How Businesses can Rise Using New-age Marketing Skills: BEx Guruwaar
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Apr 07,2020
- 21 Mins Read
The lockdown is hammering the progress of companies in the Indian ecosystem. At this time, entrepreneurs need to come up with a new strategy to survive in the market. Rendering services and carrying out regular operations have become difficult for businesses, in turn, growing their reliance on virtual applications. Besides deploying virtual skills, the companies must change their course of direction also and develop new age marketing skills.
Witnessing the importance of strategising, BEx Guruwaar lately held a webinar in partnership with Vishal Chavan, Business Coach at ActionCOACH India. The webinar demonstrates how businesses can develop using new-age marketing strategies.
Before imbibing new age marketing skills into practice, it is crucial to break the myth that it is not just related to digital marketing but includes many more elements. It is not related to traditional marketing.
Traditional Marketing-- A Practice of an Old Era
The traditional marketing skills are essentially utilised by traditional, small businesses whose sole aim is to increase sales. Such businesses employ various modes of marketing like creating and displaying hoarding and advertising their business. These businesses focus on masses in their entirety; they do not have any particular age groups or target audience to concentrate on.
In this, entrepreneurs are concerned about branding and their approach is company-centric. This kind of marketing aids business owners to reach an end.
Why Should You Adopt New-age Marketing?
A company can deploy new age marketing skills to increase speed, synchronization and develop connections. Through this, an entrepreneur not only sells products to the customers but also educates them.
By applying this marketing technique, a company creates a selective user focus wherein it concentrates not on general masses but targets a certain group, particularly on passionate users. It has a customer-centric approach and thus, helps solve problems of the customers.
After learning the significance of new-age marketing, then comes its implication in the business. Co-creation is an ideal method to apply new age marketing skills.
Co-creation Help Leverage New Age Marketing Skills in Business
In essence, co-creation is a management objective. It helps clients, customers and vendors mutually generate valued outcomes. It is a strategy that helps people, especially customers to co-create ideas, moves, and themes for the companies. Through this, customers and other external sources contribute to the companies and help solve some important problems.
At one point in time, Tanishq, which is a leading jewellery brand, faced problems in attracting new customers and creating new designs. So, they called up their top clientele in various regions of the country and held meetings regionally. They told their customers that they are facing challenges in getting new designs. In one meeting, which was taking place in Mumbai, a lady answered that she could not find jewellery suitable for her workplace and the jewellery brand originally makes only traditional jewellery. The company took this advice seriously and built its sub-brand named Mia. In that specific year, Tanishq recorded 23 per cent growth in its sales.
Similarly, DHL, which is an international logistics company, used the co-creation strategy to resolve a difficulty it faces in snowy regions. The company could not properly transport goods and other commodities in the heavy snowfall regions. This begets 15-20 per cent fall in its revenue in those areas.
To mitigate this problem, it held meetings in Europe, Asia and other regions across the globe. It invited dealers, distributors, suppliers and other vendors for the meeting. It conveyed this problem to the people and in one of the meetings, a supplier proposed the idea to use drones to move goods from one region to another. It put this thought into reality and invented a drone named Parcelcopter and began using it as a pilot strategy.
Other Important Marketing Ideas for Entrepreneurs
Along with new-age marketing, there’s come an array of other marketing skills that the entrepreneurs should apply to their business. Here are these marketing skills:
- Theme-based Marketing
In theme-based marketing, entrepreneurs have to create a theme for their business. They do not have to work on logos and taglines to create an impact on the people.
- Create a Cult or Tribe
Businesses have to appreciate their customers and keep in constant touch with them. For that, it advised forming a cult of those customers who share similar interests and are loyal as well. The American motorcycle manufacturer, Harley Davidson created its cult named HOG that encompasses over a million members today.
- Social Media
Small companies with good cash flow often think that they do not need any presence on social media. Regardless of generating bounties of revenue, every company whether small or large should understand the importance of social media and thus, enter the virtual world.
- Repeat Business Marketing
To thrive, companies should not halt business marketing. They have to get new customers, nurture them and transit them into loyal customers.
- Referral Marketing
Words of mouth are considered to be the best form of marketing. The companies should include a referral marketing strategy into their business. With this, customers can get additional benefits and offers for referring the company to other users. In this way, customers will make new customers.
- Participate in Networking Events
The entrepreneurs should widen their network and add other important contacts in the circle. For this, they need to engage in regional networking events and often attend those events.
- Create Education-based Webinars
The companies should hold education-based webinars and therein, introduce people about their brand. Through these events, companies can meet people who can be part of their cult or tribe.
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