in the gap between the requirements and being developed, the value proposition has been well said. Nevertheless, it is not the case always; hence the marketers would have to work through their guts to bring out the Product Positioning through various competitive intelligence, Market analysis in terms of revenue band that the segment holds for the players, and characteristics of the band to devise unique selling proposition to position for their product against the need of target audience. Value Proposition plays a critical role while devising the B2B strategy.
Once the components are defined, it would make more sense if the products could be encompassed as a business theory, in terms of answering a business problem. Business theories or Modern Marketing strategies hold loads of power in defining your products & solutions being developed, as they become synonymous or law of the land to the business problem, hence the prospects would be able to relate it with their scenarios and buy in for your product. The advantage of these business theories are that, they have the strength to lead the product life cycle road maps as they are outcomes from what industry wants and addresses pain areas. The Good leading example is the Modern Marketing strategy defined by Google for its searches, Zero Moment Of Truth. The rationale behind the theory enables marketer to perceive their business problem, which inherently brings in the Buy–In for all the Google Search related products.
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