Diversity in innovation is the way ahead in marketing: Prasun Kumar
We live in a rapidly evolving world. From Technology to Innovation, everything becomes obsolete in a fraction of a moment. The biggest challenge facing marketers is to keep pace with the ever changing dynamics of business & consumer behaviour alike. It is by no means an easy task.
Brands are in a constant race to grab consumer eyeballs & mindshare. Marketing professionals and teams are always on their toes to spot the next trend or they risk becoming obsolete. While the paradigms are shifting but the cardinal rule has remained constant – those who adapt the most are the ones who survive. With rapid changes across macro-economic parameters, socio-economic conditions & consumer evolution, brands have a need to connect ever deeply with their consumers and to get to know which way the wind is blowing.
Brands across the world chase similar well-defined metric. But only a few stand out in a crowded market place. These are the ones which are constantly innovating & creating disruption with innovations. And more often than not, it’s not the deep pockets (though no one can deny their prowess) but simple yet powerful ideas that get the job done.
Now, however, in this rapidly changing, hyper competitive world of marketing, just being innovative also doesn’t suffice. The need of the hour is series of innovative measures which are diversified at the very idea as well as appeal level – It’s the age of “Diversified Innovations”. An innovation for every segment of consumer, innovation at every step of the brand & purchase funnel. Consumers have a “choice overload” and in this hyper competitive marketplace, the only way to survive is to have a diversified innovation portfolio in marketing. Experiential Marketing, Influencer Marketing, Generosity Marketing are the emerging & widely used tools of that diversified portfolio.
Create a wow experience for your consumers: The art & science of experiential marketing has undergone a tectonic shift with technologies like Virtual Reality, Artificial Intelligence, Hologram Projections, Augmented Realty, Image recognition. Consumers can today experience the aroma of a product on their smartphones & gadgets. Property portal magicbricks.com has recently launched India’s first Real Estate Experience Center with all these technologies built in to give a never before home buying experience.
Be generous with your customers to drive brand loyalty: In a hyper-sensitive multi brand market, consumers have the option of changing a brand at any point of time. The current situation in India’s telecom industry is a classic example. Users keep multiple SIMs at any point in time. So how does one retain a consumer? “More” is the operative word in this world. Brands have to be more generous with their consumers. By Promising More, Offering More, Giving More, Doing More – a brand has to be generous and seen to be so. Today brands are innovating through generosity marketing to make that deep and instant connect with the customers.
Drive peer recommendations to influence the customer: Marketing trends are changing overnight. Till some days back, brands were engaging with bloggers to drive brand preference. But slowly this has fizzled out thanks to the reach of social media. Social media democratized the entire system. You don’t need to be a star to become an influencer. Anybody and everybody who is driving socially relevant content on social media can become an influencer. And brands are engaging with such influencer more often than before to push the envelope.
The art of marketing story telling is changing. The key to success is not only the interesting content but in how captivating a manner in which it is delivered. That is the reason why brands are increasingly innovating the art of storytelling.
Welcome to the age of “Diversified Innovations”!
(Authored Article by Mr. Prasun Kumar, Marketing Head Magicbricks)