Marketing Trends in the Indian Market-Customer vs Marketer
Posted in Marketing & Strategy Articles, Total Reads: 2888
, Published on 21 April 2013
“There is only one boss of the market – the customer. He can fire everybody in any company by simply spending his money on another brand.”
Every other day we read about a new iphone model or a new Samsung mobile launch. Incidentally I bought an iphone 4s which is now considered as an ‘old model’ and the new iphone 5 will soon follow the trend with the launch of iphone 5s in a couple of months.
In fact, these launches are not just restricted to mobile phone industry but can be seen everywhere in the market ranging from cars to phones to even pens. And why just products, the services too are ever evolving and are subject to changing and evolving service designs.
As compared to the 90s, people today are more educated, more conscious of their wants and demands, more precise in their choice of products and services and are more aware of the availability of products and services. This has lead to a revolution in the Indian market and the trend has begun to move towards customized products and services. With an increase in the purchasing power, the customers do not mind paying a reasonably higher amount for the choice of their goods and services as long as it is tailored as per their wants. This is the reason for the everyday new launches and the never ending models and series of a product. The marketers are trying to match the pace of the evolution of their products with the pace of changes in the consumers’ demands.
The fast pace of technological growth is actually too fast and the day is not far when the technology might outwit itself completely. The consistent and fast growth of technology has raised the expectations of the consumers to such heights that it has now become an insatiable desire for more and is turning into a symbol of power and superiority. However, this fast paced growth has not acknowledged the norms of the society. It has lead to the creation of a divide just like the old times and has created a clear demarcation of the people. by focussing only on the revenues and profit margins, the marketers forgot to take into consideration the emotional aspect of the consumers, after all the consumers are in the end human beings and a part of the same society as others. The incapability of not being able to afford the market trends is consistently growing and so is inequality.
Realizing this, the market trend is now aimed at reaching beyond the already acquired consumers. The companies are turning their attention towards those unprivileged and unfortunate people who cannot afford to buy their luxurious products. Such people are being aimed to made customers. The marketer needs to get inclusive. The marketer needs to think of the masses that are larger than what he defined to be his masses. The marketer needs to reach out to potential consumers and non-consumers alike. Every brand offering needs to have two avatars - one for the potential buyer and one for the non-buyer. Cheaper and good quality products, mass customization to suit the pockets of all and various price discounting and guarantees are being offered to make such people a part of the market. Strategies such as availability of products on EMIs, 0% interest loans, low end models with a little less features and extended warranties are the emerging trends of the market in order to capture the entire population and reap the benefits of such a large population.
Another emerging trend is the value creation of products. Marketers cannot solely depend upon the advertising; they instead need to depend upon good market creation work to put together their markets. Gone are the days when the product was first created and then advertised to capture the target market. This era belongs to the marketers who research upon the needs of the customers, create such a product catering to those needs and then create value for the customer. The creation of brand value is essential and brands live and thrives the minds of the consumers. A brand is a thought – a powerful thought that dwells in the minds of the people. The creation of value comes from providing bundled products, after sales services and discounting. Pricing a product is of equal importance. Over pricing in correct proportion can create an image of supreme quality in the minds of the customers while under pricing can mean poor quality. Thus, it is important to evaluate the perception of the people and then price the product.
Finally, service design and servicescape of services is slowly grabbing attention. Marketers have understood that simply delivering services is not enough but creation of a good servicescape, ambience and environment is of equal importance. It is not just the delivery but the presentation, the attached subsidiary things which make the services more desirable and matching the expectation levels of the customers. The value delivered and created is more and leads to a content and satisfied customer.
This article has been authored by Nishtha Verma from BIMTECH, Noida.