Recent Marketing Trends for Entrepreneurs.pdf

Recent Marketing Trends for Entrepreneurs Digital Marketing Digital marketing is when online platform is used to promote the products and services of a company. Digital marketing is a type of marketing that involves the use of various digital platforms to market a product or service....

Recent Marketing Trends for Entrepreneurs Digital Marketing Digital marketing is when online platform is used to promote the products and services of a company. Digital marketing is a type of marketing that involves the use of various digital platforms to market a product or service. This type of marketing can be carried out through websites, social media, and search engines. It makes use of digital mediums for disseminating the brand message, advertising and measures the brand’s impact. This includes video advertising through channels like YouTube, image advertising through Instagram, search engine marketing on Google, social media advertising on Facebook, content marketing on different channels and platforms, paid advertising campaigns, and many others. Due to the rise of new technology and the increasing number of marketing trends, companies have had to change their strategies. Search engines such as Google allowed businesses to get noticed. Social media sites such as Facebook have also made it easier for companies to monitor their consumers. Digital marketing has its synonyms, such as – internet marketing, online advertising, e-marketing etc. Importance of Digital Marketing An Omni channel digital marketing approach can help marketers identify and target their ideal customers while opening up new opportunities for customer engagement. As digital marketing continues to evolve, it is becoming more important that they have the necessary tools and resources to capitalize on these new opportunities. According to Forbes, social media is becoming more conversational, video content is being refined for SEO purposes, and emails will become more personalized. 1. Better Reach Due to the rise of internet users, it is now more important than ever that businesses take advantage of their online presence. This is because people are searching for products and services online. Having the right digital marketing strategy can help you reach your target audience at the right time. One of the most important factors that businesses should consider is having an engaging online store. 2. Increase in Brand Awareness Large businesses can benefit from digital marketing as it allows them to maintain their competitive advantage in an environment that is more challenging. On the other hand, small businesses can take advantage of online marketing to establish their brand and gain a foothold in an already booming market. 3. Return on Investment When it comes to digital marketing, the return on investment (ROI) is a measure of how much money you are able to make from your campaigns. For instance, if you compare the various types of marketing techniques such as e-mail marketing, social media, and PPC, SEO is known to produce a higher ROI. In addition to increasing revenue, organic traffic generated by SEO is more profitable than other strategies. 4. Expand your Business Globally When it comes to expanding a business' international reach, digital marketing is a vital part of any organization's strategy. It allows you to connect with potential customers and develop effective marketing techniques. With the endless variety of digital marketing tools at your disposal, you can reach out to new clients and expand your business operations. Types of Digital Marketing Channels Before digital marketing was popular, marketing was done through radio and television ads, as well as in magazines and newspapers. These are still in use today, but digital marketing has taken over. Here are some of the most common ways that companies can utilize social media to boost their marketing. 1. Pay-Per-Click Advertising 2. Website Marketing 3. Email Marketing 4. Content Marketing 5. Social Media Marketing 6. Search Engine Optimization (SEO) There is a wide range of disciplines within digital marketing, and it can be integrated into the strategy depending on the goals and budget. If one is not able to afford to spend a lot of money on advertising, he can start with social media, SEO, and organic content. On the other hand, if one is ready to spend a lot of money and is looking for quick results, digital advertising is a great option. It all depends on person’s needs and budget. Sustainable and Ethical Marketing It comprises of making moral decisions throughout the marketing process, from product development to advertising and sales. Marketing ethics is a set of moral norms that regulate the actions of persons and organizations involved in promotional activities and the sale of goods and services. Organizations that establish and use marketing ethics strive to respect customers’ rights, desires, and expectations. Though the objective of firm leaders is to generate operational income and profits, they may also prioritize values such as integrity, honesty, and fairness. Different standard unethical marketing practices are surrogate advertising, puffery, exaggeration, unverified claims, false brand comparisons, stereotyping of women and children in advertising, etc. Importance of Ethical Marketing 1. It is a type of marketing that focuses more on ethics and principles of marketing efforts than a promotional strategy. 2. It channelizes marketing campaigns by paying heed to what is right and wrong for the target audiences or society. 3. Every aspect of marketing ethics promotes fairness, honesty and responsibility in a company’s marketing policies. 4. Ethical marketing frequently involves advising clients about the hazards associated with particular goods and services. 5. It is the foundation for consumer trust and credibility, boosts loyalty and ensures a strong brand image. 6. Through ethical marketing, companies display their concern about environmental and social causes such as pushing for energy conservation or gender discrimination and position themselves for sustainability and profitability. Sustainable Marketing It is an approach to marketing that considers the environmental and social impact of a company's products or services. A sustainable marketing strategy aims to meet the needs of the present generation without compromising on the needs of future generations. It considers environmental protection, social responsibility, and economic growth. With the help of sustainable marketing, the business will survive and meet all the challenges and give back to the community in every possible way. Principles of Sustainable Marketing Sustainable marketing includes similar marketing approaches known as green marketing or eco-marketing but is broader in its overall scope. Green marketing focuses on the environmental impact of a company's products or services, while sustainable marketing also attempts to consider the social and economic impacts. It includes ethical marketing as well. 1. Consumer-focused marketing: Every company should prioritize its customers and organize its activities around the needs of their customers. 2. Customer value marketing: Customer value marketing is creating value in the company and its products to the customer. Instead of merely giving low prices and offers, the company should create value in its offerings. 3. Innovative marketing: The company should continuously improve its existing products and offerings and try to find innovative ways to satisfy customer needs. Continuous improvement is the key to excellent and successful sustainable marketing.  4. Societal marketing: This principle helps to establish the organization as a solution provider rather than a money maker and focus on social causes. Neuro Marketing Neuromarketing is the practice of analysing a customer's psychological and neural signals to draw insights into their preferences and understand their decision-making process. It is a marketing trend that focuses on brain activity to understand consumer preferences. It focuses on understanding consumer emotions and subconscious reactions. It is the study of how people's brains respond to advertising and other brand-related messages by scientifically monitoring brainwave activity, eye tracking and skin response. These neuromarketing techniques are used to study the brain to predict consumer decision-making behaviour. The fundamentals of neuromarketing consist of three main areas: marketing, neuroscience and psychology. This technique helps in decoding customers' emotions when they are presented with a product or shown an advertisement. Neuromarketing helps marketers reduce the degree of uncertainty, as information obtained through this method is more reliable than other methods, such as surveys or questionnaires. Researchers use technologies that observe brain activity & biometrics to determine how people respond physiologically to marketing messages. Techniques used are biometrics, Electroencephalogram (EEG), eye-tracking, facial coding etc. Electroencephalography (EEG) is a neuro-research technique that measures brain activity. It's a widely used technique in neuromarketing research to measure cognitive processes, such as calculations, in order to predict consumer behaviour. Coca-Cola has used neuromarketing techniques to understand consumer responses to its branding and advertising campaigns. In a famous neuromarketing case, Hyundai used EEG to test their prototypes. They measured brain activity in response to different design features, and explored which kind of stimulation was most likely to result in buying. The findings of this study led Hyundai to change the exterior design of the cars themselves.