Marketing Practices For Successful Value Creations In Changing Environments Marketing expert Shrey Yadav shares useful insights to plan effective marketing strategies, even during dynamic phases
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If there is one word that can be used to describe the marketing environment in the 2020s, it is "change'. The ability to master and exploit change is becoming one of the most crucial entrepreneurial skills in today's dynamic environment. And while implementing the said changes in the marketing plan, some consistency with two factors: the internal purposes and the external image needs to be maintained. While the basic principles of marketing remain the same, the tools of marketing evolve with every new medium that the customer experiences. Shrey Yadav is one such entrepreneur who works with international PR agencies, Individual artists, mid-scale and large-scale businesses, and record labels to discuss and deliver digital marketing solutions that provide long-term value and high-level satisfaction. Yadav, here shares a few important insights and examples that should not be ignored while planning marketing strategies.
Focusing on customer retention
Acquiring new customers is always more expensive than retaining the existing ones due to the cost as well as time required for the initial stages of the marketing funnel. During this time, it is even more difficult to acquire new customers since people are focusing more only on the essentials and are following minimalism as a way of life. Thus, asking them to try new products/services that they didn't need before might not bear as fruitful results as in an ideal time zone. On the other hand, the existing customers find much more stability and confidence in dealing with a brand that they are familiar with. Hence, a dedicated focus on customer retention through targeted ads, newsletters, loyalty programs, unique services, frequent communications calendar, capitalization of social proof, etc. shall prove more extremely valuable.
Leveraging in latest social media
In a world where Elon Musk's one tweet can lead to asset valuations taking jumps in three-digit percentages, this is no hidden secret that social media can indeed help strike gold. But having a mere social media presence to communicate the brand products is not enough – it isn't even minimum. Social media should be leveraged to build communication in three ways – brand to customers, customers to brand as well as customers to customers.
To win in this game and see nothing but a positive growth in engagement, tap in on the latest trends. For example, many brands have seen a huge boost in engagement since Instagram rolled out the live feature. From small businesses telling their stories to behind-the-scenes at fashion weeks, the feature helped the audience to explore the side of the brand which is less filtered and more authentic – thus more trustworthy!
Ears to the ground
As technology is progressing, the door of opportunities keeps on widening to help entrepreneurs understand their markets better. Market research is as fundamentally important today, as it was in the 18th century. In fact, recent years have seen a shift in market demand. The ripple effects of the covid pandemic are here to stay.
It is true that customers will never shop the same way as before. They are seeking more long-term value than short-term satisfaction. They are more informed, more aware and more demanding. Certain lifestyle changes impacted by the pandemic also influence their shopping behaviors. For example, Veganism is becoming a big trend owing to moral, social as well as health factors. Searches for keywords like "vegan delivery" and "vegetarian delivery" increased by 128 per cent and 233 per cent respectively from January to May 2020. Progressive restaurants and cloud kitchens may add some vegan dishes and market them to stay ahead of the curve. Shrey Yadav began his journey with Glitch Digital Media at a very young age and understands the value of constantly learning and evolving to stay innovative as an entrepreneur. His 150+ successful collaborations have proven that age is just a number. Continuous customer satisfaction, staying ahead of the trends and constant innovation are the keys to planning effective marketing strategies!
