Marketing & Strategy Articles

IoT or Internet of Things is the most recent buzzword in almost all the industries. IoT is expected to set a new era of technological prosperity because of its high productive potential. It mainly revolves around the idea that products communicate on customer’s behalf after getting transformed to smart products. Almost all the big companies are struggling their way to fit their traditional model into the world of IoT. As everyone is on the run to get first mover advantage, it is time for us to find out what exactly is Internet of Things and how is it going to change the business from traditional to a whole new experience?

“Facebook, Twitter, LinkedIn, Google+, Youtube, Pinterest, Instagram, Tumblr, Flickr, Reddit"....and the list goes on. Pause for a second and realize the commonality in these names.

Yes, you could have easily recalled it; these are some well-known social media sites of 21st century which have burgeoned since their advent increasing their followers from thousands to millions to billions and the inclusion process continues. How could have such large-scale adherence of people towards social media passed unnoticed by marketers and trade practitioners. It was just a matter of time before our market strategists realized the potential and thrift of social media being a succinct channel for e-commerce and hence, devised the concept of Social Commerce which can be defined as a marriage between e-commerce and social media.

Many a times companies launch a new item in excitement and anticipate increase in their market share. However, it has been observed that they soon start getting concerned over the fact that whether the new item will eat up the profits of other items of the company because both are quite identical. It is a general misnomer among people that Cannibalizing the profits of other items via launch of a similar new item is a bad move. However, in today’s changing market dynamics, Cannibalization if implemented thoroughly and effectively can add on to the profits of the organization.

Marketers are confronted with new difficulties and opportunities in this age of digitalization. In a layman terms, “Digital Marketing” is the use of electronic media by the advertisers and marketers to promote their products or services, in reality it’s much more than just this sacrosanct sentence. The core objective of digital marketing however lies in pulling in consumers. It also targets in the formation of interactions between the brand and the consumer through digital media.

How would it feel when someone offers you a Brad’s cola? What would you do when someone asks you to look for something in a BackRug? Though these names sound very peculiar we all have used these rugs and tasted these colas. It would not be exaggeration to say that these names got imbibed into the lives of “GEN Y”. They are none other than the erstwhile names of Pepsi & Google.

When you plan to purchase a product or go for a movie, don’t you take the review of your friends or relatives beforehand? Well, I guess many of you do. Every time an individual makes a choice of buying something for themselves or for others, word of mouth comes into play.

First, let me talk about what is word of mouth advertising. It is an unpaid form of promoting your brand where your satisfied customers explain how much they like your brand, service or business to others. It is the most influencing factor to aware the customers about their brand and the company that may lead in generation of more new customers for your brand from your one satisfied customer.