Being in the realm of marketing, one must never stop learning. Such is the contribution of Marketing events that provide an excellent source of learnings, gaining insights and awareness, drawing visibility and obtaining ample networking opportunities.
One such recent event by AFAQS held on 4th July,2024, was attended by a few members of our team. The marketing excellence conference was held at The Leela, Mumbai. The conference was an insightful and engaging one with inspirational speakers and focused on delivering various agendas.
Let’s Discuss a Few of Our Learnings From the Event:
Brand Loyalty
In today’s competitive market, managing to maintain brand loyalty is a challenging endeavor. The event highlighted and discussed the categories and geographical boundaries and included those brands that excel in customer experience. We all know the customer experience from the beginning to the end plays a huge role.
For instance, the example of Sugar free, which commands a massive 96% market share, is still so relevant only because the product is outstanding, and no other brand has really been able to live up to that level of product and services. As marketers we must remember “People never forget how you made them feel and brand loyalty is closely related to the human experiences that are created”.
Also Read: Employer Branding: A Guide To All The Terms You Need To Know!
Brand Positioning
Brand positioning is another important factor that is constantly changing significantly. Social media with its constantly evolving algorithm has played a huge role in deciding the value and holding of brands. Now it’s become more difficult for brands to make through. Customers now are exposed to an elaborate number of brands and offering various choices.
We as customers generally make choices based on various factors like pricing and offers among many more. Hence, it is important for customers to resonate with the brands’ core idea, personality, beliefs to stay aligned and consistent.
This is a journey that is sure to take its own time. However, we encourage you to start with an idea to form a core belief but be open to market changes.
Traditional Media OR Digital Media?
While we have witnessed a smooth transitional shift from traditional media to digital media. Both play a pivotal role holding their own place and importance.
However recently there is an emerging growth in digital media, in addition to this one must not overlook the number of people that use traditional media like newspapers regularly. Newspaper ads are expensive and still a lot of established and existing brands prefer to display their ads there as well.
Not to forget hoardings have a huge recall value and are a great way for brands to garner potential / existing consumers attention. However major brands have understood that it’s important to have both an online and offline presence and so that makes it important for them to manage their overall presence. A balanced presence is a must!
Also Read: How to market for the high-income target groups on Digital media
TV & Retail Media
The debate over investing huge sums in single-day CTV ads vs spreading the budget over time is in talks. High-profile events like cricket can justify massive spending due to their extensive reach.
Meanwhile, retail media increasingly relies on CTV to maximize engagement. The ultimate goal is not to overwhelm users but to strategically guide them towards purchase decisions.
Sales Overtaking the Marketing Function?
Marketing is no longer seen as a support function in the sales process but has become a key and revenue function. Earlier marketers used to just build brand credibility and were not directly related to sales but now it’s become the key function to drive sales/leads for any brand. Already established brands are investing less in branding and more in performance marketing as compared to new brands which must develop their niche.
With changing times, more dependance has grown leading to a constant development in the digital scope. Earlier there were a few roles but now a multidisciplinary team with varied roles must be appointed with positions like Data Scientists, Data Analyst, Risk Analyst, etc.
Owing to the digital evolution.
Now it’s more like if you are a marketer, you are also a seller!
Marketing = Brand = Sales
Marketing > Sales
Earlier marketing was just one of the aspects, now it’s a foremost aspect.
Fighting the Invisible Competition:
Numerous innovations in the digital realm have contributed to various channels that brands can use. Conventional and established brands have strong channel already developed, however it’s not enough and there is a need for constant evolution making it important in the era of modern retail.
Earlier it was a great deal of task to make a brand go live. But with enhanced support, digital exposure and availability, and technological evolution it is now much easier and smoother to place a brand before a consumer.
Hence, the new brands are trying to pick the best elements from already existing options, actively innovating and trying to capture pieces of the already saturated community in their best capacity to make a place for themselves.
It is important to understand that now as consumers are being exposed to better service and technology, their expectations are changing with all brands including the traditional ones. Hence, brands need to be open to adapting to the changing as per digital scope and evolution.
Conclusion:
Such events are a great way to come together to learn and educate fellow marketers from the field. We thank the AFAQS team and owe it to their well corporated and managed event with proved bring inspirational speakers under one roof and helped gain needful insights.
The speakers at the event spoke with various examples following a simple yet effective approach that helped more knowledge based on realistic market examples. Serving a fruitful and engaging purpose. Afterall what’s better than learning from one another.
