While there is a lot of talk about physical stores struggling thanks to the disruption brought in by online retailers such as Amazon, most of the purchasing still takes place at stores. Amazon’s recent foray into the acquisition of Whole Foods is there to challenge the omnichannel strategy that stores boast of. This however, does not make the future all doom and gloom for the retailers. Instead they ought to focus on several mechanisms, where the market is still very much open. For a start, they must ensure that stores work properly. Offerings need to be differentiated as Costco has been doing. The areas where they have an inherent advantage need to be advertises, such as the touch and feel or product vetting. Sephora has had great success through this. Retailers must also engage the local community, as good feedback especially online, will automatically percolate to digital marketing for the brand. Nordstrom has this reputation for forging strong community links. Them, along with Home Depot and Lowe’s also provide complimentary advice and consultation on their areas of expertise. Sephora for example does so on beauty brands.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/where-stores-can-still-compete

Uploaded Date:22 January 2019

Brands need to answer a few questions that will prove their mettle as customer- centric firms suited to the ongoing digital age. To begin with, the brand needs to clarify whether the focus on the entire customer journey, or merely at some noteworthy touchpoints. The entire data warehousing done thus far has to be given a rethink. All of it may not be entirely useful, so the right restructuring of the same will be needed. Thorough research needs to be conducted to understand the causes of various actions that the customers are taking. This business research needs to be not merely quantitative by qualitative as well. The quality and relevance of all company communications need to be reassessed. The people of course being most important also need to be reevaluated regarding the right fitment.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/five-questions-brands-need-to-answer-to-be-customer-first-in-the-digital-age

Uploaded Date:10 January 2019

While variety may be the spice of life, this variety also depends on the time of the day. A lot of human tastes and preferences are based on the time of the day when it is being ordered, shopped or consumed. To cite an example, breakfast items remain eerily similar day after day, week after weak. So even breakfast menus decided are quite common across the board among all players. The circadian rhythms of people may also differ to an extent. This understanding also triggers how marketing ought to be done. Amazon for example needs to put up a certain kind of items on their display early on in the day. Their digital marketing tactics will vary as the day goes, depending on what items the customers are likely to purchase at that time. One must be able to distinguish between variety and novelty. Variety is merely the rearrangement of the same items, while novelty is about something new.

Source:http://knowledge.wharton.upenn.edu/article/time-of-day-consumer-decision-making/

Uploaded Date:07 January 2019

Some marketing trends have been identified which will have a major bearing across industries in the year 2019. The first such trend is the shift in the marketing funnel. Instead of seeing customers on a ‘gatekeepers to wallets’ mode, targeted communication to those interested is much more beneficial to all. The content will be key in 2019, especially for unlocking the vast potential of social media. Like social media, influencers are also proving to be a big hit in the world of digital marketing. The scope of AI will continue growing this year. Security issues are becoming a bigger concern for more number of people. Another area to grow is the use of chatbots. As per business intelligence received from Grand View Research, the chatbot market worldwide will peak at over a billion dollars by the year 2025. Similar will be the impact of voice searches. Likewise, visual searches are soaring in popularity thanks to the presence of platforms such as Pinterest’s Lens. While videos are getting increasingly popular for a while now, across social media outlets like Instagram, Facebook and YouTube, now the latest growth area will be vertical videos. The focus of all marketing campaigns now needs to incorporate the Generation Z as well.

Source:https://www.entrepreneur.com/article/324043

Uploaded Date:31st December 2018