Technology, today, has a lot in common with the air that we breathe in, be it in terms of its ubiquity or necessity. In fact, many a people, if given a choice, would prefer to give up their supply of oxygen than have their digital devices and Internet connectivity taken away. This light-hearted example underlines perfectly the integral presence technology has become in today’s digital-first lifestyles.
India, in particular, has been demonstrating an impressive growth in the adoption of digital technology. Currently expected to be home to nearly 250 Mn smartphone owners, the country is predicted to see the number of smartphone users cross 700 Mn by 2020. Internet penetration is also growing at an accelerated pace; with an estimated 460 Mn+ Internet users, India is home to the second-largest internet user base in the world, behind only China. These numbers are expected to grow even further, as projections predict an addition of 50 million new internet users to the Indian market till the year 2020.
While this rapid adoption of technology in the Indian market no doubt underlines India’s growing stature as an emergent superpower, it also provides upcoming tech-driven business ventures a viable opportunity to market their services/products to the new-age Indian consumers. Gone are the days when brands used to depend upon mass marketing methodologies such as banner ads and television commercials to gain visibility; growing interconnectivity and mobile-based solutions have flipped the entire concept of marketing on its head. Here are a few new-age techniques that emerging businesses can utilise in order to utilise to maximise the impact of their brand marketing strategies:
Data Analytics, Consumer Profiling, Clear Segmentation
With data rapidly emerging as the new gold for the global business ecosystem, the importance of using data analytics to optimise the marketing function cannot be stressed enough. Data analytics can help brands in crunching through apparently unrelated information to create highly-specific consumer profiles that break the target market down to the level of the individual consumer. This allows for clear consumer segmentation, which in turns serves to boost the efficacy of marketing initiatives.
Several day-to-day functions have already migrated onto a digital medium. We can order cabs, book dinner reservations, make medical appointments and connect with our social circles, all at the touch of a button. This is what makes it imperative to integrate digital tools into the overall brand strategy.
Novel methodologies, such as geolocation-based marketing and targeted marketing, can help both online and offline ventures in maximising the reach of their marketing endeavours and drive greater visibility, growth and revenue.
Developing Content Relevant To The Target Demographic
Content has been the king since time immemorial, a position which the increasing adoption of technology has only served to further consolidate. But while engaging content can often allow smaller brands to gain visibility and stand out from the crowd, marketers have to ensure that the content they develop is relevant to their product/service as well as the target consumer base.
While it is vital to maintain a congruous brand identity across geographies, today’s highly-competitive business landscape has made it just as important to exhibit an in-depth understanding of the regional market dynamics. This can be done by either highlighting the key aspects of a product/service most relevant to the local consumer, or basing the communications strategy around the needs of the regional market. Successful implementation, however, requires a detailed research of the target market for the maximum impact.
Identifying The Right Marketing Approach For Every Market
Square pegs never fit into round holes, which is why there is a need for businesses to identifying the right marketing approach for every market and consumer demographic. For example, a marketing technique which is highly successful with the millennials will not necessarily generate the same results when targeting baby boomers.
By identifying the right approach relevant to a particular market segment, brands can generate good consumer traction and optimise their marketing ROI.
At the end of the day, every brand marketing endeavour is more or less about what sets a brand apart from its competitors. Therefore, not only must emerging ventures focus on creating a clear product/service differentiation, but must also focus on communicating it effectively in order to attract and retain consumers.