Having a smart and sustainable product marketing strategy that attracts the right target audience is crucial in today’s competitive landscape. Needless to say, that the era of push marketing – where you promote your products by pushing them onto people – has somehow eroded. Is this statement really true?
More and more businesses are shifting and integrating pull marketing methods into their overall strategy.
How will this world look like in terms of marketing in the next 10 years? What product changes are imminent in order to grow a business and increase customer loyalty?
As part of a powerful product marketing strategy your business needs to focus on both creating and communicating value.
Watch this video with Dr. Philip Kotler to find out more…
Here’s what Marketing Mogul Dr. Philip Kotler had to say recently according to The Economic Times…
SANJAY KAPOOR (Bharti Airtel’s Chief Executive): With the irreversible changes brought in by the social media landscape, is the word “consumer” redundant? Is “prosumer” an appropriate replacement? How will this change marketing in the next 10 years?
PHILIP KOTLER: The word “consumer” presents us with a view of the customer as a passive person sitting and watching a commercial, or going into a store just to browse. We know that consumers today have access to a great deal of information; they can be “smart buyers.” We know that many consumers are able to make some things they want rather than buy them. The word “prosumer” was intended to be an abbreviation of “productive consumer,” consumers who make some things to meet their own needs.
Many women do “prosuming” work when they design and knit their own sweaters or bake their own angel food cake from scratch rather than buying it from a bakery. Some entrepreneurs may want to approach prosumers as a market opportunity through supplying them with materials and instructions that facilitate self-making. I wish there was another word besides consumers and prosumers to reflect more active “consumers.”
SANJAY KAPOOR: With the lines blurring between entities in the digital ecosystem (role of operator vs. over-the-top (OTT) players vs. content providers etc) the concept of “frenemies” is here to stay. Do you see a change in the way companies will engage with customers in the future?
PHILIP KOTLER:It’s a technical question and most readers won’t understand “OTT,” “frenemies,” etc. Here is an answer to your general question. Companies know that they must learn more about their individual customers than just their names and demographics. They should in theory know each individual’s interests, social media usage patterns and search habits if the company hopes to do precision marketing. The aim is to design and send tailored offers and messages to the right persons. We call this the Big Data problem. It would be like having access to all the information in Facebook and other social media. Small and medium size companies may not be able to afford a Big Data approach. They will have to decide whether a Big Data approach would be a good investment. […]
ANIL RAI GUPTA (Havell Jt. Managing Director): What shifts in marketing mix have you seen the successful MNCs companies do when they target the emerging markets?
PHILIP KOTLER: Large MNCs from the West would be smart to localize their staff, offerings and messages. McDonalds had varied its sandwiches and appeals in different countries down to their local branches. It is not a case of offering one standard offering to emerging markets and another to developed markets. There is too much diversity not only between emerging countries but within each emerging country down to the local neighborhood. The thing that I have noticed is the emergence of global multinationals from emerging countries and they probably will be in a better position to serve consumers in emerging countries than the Western multinationals. For example, Jolly-B, a Philippine hamburger company is giving strong competition to McDonalds in that country.
What does your product marketing strategy look like? Do you have all your marketing-mix puzzle pieces in place?