January 10th, 2018
Connecting and reconnecting with influencers
The changing economic climate, technological advancements and increasing competition resulting trade globalization has had a great impact on marketing. Increasing advertising expenditure, for instance, does not guarantee increased clients as would have been expected. Businesses that continue to use the traditional reach and frequency model of marketing might actually find that such approaches are destined more towards diminishing returns. The complicated nature of the market that has provided customers with numerous options to choose from implies that marketing approaches aimed at the undefined mass might actually not yield desired results. Such observations then necessitate new approaches to consumer marketing that do not only prove effective but also provide ways to measure and sustain their success. How then can businesses ensure that they don’t get out of work in the modern times? This paper evaluates the best strategies through which firms can use to connect and reconnect with influencers particularly in exploring the role of networking to ensure sustainable business growth.
A factor that has led to the diminishing returns on marketing on the traditional model has been technological advancements. The forward reaps in technology have provided multiple options to consumers – TV channels, online news papers, blogs, web sites and magazines – that they do not rely on a single source of information to make purchasing decisions. Customers thus have literary become the “kings” as they can choose the mode of advertisement to which they are subject. A firm’s marketing approach may thus not get a chance to influence customers into trying out their product. Much as the technological changes have distracted consumers from the businesses’ marketing strategies, such also have however provided ways for firms to specifically reach out to only those persons that comprise their target market (“Marketing is a two-way street,” n.d). Such then would mean higher levels of efficiency since the businesses are reaching out to the potential customers who actually want to “hear” from the companies. How then can businesses use the knowledge of actual and potential customers to sustain their businesses?
Identifying the current and potential market is core to success of marketing strategies. The primary benefit would be achieved by targeting expenditure to the identified market rather than exhausting funds in mass marketing. Approaches such as specific messaging would then be possible since the business has identified the customer needs in advance (“Marketing is a two-way street,” n.d). Identification of the customers needs is achieved through the establishment of brands that allow for customer interaction. By gathering, amassing, evaluating and using data about current and prospective customers and engaging these in significant interactions a mutualistic relationship is achieved that creates the base for more advanced engagement. Achieving such a relationship with a few customers enables the creation of a network through which product experiences are shared. Customers’ continued interaction with the company enables the latter to make changes to its products to meet the consumer’s expectations thus creating brand loyalty. With time loyal customers spread the word around to friends furthering the market reach of the company’s products (Roberts, 2009). Actually Word of Mouth (WMO) marketing has been advanced to result more into more business than the traditional methods of advertising bring since potential customers have greater trust in a ‘third opinion’ than they do for company originated strategies (Roberts, 2009). This then indicates that companies wishing to achieve success must formulate their strategies towards establishment and sustenance of strong consumer networks.