In a very competitive world, Marketing remains the best way to convince your customers to choose whatever product or services you offer. Sound like simple advertising, right? Well, it’s more complicated than that. Effective marketing is about more than just creating buzz and creating awareness about what your organization is about and what it has to offer potential customers and investors.
For the sustained and genuine growth of your company, there is a need to differentiate between the type of marketing which is mainly responsible for driving brand, service and product visibility, and that which covers nearly the entire customer experience. Running a successful business requires using both the most suitable marketing techniques to turn your target audience into new and returning customers and taking steps to ensure a return on your company’s investments.
First, you need a good marketing strategy. Some ways to achieve this are through;
- Impressive website
- Influencer marketing
- Content marketing
- Marketing Automation
- Social media
- Interactive Tools and experiences
- Customer engagement
How Relevant is Marketing in the Tech Industry?
In a transformed and highly competitive arena for IT companies and the tech Industry in the b2b sector, there is a need to approach marketing by using tactics that produce real and measurable results. These days, to optimally offer consumers and clients the best solutions and products, there is a need to find a niche for your company and discover where your products and services fit best in the market. The ability to reach out effectively can influence the success of most tech organizations.
Despite this need to stand out, marketing for many organizations is still considered as a cost center, rather than a profit center which is directly responsible for business growth and sales. There are several methods to push your brand effectively, ranging from the traditional approach to more modern and innovative strategies. Transformation of these marketing strategies is a must to succeed in a highly competitive era brought on by a data and technology-driven society.
Evolution of Marketing: Modern vs. Traditional Methods
Several mediums can be leveraged for marketing, and these are broadly divided into two types: traditional marketing and modern (digital) marketing.
Traditional marketing has been in existence as early as the 18th century and is a broad term that refers to some of the most basic and popular types of advertising techniques. It typically targets an extensive market and offers many of the offline promotional and publicity tactics we encounter every day. Many of these have evolved recently to encompass things like digital billboards and interactive ad displays, but remain loyal to four key marketing points: product, price, place and promotion.
The traditional marketing methods include:
- Print: Newspapers, Flyers
- Broadcast: TV and radio
- Mail: Brochures sent through direct mail
- Telephone: Telemarketing
- OOH (Out-of-Home) advertising; Billboards, Street furniture, walls of kiosks and transit areas, etc.
These methods have the advantage of reaching a broad market and are usually easy to understand. However, they can be more expensive, and make it more difficult to calculate ROI.
Digital Marketing or Modern marketing refers to modern methods used for advertising, mainly through online tactics or the use of an electronic medium like mobile phones. Currently, any business that wishes to thrive in our technology-driven world must utilize digital marketing to reach their target market, and establish a dynamic connection to their customers.
With more people spending most of their time on the internet and carrying out their daily activities there (a large part of which is buying goods and services), digital marketing has become crucial. To validate a marketing budget, successful businesses need to connect to potential customers in the most efficient way. Given the immense traffic of Millenials on the internet, it is only common sense to find them there, or you will be overshadowed by competition that is taking advantage of the latest digital marketing techniques.
Online marketing activities are at an all-time high and obviously, give modern advertising an edge over more traditional methods. These digital marketing methods include;
- Digital Channels Creation
- Content Marketing
- Social Media marketing
- Content Marketing
- Email marketing
- Video advertising
The positives of modern advertising methods are that they target a big audience, provide more interactive communication with customers, have better cost-effectiveness, enable easy measurement of ROI, help brands and products to go viral, and tap into new markets among many more.
Sometimes the best marketing strategy is a fusion of both the traditional and the modern, but any attempt to use just one and ignore the other may lead to ineffective marketing plans. To ensure that whatever marketing method you select is helping your company grow, there is a need to look inwards and assess your company’s marketing performance.
For a marketing strategy to deliver value, it is vital for companies to continually develop their human resources, methods, systems, performance, tactics and vision, and to document this progress. This is where a marketing maturity assessment comes in.
A maturity assessment will enable your company to ascertain and measure the effectiveness of its marketing strategy. A successful strategy should have a positive and direct impact on metrics like your basic revenue growth, customer acquisition, retention and satisfaction, and ROI. Essential pillars of your marketing strategies should be identified and sustained or improved.
Some of these key marketing pillars in your company are areas like;
- Organizational capabilities
- Strategic Approach
- Marketing Content
- Customer Engagement
- Performance Management
- Marketing Technology.
An in-depth assessment of these will provide insight into the effectiveness of your marketing strategies, synchronize priorities and tasks, and guarantee a cohesive investment into practices that will lead to sustained growth.
Marketing has a major role to play in this time of fierce competition and customer-driven buying process. It can become the main driving force for long-term success, but changes are required at all levels. You can begin this journey to financial success by starting with an understanding of what position of strength your marketing strategy is at currently.