To appreciate the evolution of marketing through its history, we need to first understand how marketing as a discipline was applied in a traditional sense to its modern avatar.
The classic definition of marketing is ”the activity, set of institutions, and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large”. Here if we elaborate these definition to compare and contrast traditional marketing activities with how they are being managed in the modern sense, we will see that technology has played a big part in this transition.
Traditional Market Based on
Traditional marketing, by definition, includes platforms and techniques which were used as one way communication tool rather than interactive ones, like:
- Print media, which provides daily news, classified, local and interest based dailies/periodicals/flyers which monetised through promotions and local advertisements.
- Broadcasting, which includes television and radio provided entertainment, knowledge, and live events primarily supported by television advertisements.
- Outdoor marketing, like billboards/hoardings has had great impact over decades in terms of influencing consumes.
- One-to-one marketing, includes telemarketing but it had been effective though expensive and not able to reach maximum customers.
Main Factors Impacting the Shifts from Traditional to Modern Marketing
Traditional marketing techniques more prevalent prior to the 90s, before interactive technology started making its impact, focused on elements which in the present age have undergone significant shifts. Key areas for such shifts includes:
- Power shifts from business to consumer attributed to availability of a wide variety of product choices and saturation of key categories.
- Growing amount of communication channels leading to clutter and brands moving away from mass marketing to customised online marketing, here target is individual audience, the emergence of marketing as a discovery-led immersive exercise for an individual/group rather than forced message targeted to a large audiences.
- Consumers preference for interactive rather than traditional medium such as newspapers, magazines, TV, which had a one way information flow, now live interactions, which makes things different. Higher interaction with products and more avenues for such interactions facilitating holistic messaging rather than the traditional practice of one-off marketing.
- Need to validate marketing with products and services recommendations from trusted group of influences/social interaction. Customer experience matter most.
- Need for comparison of product benefits to make informed decisions, multiple messages need to be heard, understood, and trusted upon by targeted segment and lot of research need to do before taking any decisions.
Advent of Modern Marketing Techniques
Modern marketing involves the platforms and techniques like,
- Search marketing: Using search technology towards marketing
- Online marketing: placing ads across website/digital platforms
- E-mail marketing: sharing commercial messages with people
- Social media marketing: using social media platforms/networks for marketing
- E-commerce: selling/trading goods and services on any online platform
- Digital on traditional medium: integrating digital technologies with traditional marking mediums to improve interactivity.
Although modern marketing surging ahead, traditional marketing methods have their own importance while targeting niche customers and high-end groups who are more used to personalised and value-added targeting.
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