A large chunk of companies, essentially startups, are rapidly emerging in India. Presently, India is the third largeststartup ecosystem, ranging between 7,200 to 7,700 startups as reported by Nasscom.
Similar to the emerging startups, new products are also launching in the market, thus bringing attention to the smallest needs of customers. Today, besides meeting the basic amenities, customers are majorly shifting thereby being enticed to buy new, unique products.
For instance, the mobile phone was first introduced in 1973 to enable communication between people, residing in different geographical locations. Over the years, the mobile was merely a source of communication for individuals but with the emergence of smartphones in 1993 in the form of Simon Personal Communicator (by IBM) and subsequently, android phones were launched by HTC in 2008.
These inventions were not merely gadgets but became a widely followed trend amongst the millennial. In the internet-driven world, companies made customers believe that smartphones and android phones are a must. These gadgets were promoted as a source of enlivening as well as communication, which in turn increased the number of mobile users.
By 2022, there will be 829 million smartphone users in India, accounting for 60 per cent of the population, according to Ciscos 13th annual Visual Networking Index (VNI), as reported by the Indian daily news, Quartz India.
Alter the Method of Marketing
With the changing business ecosystem, the method of marketing and promotion has also changed. Earlier on, customers used to emphasize on attributes of the products but after grasping customers needs, companies are now focusing on showing drastic changes in customers lives. The companies are giving a personal touch to the products by making them a perfect fit for the customers.
These companies are not following earlier practices in the marketing segment; they are rigorously spending on marketing and product campaigning. Apart from advertising the products, companies are connecting with customers on virtual platforms, studying their behavioural patterns and accordingly creating user-friendly products.
Approaching Different Modes to Build a Connection with Customers
Owing to big data, companies can now access, gather and understand consumer behaviour. The accumulated data gives precise reasons for falls and surges in the business, which further explains reasons for small customer base and vice versa.
Following this, companies can work on products closely and formulate different mediums to allure customers through different social media platforms and tools like social media marketing, SEO, PPC and so on.
The aforementioned strategies will help the brands build a strong relationship with customers.