Marketing is no longer about selling your data & showing personalized adverts. The trends in marketing have surpassed that already! Here's how.
Further confluence in technology, consumer behaviour, analytics & promotion has given a new edge to marketing. So without beating around the bush, let's dive into it:
GEOFENCING
Breaking the offline-online divide, Geofencing uses GPS & social media to throw the spotlight on a particular product. Let's take an example to understand it better. Suppose you enter a shopping mall. Your GPS tracks your location & shows you adverts of products available in the vicinity when you go through your social media feed! The product will get visibility and the buyer can also be attracted by enticing offers which can compel the user to at least try the product.
GUERILLA MARKETING
On a very basic level, guerilla marketing means targeting the weakness of your competition & undermining them publicly to gain negative publicity. A good example would be Soapmaker Sebamed's scathing attack against HUL products in India. Such advertisements usually never fail to generate a buzz & popularize a brand through word of mouth as well.
NEUROMARKETING
A very interesting field has emerged in marketing. In a nutshell, Neuromarketing is all about combining economics, psychology & neuroscience. This approach works on taking advantage of sensory stimulus. It also lays stress on consumer psychology. For instance, some DIY brands make use of the IKEA effect (we value things which we make ourselves more) to inflate prices.
INFLUENCER MARKETING
Another byproduct of the social media age, influencer marketing has shot up to prominence, especially for products related to fashion, gadgets as well as sports/performance. Growth of e-commerce & fast fashion has accelerated this trend. The graph below from Mediakix quantifies this assertion.
INTERACTIVE MARKETING
One to look out for the future, Interactive Marketing can emerge as a gamechanger. With further development in the field of Augmented & Virtual Reality, this kind of marketing has the potential to go mainstream. For instance, fashion retail outlets can replace trial room by an AR-powered mirror where one can try out different clothes as per their choice. You can see a video relating to this HERE.
Thanks for reading! Fair disclaimer: The first three topics in today's article were brought to my attention by Mr Ram Jalan, I attended a brilliant conference hosted by him which compelled me to write this piece on marketing! You can find him on LinkedIn HERE.
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