Consumers Have a Louder VoiceBack in the old days, consumers had comparatively little say over the products that were positioned in the market. These consumers were also far more gullible, and as a result were easily influenced by rudimentary marketing strategies. Marketers in those days did not feel the need to constantly come up with new ideas to lure in new customers or retain the old ones.
Once a particular marketing strategy was developed, the formula seemed to work on the consumers for a fairly long period of time. As times have changed, so has the nature of consumerism. Customers can no longer be viewed as predictable entities that are bound to make a purchase if they are tempted into making one. In the modern day context, consumers have a louder voice, which consequently gives them a greater role to play in the market. The success of a business nowadays lies in the hands of its valued consumers. As long as marketers are able to win the consumers over and appease them at all times, their success will be guaranteed.
On the flipside, companies who are reliant on traditional marketing approaches are likely to suffer the wrath of this new generation of highly critical consumers. Consumers are no longer passive spectators. They are active players in the market today, and one of the reasons for that is because most consumers have an outlet to air their grievances, likings and disliking towards a product or service. In other words, the capacity to share their experiences is what has given the consumers greater significance in the market.
Evolution of Brand LoyaltyOne of the key objectives of Brand Marketing was attaining Brand Loyalty from the consumers. Even a couple of decades earlier, businesses rode on the waves of brand loyalty that helped them keep consumers under their umbrella. For instance, when a consumer bought a product or subscribed to a service that was of great value the first time, the consumer became inclined towards the product and developed a sense of loyalty towards the brand or the manufacturer of the product. This notion of trust in the quality of a product or loyalty towards a preferred brand caused consumers to keep coming back to their favourite products over and over again.
Marketers didn’t have to focus on appeasing their old customers, and instead concentrated on acquiring other prospect. Nowadays, this idea of brand trust and brand loyalty has been altered to a certain degree. Sure, customers still feel more comfortable buying a product that they have had a prior positive experience with, but with that being said, it would be erroneous to assume that the bond of the loyalty between the modern day consumer and the brand is the same as before. Consumers today are far more demanding. If they are pleased with a product the first time, they expect the product to live up to their expectations (and in some cases exceed their expectation) next time onwards.
If marketers want to evoke a sense of brand loyalty in their consumers, then they need to focus on Reputation Marketing. In other words, the idea is to keep the current consumers happy so that they share their positive experiences with others and thereby turn into living, breathing, walking and talking advertisement billboards. This can also be dubbed as Customer Review Marketing.
Appropriate Product PromotionThe traditional method of marketing was to highlight the strength of a product to the extent where consumers will be drawn into making a purchase based solely on a single, highly impressive characteristic. This particular tactic will no longer reap rewards for marketers. One of the reasons for that is because of Online Reviews. Consumers are always discussing their experiences with products on the internet, where they critique and dissect each and every single element of the product.
These online reviews are as detailed as they come, and are basically a means for consumers to judge and assess products based on a number of different criteria. Online reviews also facilitate convenient comparison for the consumers. Bearing in mind the fact that modern day consumers have become critics of some sorts, it is important to never position a product or a brand on the basis of a single, solitary characteristic. The customer does not always look for specific features.
Instead, the overall value of the product is what determines whether or not it will appeal the consumers. Therefore, it is imperative for marketers to showcase as many commendable characteristics as they possibly can to capture the attention of the audience.
Final VerdictThe best method of marketing applicable for the modern day scenario is the one where the marketer taps into the mind of the consumer. Once you understand the ever evolving requirements of the consumers, it is up to you to take over the internet and work towards a building a solid online reputation.
Cater to the needs of the internet users. Create compelling content that creates a buzz about your product. Learn how to inform and entertain your audience at the same time. Once that is complete, you can acquire the appropriate IT tools to maintain your E-Reputation by tracking and analyzing consumer behaviour.