TRADITIONAL APPROACHES IN MARKETING What is traditional approach in marketing? Traditional marketing refers to any type of marketing that isn’t online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences. Traditional marketing refers to any type of marketing that isn't online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences Building a product that operates and fulfils customers’ demands online. For example, a washing machine. Using a pricing strategy that’s not dependent on online channels. Using offline channels of distribution to reach out to the customers. Promoting the product using offline channels like TV, radio, newspapers, etc. What are the Features of Traditional Marketing? Traditional marketing predominated until the 1990s when the internet began to take off. It is still considered a viable method for marketing with a core focus on the product offering. Here are the features of traditional marketing: Offline Channels: The traditional marketing mix involves techniques, strategies, and tools that don’t involve digital channels at all. The product, price, place, and promotion are strategised and executed using offline channels. Less Segmentation: Traditional marketing delivers the message to the masses. The traditional marketing strategies can’t micro-segment the target audience based on of age, sex, income, behaviour etc. Strong Relationships: Traditional marketing channels help create credibility and build relations among the parties through physical contact, question answering, suggestions, etc. Moreover, the local audience trust traditional marketing efforts more than digital marketing efforts. Better value: Traditional marketing also involves physical touch where the brand connects with the customers through salespeople that lead to better value creation and more loyalty on the part of the customers. More Credible: Since it’s an old form of marketing, customers consider it more credible than digital marketing and often make important decisions after being triggered by traditional marketing activities. Captures a Larger Audience: Traditional marketing strategies ensure to reach a bigger group of people from various categories. Because these marketing strategies are extremely individualised, marketing media sources such as direct mailer tactics provide excellent client engagements. The Importance of Traditional Marketing Traditional marketing is highly important even in the digital marketing age. Although digital marketing has taken over the world, marketers cannot completely neglect traditional media channels like TV, radio and newspapers to promote their business. It is considered a vital part of the promotional mix. Today, there are still niches, places, locations, etc. where digital marketing doesn’t work. For example, rural areas or places where the internet is rare. In such cases, people are well aware of the traditional marketing techniques that they have seen in their lives. Moreover, traditional marketing often plays a very important role in marketing to the local audiences as they are much more likely to trust traditional methods than digital marketing. Even pricey items and complex products require marketers to use traditional marketing as it is more effective than digital marketing in most cases. Traditional Marketing Channels Traditional marketing is not extinct in the age of digital marketing. Cold calling is still a popular way to create leads and revenue today. Even as the digital revolution continues, traditional marketing is far from obsolete, and linked firms are thriving as well. Traditional marketing approaches continue to be a valuable secret weapon for interactive, face-to-face, and expert marketing. Below is a list of various traditional marketing channels that have an outstanding ROI even today. 1. OOH Marketing: Out-of-home marketing, often referred to as OOH, is a marketing and advertising method used to communicate with customers or audiences outside of their homes and businesses. That’s in the form of visual advertising media. Traditionally, out-of-home marketing relies more on images than words to communicate a message to the audience. In addition to billboards, signs, and street furniture such as benches and bus shelters, this advertising method also incorporates mediums such as stadiums, retail malls, and cinemas. 2. Broadcasting: Broadcasting refers to the act of transmitting information or programmed through mediums such as radio and television. Businesses may reach a significant amount of people quickly by using such broadcast marketing methods like television ads and radio to increase brand awareness. Television allows marketers and advertisers to create more compelling commercials since it allows for the visual presentation of items and demonstrations of their functionality. The radio broadcast can help brands reach a local audience in a more effective way than other mediums. 3. Print Media: Print media marketing comprises advertising products and services through newspapers, magazines, and other print media mediums such as books and journals. As a mass-marketing approach, printed advertisements allow firms to reach significant individuals, irrespective of how keen they are on the product or service. It is also used to target specific groups of people, such as magazines for women or fashion. 4. Direct Mail: Direct mail refers to commercial literature that is sent to potential clients by postal mail. Different types of direct-mail marketing methods such as brochures, letters, postcards, catalogues, flyers, and other printed material are distributed directly to customers to build awareness about various products. Information is passed on to a specified target audience or market in this style of marketing. Direct-mail marketing is a great tool to have at one’s disposal to generate new leads and increase revenue. 5. Telemarketing: Different businesses hire sales employees to make phone calls for promotional or marketing activities in telemarketing. It is often referred to as cold calling. A cold call is one that involves contacting, informing, and persuading potential consumers over the phone. Due to its many uses, organisations can utilise it for various purposes, including marketing their products and services or gathering data for lead generation purposes. Advantages Of Traditional Marketing Diverse Audience: Traditional marketing allows brands to reach a large and diverse range of demographics. Advertisements done through billboards, television, and radio will extend the message over different geographical areas and reach the targeted audience. It is also feasible that new audiences will become acquainted with the brand and product offering. Reaching a more varied audience can aid in the growth of the brand and its product offering. As a result, traditional marketing may be a preferable alternative for bringing in new customers. Enormous Brand Exposure: Hard copy marketing materials can be more easily processed and perform better in terms of brand recall. A public multimedia campaign can help brands surround the prospect with value proposition, message, and products. When the advertisements are out in public, the brand has a huge opportunity to expose them to many people. Credibility Builder: Traditional marketing offers brands more credibility than online marketing. Printed content and advertisements on larger mediums are frequently regarded as more trustworthy. One reason for this is that traditional marketing is associated with established larger budgets. A corporation that can afford to run an ad in a commercial on television or radio must have the financial resources. As a result, the brand’s image is one of growth and stability. Reusable Promotional Materials: Traditional marketing approaches are more sustainable and leave a lasting effect on the brand’s target group. The same TV ad, flyers, business cards, or brochures can be used more than once. As a result, one won’t need to create fresh content as frequently to market the product. But in the case of digital marketing, to maintain the viewers’ attention, brands must present a continual stream of promotional information. Better Connect: Traditional marketing methods can make it easier to reach and connect with the local audience. Radio is unquestionably the quickest way to advertise the business and convey the message to a local audience. Traditional marketing strategies, such as marketing brochures, newspaper ads, local TV commercials, and billboards, place the brand at the heart of the community and consumer base. As a result, the efforts to reach the target audience will appear more authentic and less artificial. Disadvantages Of Traditional Marketing Expensive: Businesses need to pay for putting advertising in newspapers or distributing any leaflet or brochure every time they plan to start a campaign. They may have to pay for the development of the ads in addition to the cost of purchasing TV spots. To reap the benefits of broadcast advertising, they may need to purchase a large number of spots, which may necessitate a large financial investment before they can see returns. However, any updates to the website or using new forms of media like Facebook and Instagram do not incur any additional charges in digital marketing. The sales team simply accomplishes this for the product. Not easily measurable: Traditional marketing is not always as quantifiable as digital marketing. While services exist to estimate TV viewership and billboard drive-bys, they are only approximations. From page landings to click-throughs to transactions, digital media can identify KPIs along the whole marketing funnel. Less information communicated: Traditional advertising has far less message delivery carrying capacity than emerging kinds of communication. If marketers can drive people to the website with the click of a banner ad or link, brand have practically limitless potential to provide customers with page after page of information. They must deliver the message in a few square inches of space or few seconds with print and broadcast media channels. Harder to target and sub-segment: Aside from direct mail, most traditional marketing approaches cannot and do not provide the same level of segmentation and targeting that digital marketing channels can target. Thanks to advances in technology, marketers may now more precisely target potential consumers depending on the number of personal information websites collect about users. In turn, digital marketing helps the marketer get the ads in front of a specific audience. More time-consuming: Unlike modern online marketing, traditional marketing does not allow businesses the time to respond to adjustments they wish to make in the advertisement. Even if they want to print their ad in the daily newspaper, they must prepare their ad well in advance, as in the case of all conventional advertising. Then, when the ad is developed, one cannot redo it again. In contrast, digital ads may be evaluated and altered in realtime to optimise their efficacy. Traditional Marketing Examples Traditional marketing is everywhere. From the salesperson visiting the customers’ house to the big billboard on a busy street. The examples of traditional marketing are endless. Here are a few of the well traditional marketing campaigns that stood out of the crowd: What are the Features of Traditional Marketing? Traditional marketing predominated until the 1990s when the internet began to take off. It is still considered a viable method for marketing with a core focus on the product offering. Here are the features of traditional marketing: Offline Channels: The traditional marketing mix involves techniques, strategies, and tools that don’t involve digital channels at all. The product, price, place, and promotion are strategised and executed using offline channels. Less Segmentation: Traditional marketing delivers the message to the masses. The traditional marketing strategies can’t micro-segment the target audience based on of age, sex, income, behaviour etc. Strong Relationships: Traditional marketing channels help create credibility and build relations among the parties through physical contact, question answering, suggestions, etc. Moreover, the local audience trust traditional marketing efforts more than digital marketing efforts. Better value: Traditional marketing also involves physical touch where the brand connects with the customers through salespeople that lead to better value creation and more loyalty on the part of the customers. More Credible: Since it’s an old form of marketing, customers consider it more credible than digital marketing and often make important decisions after being triggered by traditional marketing activities. Captures a Larger Audience: Traditional marketing strategies ensure to reach a bigger group of people from various categories. Because these marketing strategies are extremely individualised, marketing media sources such as direct mailer tactics provide excellent client engagements. The Importance of Traditional Marketing Traditional marketing is highly important even in the digital marketing age. Although digital marketing has taken over the world, marketers cannot completely neglect traditional media channels like TV, radio and newspapers to promote their business. It is considered a vital part of the promotional mix. Today, there are still niches, places, locations, etc. where digital marketing doesn’t work. For example, rural areas or places where the internet is rare. In such cases, people are well aware of the traditional marketing techniques that they have seen in their lives. Moreover, traditional marketing often plays a very important role in marketing to the local audiences as they are much more likely to trust traditional methods than digital marketing. Even pricey items and complex products require marketers to use traditional marketing as it is more effective than digital marketing in most cases. Traditional Marketing Channels Traditional marketing is not extinct in the age of digital marketing. Cold calling is still a popular way to create leads and revenue today. Even as the digital revolution continues, traditional marketing is far from obsolete, and linked firms are thriving as well. Traditional marketing approaches continue to be a valuable secret weapon for interactive, face-to-face, and expert marketing. Below is a list of various traditional marketing channels that have an outstanding ROI even today. 1. OOH Marketing: Out-of-home marketing, often referred to as OOH, is a marketing and advertising method used to communicate with customers or audiences outside of their homes and businesses. That’s in the form of visual advertising media. Traditionally, out-of-home marketing relies more on images than words to communicate a message to the audience. In addition to billboards, signs, and street furniture such as benches and bus shelters, this advertising method also incorporates mediums such as stadiums, retail malls, and cinemas. 2. Broadcasting: Broadcasting refers to the act of transmitting information or programmes through mediums such as radio and television. Businesses may reach a significant amount of people quickly by using such broadcast marketing methods like television ads and radio to increase brand awareness. Television allows marketers and advertisers to create more compelling commercials since it allows for the visual presentation of items and demonstrations of their functionality. The radio broadcast can help brands reach a local audience in a more effective way than other mediums. 3. Print Media: Print media marketing comprises advertising products and services through newspapers, magazines, and other print media mediums such as books and journals. As a mass-marketing approach, printed advertisements allow firms to reach significant individuals, irrespective of how keen they are on the product or service. It is also used to target specific groups of people, such as magazines for women or fashion. 4. Direct Mail: Direct mail refers to commercial literature that is sent to potential clients by postal mail. Different types of direct-mail marketing methods such as brochures, letters, postcards, catalogues, flyers, and other printed material are distributed directly to customers to build awareness about various products. Information is passed on to a specified target audience or market in this style of marketing. Direct-mail marketing is a great tool to have at one’s disposal to generate new leads and increase revenue. 5. Telemarketing: Different businesses hire sales employees to make phone calls for promotional or marketing activities in telemarketing. It is often referred to as cold calling. A cold call is one that involves contacting, informing, and persuading potential consumers over the phone. Due to its many uses, organisations can utilise it for various purposes, including marketing their products and services or gathering data for lead generation purposes. Advantages Of Traditional Marketing Diverse Audience: Traditional marketing allows brands to reach a large and diverse range of demographics. Advertisements done through billboards, television, and radio will extend the message over different geographical areas and reach the targeted audience. It is also feasible that new audiences will become acquainted with the brand and product offering. Reaching a more varied audience can aid in the growth of the brand and its product offering. As a result, traditional marketing may be a preferable alternative for bringing in new customers. Enormous Brand Exposure: Hard copy marketing materials can be more easily processed and perform better in terms of brand recall. A public multimedia campaign can help brands surround the prospect with value proposition, message, and products. When the advertisements are out in public, the brand has a huge opportunity to expose them to many people. Credibility Builder: Traditional marketing offers brands more credibility than online marketing. Printed content and advertisements on larger mediums are frequently regarded as more trustworthy. One reason for this is that traditional marketing is associated with established larger budgets. A corporation that can afford to run an ad in a commercial on television or radio must have the financial resources. As a result, the brand’s image is one of growth and stability. Reusable Promotional Materials: Traditional marketing approaches are more sustainable and leave a lasting effect on the brand’s target group. The same TV ad, flyers, business cards, or brochures can be used more than once. As a result, one won’t need to create fresh content as frequently to market the product. But in the case of digital marketing, to maintain the viewers’ attention, brands must present a continual stream of promotional information. Better Connect: Traditional marketing methods can make it easier to reach and connect with the local audience. Radio is unquestionably the quickest way to advertise the business and convey the message to a local audience. Traditional marketing strategies, such as marketing brochures, newspaper ads, local TV commercials, and billboards, place the brand at the heart of the community and consumer base. As a result, the efforts to reach the target audience will appear more authentic and less artificial. Disadvantages Of Traditional Marketing Expensive: Businesses need to pay for putting advertising in newspapers or distributing any leaflet or brochure every time they plan to start a campaign. They may have to pay for the development of the ads in addition to the cost of purchasing TV spots. To reap the benefits of broadcast advertising, they may need to purchase a large number of spots, which may necessitate a large financial investment before they can see returns. However, any updates to the website or using new forms of media like Facebook and Instagram do not incur any additional charges in digital marketing. The sales team simply accomplishes this for the product. Not easily measurable: Traditional marketing is not always as quantifiable as digital marketing. While services exist to estimate TV viewership and billboard drive-bys, they are only approximations. From page landings to click-throughs to transactions, digital media can identify KPIs along the whole marketing funnel. Less information communicated: Traditional advertising has far less message delivery carrying capacity than emerging kinds of communication. If marketers can drive people to the website with the click of a banner ad or link, brand have practically limitless potential to provide customers with page after page of information. They must deliver the message in a few square inches of space or few seconds with print and broadcast media channels. Harder to target and sub-segment: Aside from direct mail, most traditional marketing approaches cannot and do not provide the same level of segmentation and targeting that digital marketing channels can target. Thanks to advances in technology, marketers may now more precisely target potential consumers depending on the number of personal information websites collect about users. In turn, digital marketing helps the marketer get the ads in front of a specific audience. More time-consuming: Unlike modern online marketing, traditional marketing does not allow businesses the time to respond to adjustments they wish to make in the advertisement. Even if they want to print their ad in the daily newspaper, they must prepare their ad well in advance, as in the case of all conventional advertising. Then, when the ad is developed, one cannot redo it again. In contrast, digital ads may be evaluated and altered in realtime to optimise their efficacy. Traditional Marketing Examples Traditional marketing is everywhere. From the salesperson visiting the customers’ house to the big billboard on a busy street. The examples of traditional marketing are endless. Here are a few of the well traditional marketing campaigns that stood out of the crowd DAY 2 GOAL OF MARKETING What is the goal for marketing? What are Marketing Goals? Definition – Marketing goals are defined as numerous objectives and growth-driven benchmarks that a company aims to achieve by making marketing strategies. A marketing goal is also understood as a marketing objective that provides clarity to a marketer to focus on what is essential and what is unnecessary. For example, a digital marketing campaign can have marketing goals like increasing website traffic, growing email lists, gaining more social media followers, converting target audiences, etc. Setting marketing goals give direction to a company’s marketing efforts. As per research, marketers who set goals are 376% more successful than those who did not have set goals. The purpose of marketing is to reach your target audience and communicate the benefits of your product or service — so you can successfully acquire, keep, and grow customers 3 MAIN GOAL OF MARKETING 1. Acquiring customers 2. Retaining customers 3. Turning customers into brand ambassadors Let’s take a look at each of these. 1. Acquiring customers Top of mind for most businesses, acquiring new customers means new revenue for growth. This goal is the most complex out of the three goals because you have to get new customers all the way through your sales funnel. First, customers need to become aware of you through ads, colleagues, social media or other means. Then they have to be interested enough in your brand, your quality content, or your offering to consider your services. Then, they engage with you through things like signing up for your newsletter, following you on social media, or reading a blog. Lastly, the engagement has to be valuable enough for them to want to learn more about your product or service and eventually buy it. Phew! That’s a lot! You can see how someone who has already heard of your brand may be a much easier sell for your services (warm lead) than someone who is not yet aware of you (cold lead). However, don’t fear! Acquiring new customers is fun, exciting and rewarding. When your marketing efforts are engaging enough to bring a customer through the sales funnel, it means you are doing something right. It means you have marketing strategies and activities focused on each part of the sales funnel: awareness, consideration, and purchase. It also means you’ve taken the time to understand your customer and are patient enough to see them come through each part of the sales funnel. Consistency is key! 2. Retaining customers Somehow people forget about this goal! And what an amazing goal it is. Retaining customers is a lot more cost-effective than acquiring new ones since they already know you and have used your services. Marketing strategies that don’t focus on retaining customers are missing out! Strategies can include things like rewards programs, discounts for repeat customers, and, last but not least, providing a great service with amazing customer service. Customers won’t come back if your service doesn’t meet their needs. That means you should be talking to your customers and learning how to improve your products and services continually. It means making your buying process easy and user-friendly. And it means you have great employees that give good customer service. Gathering this feedback is important and can be done in the form of surveys or customer interviews. Since retaining customers is a main goal of marketing, your marketing team should be involved in the development and updates of your products and services as well as your buying process and customer service. 3. Turning customers into brand ambassadors Customers fall in love with good brands -- with what they stand for and the story they tell. Having an emotive brand story is important in both acquiring customers and retaining customers. And when a good brand story can turn customers into brand ambassadors, you’ve hit a home run. Brand ambassadors will go to bat for you, not just because of the service you provide, but because they are deeply connected with your brand’s higher purpose. If we think about the sales funnel, people who hear about your company from brand ambassadors will automatically go into the consideration part of the sales funnel. This means you don’t have to spend as much time or money in marketing activities focused on awareness. These people also are more likely to consider a purchase because of the increased trust from hearing about you from someone else. Word of mouth, hands-down, has THE highest conversion rate of any type of marketing activity. Therefore, any way that you can increase the number of people committed to your brand, the more successful you will be. Building brand ambassadors should be a key focus of any marketing team. This would include strategies like developing a compelling and emotive brand story that resonates with your audience. It also includes things like referral programs and creating free high-quality content that educates or entertains (with no sales ask). Having brand ambassadors should be the ultimate outcome of any business! 3rd day Contemporary Marketing refers to theories that stress the importance of customer orientation versus the traditional market orientation Contemporary Marketing also known as modern marketing strategies refers to theories that stress the importance of customer orientation versus the traditional market orientation. They are strategies that, when implemented, offer greater support for their client base with a product range that varies depending on what the target market desires. Rather than what the company wants them to have. Contemporary Marketing practice by organizations contains many facets that have to be approached while conveying the statistics pertaining to a particular Product or Service and should entangle every possible answer to the following questions: . Why? The customer should be made conscious of why the product or service is needed, why the customer should prioritize availing the product or service and its features over others. Why? becomes the first and foremost to be couched by the customer in the provider’s forefront, and the provider should be ready with resolution. If the need of a particular product or service is justified, the customer gets authentication of the worth that is going to be paid. Instance: An organization selling integrated software for logistics, accounts, sales and purchase department should be in preparation to put forth why their software is a need for every organization. 2. Which? After learning about the need, the customer should be made cognizant about which product or service best offers and concludes the need. Which? is again a very important part of the marketing strategy because it is the best way to illuminate the customized solution to the customer. Instance: An entity selling food products and spices should put ahead which food products and spices in their merchandise are worthier to buy in front of a restaurant owner or a chef depending on the regional, climatic and custom taste trends in the restaurant customers. 3. Where? After learning which product or service the customer needs to buy, it is about Where? The customer is determined to know where or by what means, the product or service is available, whether the mediums proposed are available or will be made available to the customer, to avail the product or service. Instance: A Management Consultancy providing manpower or customer service solutions should, manifest the customers about their presence, remote assistance, areas of reach and medium, whether the solutions are remote, online or remote workforce. 4. When? The Most important attribute When? though it comes at the end is not totally in the control of the customer, but it is even the providers accountability. Taking a factual ownership of the time to deliver. Instance: A software development organization selling CRM software solutions that are customized, but always put forth the real estimate of time, thus proposing a potential software with supreme quality in front of the customer rather than promising it as per the customers requisition while considering the conciliation of the eminence of the software.