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Marketing Strategy and New Technology –Four Principles By Frances Burns

  in Marketing | Published 2017-07-21 07:12:41 | 164 Reads | Unrated

Summary

Looking at the world in this digital age sees the work of a marketer being much less straightforward than it once was. In days gone by it was merely a case of being creative with a product’s message: the limited number of media outlets meant the majority of a market’s consumers would be covered .

Full Content

Now, in this age of new technologies the marketer is confronted with an ever growing number of phone and tablet applications, not to mention millions of websites and hundreds of television channels.  Where before a need was identified and then addressed by highlighting the benefits of a product, the marketer now has to engage and negotiate with potential customers on many more different levels.  To do this the modern marketer has to update their old work and skill set to fit the new world of these digital technologies.

In order to help understand these new ideas this art

icle is going to examine four guiding principles that can help the modern marketer;

1. Focused and Clear Business Objectives

A good marketing strategy does not necessarily need to be integrating every new technology into its program.  Sales, referrals and awareness are three metrics used to evaluate and capture a business in most cases.  Although it is important to manage all three equally it is the marketer who should decide on one as their primary objective.A strategy can easily become muddled and confused when there is no true direction or focus. But if you are running a financial service oriented business than make sure that you consult with the financial marketing company to get better leads.

2. Develop Live Internet Platforms Aimed at the Target Market

It used to be that a good marketing strategy meant increasing awareness through attention grabbing advertising.  Once awareness had been created then sales and direct promotions completed the strategy’s success.  Today this is not true.  With many publicity campaigns the only increase in traffic is in internet searches and not direct sales.  This can be very damaging as tracking cookies can helpcompetitors target these potential customers looking for the same or a similar product.  The more successful product campaigns are those that have manufactured a platform that engages and includes the participation of their customers.In this the modern marketer needs to understand as much about software development kits as unique selling points.

3. Separate Strategy from Innovation

Many companies combine strategy with innovation because they can be seen to be directly linked.  However, they are fundamentally different in that a strategy has a fixed base with a determined objective whereas innovation is based on invention and therefore has the greater possibility for failure.

4. Create Specialised Innovation Teams

It is a waste of resources to overstretch marketing executives with any additional innovation projects.  They are best employed utilising their tested skills in monitoring the marketplace, identifying business opportunities, and collaborating with production departments and running promotional and advertising campaigns.  Having a separate Innovation team looking at identifying new opportunities allows them to meet with IT start-ups and to look at test programs.  This is essential in determining the potential value of integrating them into the normal strategic procedures.

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