Running Head: Communicating Value Communicating Value Inserts His/her Communicating Value The dynamics of marketing have changed greatly after the introduction of internet and other high tech communication technologies. Conventional marketing techniques are being replaced by a personalized approach as companies try to speak to consumers personally. The plethora of information available to consumers is making them more aware of the products and services offered by different companies. Internet has made consumers stronger and this is why companies have to develop a personalized approach in their marketing. Online forums and Facebook groups have already allowed consumers to voice their opinions (or concerns).
Also study suggests that a significantly large number of broadband users had their purchase decision influenced by an online source (Riegner, 2007). This means a lot for marketers as now they have to use more resources to cater to the individualized needs of the people. Individual marketing mix is now based on information that previous didn’t existed. A person can go read a review and that review may influence his or her purchase decision. Now for marketers this is something new and they have to adapt to this going trend.
Companies have to start internet campaigns and should attempt to establish a relationship with the consumers. Imagine product managers or brand manager of a brand answering queries of consumers personally… This is the approach that is required in today’s world of interactive media called the internet. Product development will also change forever because consumer insight is so easy to access. This gives an added advantage to managers as now they can develop products that are better suited for consumers. It is easy and quick to know what consumers want and change the product accordingly.
This has changed the product development process. Mass advertisement, on a large scale, is not needed in today’s era because different consumers have different needs. Companies cannot rely on mass advertisements now a day because they are too general. Specificity is required because of vast difference in individual marketing mix variables. Commercial implications of this new marketing strategy are costly because internet advertisement is not cheap. Also interactive forums should be established and managed and this will take time as well as resources.
Companies cannot just end its mass advertisement marketing strategy because not all consumers are using internet today. Firms will have to carefully allocate resources to both mass advertisements and interactive marketing in order to gain maximum advantage. Mass advertisement is still needed because one on one marketing strategies are expensive to a great extent. People are also getting bored of conventional advertisement like emails and telemarketing (Nunes & Merrihue, 2007). There exist a market that is not responding to such advertisement appeals and for them mass advertisement is required.
One technique is to use places that people visit often and cannot avoid at all. Mass advertisements should be used to communicate to ‘busy’ consumers. Word of mouth information should be used to market alongside with mass advertisement in order to achieve the best results. Broadband is being used by many consumers but not all of them can be targeted using personalized approach. For different consumers different marketing techniques will be required. References Nunes & Merrihue. (2007). Continuing Power of Mass Advertising. MIT Sloan Management Review Riegner, Cate. (2007). Word of Mouth on the Web: The Impact of Web 2.0 on Consumer Purchase Decisions.
Journal of Advertising Research, 47, 436-447