Marketing trends have altered dramatically since world war ii, when marketing just contained notifying the customer about the presence of an item. In the present scenario, the customer rules, and then any company that wishes in which to stay the sport has to maintain the most recent market trends and consumer behavior. To thrive in the current economy a company must market its products intensely and effectively.
To promote effectively, the customer should be examined, his behavior should be assessed then based on these bits of information an advertising and marketing strategy needs to be developed. And thus, marketing has turned into a science that endeavors to know the customer and predict if your certain product is a hit or otherwise. Furthermore, the press boom (Satellite Television, Internet, Mobiles, PDA’s, etc.) has produced abundant avenues allowing you to connect with a multitude of consumers. It has helped business to improve their share of the market, not only to the domestic market but additionally within the global market.
Marketing Trends and Consumer Behavior
Today’s consumer is extremely unlike his ancestor, he’s more vulnerable to experiment and take a risk. He’s totally confident with current technologies and more and more depends upon those to fulfill his needs. Growing digitization, growth of social media and entertainment based services are only a couple of examples of this trend. Most effective and quickest behavior has become less affected by his/ her cultural background plus much more affected by the worldwide media.
Hence, convergence is just about the most significant marketing trend. Information mill developing new partnerships to focus on this global consumer. That old marketing mixture of 4ps, 7Ps, etc. has been revolutionized by today’s consumer driven market. Consequently companies have to maintain the ever altering demands from the consumer. Whatever strategy was effective two several weeks ago, will most most likely be redundant today.
This will make it essential for companies not to just understand its customers, but additionally so that you can anticipate the things they want next. Today’s consumer is driven by the necessity to stick out within the crowd, causing them to be buy whatever is easily the most fashionable product during the day. Shades worn through the current pop-star, a set of Nikes footwear or branded jacket are most important items for consumers of the century. Getting things is much more about satisfying their ego, as opposed to a fundamental need.
Entire departments and institutions have been in existence to know the customer – the way they choose products, where they like to purchase, what cost ranges they are able to afford, etc. Behavior mapping through social-media sites can also be growing. Actually, in the article ‘Where Internet Marketing Is Heading this year (Part Two) 1 Millward Brown states “Survey research will stay the main tool for understanding branding effects and motivations across these platforms, however the much deeper value-accessory for the marketer is going to be the way the branding effects in surveys help explain the behavior and purchasers information from a number of sources including buzz monitoring, online behavior tracking, shopper loyalty databases, consumer sales panels and custom databases. While online listening techniques continuously grow in importance, marketers will discover this of limited value unless of course additionally they understand who’s saying what.”
Understanding customers means focusing on how they behave why they are doing the things they’re doing, are they all think by doing this and just what will the result of this perform their buying. To create things uncomplicated marketers divide customers into various kinds. Segmentation is transported out based on age, gender, nationality, etc. after which strategies are formulated to focus on each segment based on their behavior analysis. Consequently, effective strategies are designed to influence and persuade customers to buy the products or service available.
Traditional marketing strategies have to be labored on and modified to suit the market today needs. The customer is becoming highly informed, alert and cynical of promoting made by companies. The technological atmosphere makes it feasible for the customer to have interaction along with other consumers with the social systems and discuss the benefits and drawbacks of each and every product. Marketing for this generation of consumer is extremely challenging. Just the fittest and many thorough marketer can survive within this challenging atmosphere.