The Secret of Change – Socrates Essay Sample
‘The secret of Change is to focus all of your energy not on fighting the Old, but on building the New’ says Socrates.We all have witnessed a number of changes throughout our lives- change in weather, change in fashion, change in economy, change in politics, change in the way we live, change in the way we communicate with each other, change in the way we find information and the biggest of the lot is change in the way we buy.
In recent years, important changes have had an impact on the way the information reaches to people and Internet has played the biggest role especially for the marketers and their customers. Today, an organization is no longer the only source of information for consumers, Internet provides them an enormous potential of information and communication and the possibility of interaction with each other. The advent of internet has also impacted the way marketers are conceptualizing their marketing and communication strategies and the choice of their media vehicles to deliver the message. A few key facts before we go ahead:
• Online Reviews Impact 67% of Respondents’ Purchasing Decisions
• 28% of All Online Activity is Spent on Social Networks
• Millennials listed word-of-mouth and search engines as the two most important influences in their purchasing habits
• 47% of buyers viewed 3-5 pieces of content before engaging with a sales rep
• 64.6% of people click on Google ads when they are looking to buy an item online
Source: http://www.inboundmarketingagents.com & www.hubspot.com
These facts, though a few from the massive lot clearly establishes the fact that Internet has completely changed the way that customers look for and get what they want. Though the traditional forms of marketing such as newspaper, TV, radio etc. have not completely lost their sheen yet have become less effective. So let’s take a look at what exactly internet has changed in marketing:
1) ‘Content’ has become the king: Everything that is shareable, likeable, visual and interactive has become an integral part of the marketing strategy. The more high quality content, the greater credibility and the increased chances that the customers will spend their money.
2) Cost of Advertising: One of the most advantageous ways that the Internet has changed marketing is the drastic reduction in cost. With traditional forms of marketing, a lot of money has to be spent on design, production and distribution. Also, there is no way one can track the impact/effectiveness and ROI. On the contrary, with internet marketing it has become easier for the marketers to connect with a larger number of audience. Also, the content and strategy can be modified depending on the response of the target audience.
3) Data collection, interpretation and taking action becomes easier: As Dan Zarrella rightly says “Marketing without data is like driving with your eyes closed”. Analytics, insights and other tracking tools have emerged as a boon to the marketers as the marketing strategy tailored for one market can be altered for customers of the other market.
4) Response Time: With internet, the speed of marketing has changed resulting in faster customer response. Gone are the days when one had to wait to recruit people to go in the field and conduct surveys. Now, customers can immediately respond in seconds and based in their response, the communication content can be tweaked and changes with equal speed.
5) Targeted Communication: With internet, the guesswork is out of marketing books. The conventional tools only reached to the audience in a certain location whereas with internet (Read social media) target audience from all over the world can be reached with their precise location known.
6) Cross-Channel Consciousness: With increasing information available to consumers and their ability to communicate with each other more easily, there is an increased level of consciousness about different channel offerings. Now most of the successful marketers deploy a deliberate channel strategy rather than leaving it to chance.
As a whole, due to the increased interactivity of internet the unanticipated consequences for the marketers has gone down. Marketing now not only means delivering the right message in a captivating way; it also means delivering the message in the way that audiences prefer to receive it.