Tuesday, 19 September 2017

Marketing it right

Marketing is a vast domain and almost everything doesn’t suits all. Lots and lots of companies have done wonders in the recent past defying marketing principles with their excellent customer insights and visionary approach blended with right product development and appropriate marketing strategies.
The market is home to so many exceptional marketing companies and organizations learn from them every day. Today is the era of doing new, and doing new again and again. Successful companies focus more on what’s going to happen tomorrow rather being misguided with the current trends only. They deploy more futuristic approach and prepare themselves for any possible opportunity and threat. Market is flooded with investors and stake takers who don’t mind pumping in huge amount of money once they understand that the idea is worthy and will do well in long run and companies need to take a note of that. Despite it many companies fail to capture and retain customer in long run. Reasons are numerous; It could be wrong customer insight, failure to change, govt. intervention or impact of the allied industries. Like what is happening with the Brick and mortar retail. Customers now prefer to buy online and they refrain going out and visiting stores by themselves. Organized retail in India is believed to be around 10% and Online market captures just 1% of this organized section. The % seems to grow tremendously in the years to come.

All companies need to do is not to get restricted with product improvements and reach extension. Rather they should focus more on changing trends and shopping patterns, buying behavior and related aspects. As this only can lead them to penetrate efficiently and will help the companies to pull money out of the customer’s pocket.

Mudit Tomar
Assistant Professor
Law Department

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