Aman Mittal is the Vice President at Lovely Professional University (LPU), one of the leading educational institutes recognized globally for its innovative, collaborative, and consistent transformative approach. He is a multi-faceted personality spearheading various verticals such as International Education, Information Technology, Growth, Marketing, Public Relations, and Entrepreneurship along with overlooking the overall affairs at the university. Adding to it, he is also responsible for roles such as Program Design and Implementation, Team Development and Facilitation along with Crisis Management and Prevention as well as Communication Planning at the university.
Marketing is a persuasive activity that companies indulge in to promote buying or selling of a product or service. It is a complicated process that has evolved over the years from traditional ways to modern means involving different strategies to promote a product, an idea, or a service. It is important for the companies to match up with the changing dynamics of marketing to stay relevant in the industry.
The age-old concept of marketing
Marketing is the most significant aspect of companies’ operations and success as it accelerates growth and helps them stay afloat. In the last few years, the marketing process has changed significantly. With the digital mode emerging at the forefront and the world coming closer with globalization; marketing has expanded its horizon and has come a long way. Over the period of time, social media platforms have witnessed extensive popularization and have revolved around marketing tools and strategies.
Businesses have understood the power of social platforms in increasing sales and brand visibility. It has become an important tool for commercial activities for marketing, advertising, or selling. They leverage the power of social media as an effective method to engage and connect with consumers. Marketing as a strategy helps share information, connect with the target audiences and effectively sell the offerings.
The impact of technology on marketing
According to a recent report by McKinsey, digital technologies have had a significant impact on the marketing sector. It also states that companies have seen the progress of new tools used over social media through their increased sales. The study further shares that companies have been able to generate more than 8 percent capital using digital marketing as compared to old traditional marketing tools, seeing a visible annual increase of 12%. It is crucial for businesses to pace up in the race of generating revenue and gaining popularity amongst social media users. Hence, this is the right time for marketers to stay vigilant and to keep ahead of the curve, knowing that digital transformation is a key aspect of creating successful firms and increasing income.
Marketing is a vast field. Technology is trending way faster than expected. The best way out for businesses is to embrace digital adoption and harness its power to achieve effective marketing outcomes. To grow, businesses need to innovate and come up with new ways to communicate with customers and meet their ever-evolving needs.
The new-age route of Digital and influencer marketing
Most of the consumers in the present times are highly influenced by social media and influencers. Social media is not just a source of entertainment but has also emerged as a booming business. It has not just revolved around public places but has made the world of marketing more interactive. It has helped the world get closer and businesses reach global platforms. Anyone around the world who has the access to these platforms can utilize social media to buy or sell things. It has become essential in today’s digital market spaces to embrace these tools in order to enjoy a competitive edge and be as inclusive as possible.
Social media platforms have glorified and changed the role as well as the authenticity of marketing. These tools are the frontier of marketing and the process has become multi-dimensional now. With marketers being able to interact with customers it requires certain skills and approaches. Grabbing and retaining the attention of the consumer has become easy, leading to popularization and attaining brand recall value.
Marketing is a 360-degree strategy working with a customer-centric approach. To reach the correct audience, brands need to understand where communications and experiences are happening and explore the multiple touchpoints.
The major shifts in digital marketing were impacted by the transition in customer purchasing behavior. Over the years, advertising and promotions have taken a back seat. The most significant change that has been witnessed is that rather than having a single marketing silo; businesses now consider the entire client journey from every point of contact with them. They aim at reaching out to them across all points so as to increase sales.
Hence, marketers use extensive persuasive marketing tools and will participate in cross-organizational collaboration than ever before. Therefore, social media has become a basic necessity of businesses to reach potential customers as consumer expectations have shifted from marketing traditional techniques to digitalization and marketing outlet expansion. Whether small scale or large scale businesses, digital marketing has been a boon in the revenue increment and has been embraced significantly.
Summing up!
Marketing is no longer a mere tool for promotion. It has emerged as a robust strategy for businesses to navigate through crisis and effectively communicate with customers. As a result, keeping up with the developments is vital if you want to establish a strong digital presence and attain brand recall and loyalty. Marketing has moved on from a conventional approach and is now an innovative, creative, data-driven, and outcome-based strategy!