World is very fast converting into a virtual space. Recently I read an article that few MNC’s have increased their marketing spends on Digital Marketing & Toyota is one of them. One thing i love about MNC’s is that they pick future trends very fast and act on same before Indian companies realize what happened. Now you must be wondering why Digital Marketing will succeed in India…Let’s understand
We have seen transformation from License Raj to Highly competitive markets of today. Indian economy collapsed in 1991 predominantly due to License Raj then we realized that opening up the markets for MNC’s is only solution to survive. After 20 years, it’s time to sit down and strategize future course of action.
I would like to ask my readers, tell me one factor which will decide the future competitiveness of any organization. Answer is simple, Cost of Operation. The organizations which will manage their costs well, will survive in future. These days’ organizations are so myopic that for them only way to cut cost is to cut manpower or to control sundry expenses. Alas!!! Jesus, pls help them.
For any customer facing organization, the major cost component is marketing cost. It constitutes upto 30% of total turnover. No organization has given serious thought on how to control marketing cost without compromising on visibility. Digital Marketing is the answer and key to success.
These days internet, mobile and social media have become more personalized mediums then traditional ATL and BTL marketing activities. The effectiveness of any marketing activity is judged by its reach or impressions. In future, eye ball of customer can be captured only through Digital Marketing. This trend is observed in America where newspaper readership is falling and spend on Digital Marketing is increasing.
Digital Marketing is not a Brahamastra of success but it will go through its own learning curve before we will arrive at right mix. It is important to start early and complete this learning curve before others realize importance of same.
If i have to quote success of Digital Marketing in India then the honor goes to Bollywood. Bollywood is already using Digital Marketing to its advantage. The official trailer of Krrish 3 has already 14 Mn views on YouTube in just 3 weeks. I cannot quote better example than this.
Now it is the turn of Business houses to explore Digital Marketing to be future ready. To start with, organizations can introduce new segmentation and divide customers into Digital and Non Digital Customers. Digital Customers can always be targeted using Digital Marketing mediums to reduce marketing cost. As there is a famous saying that “Mind is not a Problem but Mindset is” so it is interesting to observe this painful yet fruitful transformation.