Article originally publishedthe official student-run marketing club of Indian Institute of Management, Bangalore.
Date: 21st August, 2016
How can you squander even one more day not taking advantage of the greatest shifts of our generation? How dare you settle for less when the world has made it so easy for you to be remarkable?
– Seth Godin, Guerrilla Marketing for Home-Based Businesses
Technology is seeping in everywhere, encompassing various sectors of our life.
Whether we accept it or not, the future is already here. Thomas Watson, president of IBM, could not have been more wrong in 1943 when he infamously said, “I think there is a world market for maybe five computers.” What happened in the years since is history.
We face a similar technological revolution today. Companies need to persistently innovate or face the chances of perishing in today’s highly dynamic global market. Digital marketing, in the current context, is one of the most efficient way to position your product in front of the segmentation of the target consumers which is the ever increasing population of the tech savvy, higher income earning populace of millennials and GenZ’s, which demands a better quality of life than the previous generations.
In the next few decades of the 21st century, most probably the traditional advertisement formats like the conventional newspaper ads, banners will be replaced by highly personalized, user-generated content based advertisements.
In the new high-tech world, films have survived but people have been sounding the death knell for print… Films have survived because they have a different platform now. They have gone digital. Till yesterday movies came in cans as celluloid reels. They come in a little disc now.
Similarly, print will not die, the platform will change. There was an article in Time a while ago that newspaper will become a transparent file-like thing. Like a screen that can be rolled up. You would be able to fold it and keep in your pocket. You will unfold, tap it and go to your own favourite sections. Like we are beaming movies, newspapers will also be beamed on the file than get printed. The delivery system will have to change. That romanticised kid on the bicycle throwing the paper in your balcony. That will go.
The possibilities are immense. And if we really keep our eyes open, they are materializing every moment all around us.
The day when a regional restaurant promotes its festive offers to its particular customer base of specific age group who are not based in their hometown is already here. This might seem very easy-to-achieve for us now, but let us take a step back in time.
John is standing at the Times Square in New York handing out fliers to anyone and everyone who walks past him. The conversion rate is so low, there’s an immense waste of resources – he is not motivated, the people trash the fliers 99.9 percent of the time!
Cut to the future, today, John has the resources at hand to focus his energies only on people he knows have previously eaten at a similar restaurant offering the same cuisine, or their personality types are such that the consumer is willing to try out new experiences.
Isn’t that what we ultimately try to do? Cut down on the excessive efforts and to unswervingly provide the best possible products or services to those who are actively or potentially seeking what you’re offering?
The focus is not on skimming the market, the emphasis is on reaching out to consumers rather than waiting for them to find out about you. Quality matters, not just the quantity. Jeff Eisenberg had it spot-on when he stated that, “It’s much easier to double your business by doubling your conversion rate than by doubling your traffic.”
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