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We are witnessing a world
of which is getting increasingly fragmented. We have
moved from an era of mass marketing where Henry Ford
could sell as many black Model Ts as he wanted, to an
era where mass customization and micro-segmentation
where every marketer wants to be able to address needs
of individual customers.
Though not many have been
able to reach the magic formula of being able to serve
the individual customer profitably but in today's market
the more you know about a customer - age, gender, what
he owns, what he spends and what his preferences are
- the more likely it is that you can create and pitch
a product or service that will hit a bull's-eye.
Identifying and interacting
with your customers in even smaller groups is a tantalizing
prospect - and now easier and more cost effective than
ever. Thanks to the Web and other technological advances
that gather, store and sort customer data.
Today every business has
understood that the micro-segmentation strategy can
only help the company build a brand in the long run.
Next challenge business
is faced with is, what medium I should use to reach
out to these micro-segments in a cost effective way
to achieve the growth and improve the profitability.
Well the answer lies in
the big i-word that drives the world today?its innovation.
Businesses have now become very sensitive to innovative
ways of marketing, which provide them complete value
for money.
The simple reason is the
growing number of young population and their changing
preferences. Nearly 47% of the Indian population consists
of the youth population and the figure is predicted
to reach 55% by 2015. This is the population that is
much more tech savvy and has better reach to different
types of media. A conventional media may not necessarily
appeal to them in the desired manner. They ask for change
and you should be ready to give it to them?just about
instantaneously and that's where you are differentiated
from the rest. Marketing is now all about serving the
same food but in a different plate and with style. |