Showing posts with label social media. Show all posts
Showing posts with label social media. Show all posts

Tuesday, January 13, 2015

Six Mistakes by Indian B2B in marketing strategies, are you doing THESE?

B2B businesses have always taken long time to change or re – work on their marketing strategies. Since earlier in 1970s and 80s they enjoyed monopoly business. Which emphasized any Indian company considering to import from international sellers had to obtain NOC from Indian B2B manufacturers of same line of products. This lead to the development of sloppy attitude and less focus on marketing. With change of policies for international B2B companies, these attitudes lead to either their closure or stagnant growth. The ones, who changed, stayed in business and experienced growth.
Now with progress in technology, B2B manufacturers are on the receiving end, as they are yet to embrace the new technologies like digital marketing, CRM (Customer Resource Management), ERP (Enterprise Resource Planning), etc. Though most B2B manufacturers are working on embracing technology and digital marketing, but fear of negative impact have made them conservatives.
The below points are my observations on some major marketing strategy mistakes which B2B business; especially manufacturers have been committing over the period. 

  1. Company doesn’t have a website: Most common problem with Indian B2B businesses, they don’t own a website of their organization, zero online presence. Most buyers are searching online; not having a website is as good as not running the business. 
  2. Have a website but only you visit it: Most B2B business design a website just for the sake of it, without having any vision or marketing plan. The websites are designed in old format of tables, without any conformity to W3C guidelines of Google, no meta tags in the website, etc. This is as good as not having website as it is difficult for search engines to crawl or rank it on search engine. 
  3. Website focuses on products only: It is important that B2B organizations focus on offering solutions, rather than products, as buyers are looking for solutions. This would increase engagement with buyer for better influence. 
  4. Solely depend on word of mouth/referrals for leads: With buyers increasingly dependent on search engine and engagement oriented communication, the dependence on word – of – mouth is less, though it is helpful for initial meeting, but cannot wholly depend as lead generation activity. 
  5. Mass Emailing campaign: Email campaign has long been changed, from mass emailer to database brought from different sources; it is now permission oriented email. This concept of mass email often leads to blacklisting of servers by firewall. On the other hand, this also results email reaching in SPAM folders instead of inbox of the customer. B2B organizations need to build strategy for building mailer list, of customer who wants to receive information. 
  6. Digital Marketing: If at all, B2B organizations ever venture in digital marketing, the focus is to have paid profile on Indiamart or TradeIndia and focus on SEO of the website for lead generation. Social Media is the last thing they ever plan to venture and that too is just focus on getting the likes and followers. All the strategies are only focused on lead generation, instead of engagement. But the ground rule is – engagement has to be top priority, while lead generation is outcome of engagement.

B2B Organizations need to venture in new marketing strategies for better engagement with informed buyers.

Friday, January 9, 2015

Digital Media Influence on Indian Consumer Buying Behavior

India has over one billion people with 120 dialects & languages. Three-fourths of the population lives in rural areas, contributing one-third of the national income. India ranks third, in terms of internet penetration in the world, while social media growth is by 37.4 percent. The e-commerce market is expected to grow from $11 billion in FY14 to $20 billion FY15. India is one of the most lucrative markets even though the per capita income is low, but has huge market for costly products. A recent development in India’s consumerism is the emergence of the rural market for several basic consumer goods.


Characteristics Of Indian CB 
“Indian consumers are noted for the high degree of value orientation; due to this Indians are labeled as one of the most discerning consumers in the world.” 
Even, luxury brands have to design a unique pricing strategy in order to get a foothold in the Indian market.

“Indian consumers have a high degree of family orientation.” 
Brands with identities that support family values tend to be popular and accepted easily

“Indian consumers are also associated with values of nurturing, care and affection.” 
Product which communicate above feelings and emotions gel with the Indian consumers.

Influence of Internet / Social Media / Ecommerce 
With the advent of eCommerce portals like Flip-kart, Amazon, Snap-deal, etc the buying behavior of Indian consumers has increased, as they meet shopping requirements of Indian consumers. 
Some of the facilities offered, which lead to growth of eCommerce in India are:
  • EMI options
  • Cash on Delivery
  • Huge discounts to buy online
  • Cheaper than brick – and –mortar stores
  • Increase in usage of internet through smart phones
  • Social reviews
But the major game changer being able to reach to rural India, since they already have disposable income, but no stores (Brick – N – Mortar) selling luxury branded products. With ecommerce and smart phones with internet, they are now able to order brands which they wish to wear, without traveling to city to buy those brands.

Different Segments of Indian Consumers

Socialites Consumer 
Socialites belong to the upper class. They prefer to shop in specialty stores, go to clubs on weekends, and spend a good amount on luxury goods. They are also brand and fashion conscious and would mostly shop at luxury malls, fashion designers boutiques or abroad.

Conservative Class of Consumers 
The Conservatives belong to the middle class; they are true reflection of Indian culture. 
Slow in decision making and seek a lot of information before making any purchase. Most often they look for durability and functionality of the product, but at the same time are also images conscious.

Working Woman 
This segment is the one, which has seen a tremendous growth in the late nineties and has opened the floodgates for the Indian retailers. Working women have disposable incomes and have their own buying decisions for products which appeal to them

Rural Consumer 
The Indian rural market has been growing at 3-4% per annum, adding more than 1 million new consumers every year and now accounts for close to 50% of the volume consumption of fast-moving consumer goods (FMCG) in India. The market size of the fast moving consumer goods sector is projected to more than double to US$ 23.25 billion by 2010 from the present US$ 11.16 billion.

Over the years, as a result of the increasing literacy in the country, exposure to the west, satellite television, smart phones, Bollywood movies, social media and newspapers there has been significant increase of consumer awareness among rural Indians. This awareness has made the Indian consumers seek more and more reliable sources for purchases such as organized retail chains that have a corporate background and where the accountability is more pronounced

The Indian consumers are price sensitive and prefer to buy value for money products. Here are few influences on the Indian consumer buying behavior, which a marketer should know.

Ecommerce Marketing 
Indian eCommerce industry is set to become a $0.5 trillion business in the next 10 years. With the sudden rise of eCommerce, most brand and cost conscious consumers are turning towards portals for buying or comparing product price with brick – N – Mortar stores. Currently the products Indian consumers are buying through online are smart phones, clothes, books, low value white goods, stationery, electronics, educational material and lately e Learning courses.

Celebrity Influence 
In India, celebrities are regularly used as brand ambassadors in marketing communication by marketers to lend personality to their products, increase trust factor and promote the brand. Celebrity endorsements work to a great extent for all class of consumers in India, as Bollywood and cricket plays a huge role in INDIAN life-cycle.

Quality Oriented Outlets 
Indian consumers looking for quality choose expensive brands as they feel that price is an indicator of quality. Most products in India have long shelf life, even after break down, they get it repaired. Most consumers ensure that products / brands have a service outlet in their nearby area for future break down repairs. If a product / brand don’t have any service centres, it is difficult to sell to INDIAN BUYERS.

Freebies 
Indian consumer’s buying behavior is influenced by freebies, discounts, one – on – free, 40% discount, etc. Freebies are consumer products given free of charge as gifts to purchases of selected products above a certain value. Freebies generally comprise tooth paste, soaps, detergent, cooking oil, cash back, USB, headphones, speakers, mobile covers, etc.

Changing Trends in Indian Consumer Behavior

Bulk Purchasing 
Urbanization is taking place in India at a dramatic pace and is influencing the life style and buying behavior of the consumers. Bulk purchases from hyper stores seems to be the trend these days with purchasing becoming more of a once-a-week affair, rather than frequent visits to the neighborhood store.

Trendy Lifestyles 
The current urban middle and upper class Indian consumer buying behaviour to a large extent has western influence. The Indian consumer has become much more open-minded and experimental in his/her perspective towards western trends. Most international Brands have presence in India and have gained wide consumer acceptance.

Buyers’ Market In The Making 
Post India’s economic liberalization, policies were initiated in 1991 for opening of market, many new product offerings have entered the Indian market and product variety has also increased manifold. Indian consumers have always preferred foreign goods and with liberalization, they have a choice vis-à-vis local products. 
The sellers’ market is slowly moving towards becoming the buyers’ market.

Social Media + Internet Influence 
Social media has played a spoilt sport, now people buy to get LIKE. Often, users check reviews on social media prior to purchase decision, even prefer movie review from friends rather than film critics. With lowest broadband connectivity, most Indians are turning towards smart phones with internet, often checking new offers and products on mobile app.

Consumer Spending Behavior 
Possibly the most challenging concept in the marketing is to understand the buyer behavior. The attitude of Indian consumers has undergone a major transformation over the last few years.  The Indian consumer today wants to lead a life full of luxury and comfort. Wants to live in present and does not believe in savings for the future.  
Consumers now have the power of information at their fingertips, enabling them to compare and shop wide range of goods and services anytime, anywhere. 
Lately, this trend has accelerated, as mobile apps have been playing larger trans-formative role to consumer fingertips.

Monday, January 5, 2015

Future of Technology for Social Media



Smart phones
Smartphone sales in India are expected to reach 80.57 mn by this year end. Most consumers have migrated from ‘feature phones’ to smartphones for using new features, especially Internet. As Internet usage on mobile has increased tremendously, as India lacks broadband connectivity. This boost in sales of smart phones has also been the offer of EMI options from smartphone makers, even for below '$200 segment', as it plays key role in driving growth of the smartphone market

Wearable technology
Wearable technologies are accessories and devices which have wearable technology with computing capabilities and share vision of interweaving technology into the everyday life. Thus, making technology interaction friction less between humans and digital world.
Types of Wearable Devices & Technology

  • E-textiles 
  • Wearable computer 
  • Activity tracker 
  • Smart watch 
  • Smart glasses 
  • GPS watch 
  • Virtual reality 
  • Computer-mediated reality 
  • Clothing technology 
  • Smart Shirt 
  • Healthcare 
  • Augmented Reality 
  • Watches


Smart watches
Smart Watches are wearable - technology devices that maintain a relatively persistent wireless connection to between mobile device—usually a smart phone and watch—and can receive notifications of incoming calls, texts, instant messages, social-network updates, and more, from that device.

Bracelet
From activity trackers to wristbands that track and notify about all kinds of things – nobody is safe from this new wave of wristbands. In which brands, big and small, want to get their piece of the cake. Both, Bluetooth Smart as well as optical sensors is state of the art for most of these bands.

Smart Glasses
Smart Glasses has been pioneered by GOOGLE, this Glass displays information in a smartphone-like hands-free format. Wearers communicate with the Internet via natural language voice commands.

Apparels
Evolution of technology has enabled textiles to merge with technology to create fashionable, functional and comfortable solutions to meet every day needs; whether in sports & fitness or outdoor & leisure or home care & health care.

Smart paper
Electronic paper & e- paper are part of display technologies that mimic appearance of ordinary ink on paper. But unlike back lit flat panel which emits light, electronic paper reflects light like paper. This makes them comfortable to read, and provide a wider viewing angle than most light-emitting displays. Ideally this e-paper display can be read in direct sunlight without the image appearing to fade.

Virtual Reality
Virtual Reality (VR) is referred to as hypothetical future technology, it is a computer - simulated environment which creates perception of being physically present in a non-physical world or imagined world. Virtual reality can recreate experiences which include virtual taste, sight, smell, sound, touch, etc.

Augmented Reality
Augmented reality (AR) is a live, direct or indirect, view of a physical, real-world environment whose elements are augmented by computer-generated sensory input such as sound, video, graphics or GPS data. This is a part of virtual reality, which doesn’t require hardware.

What lies in future for us?

Semantic Search Engine
Semantic search uses artificial intelligence in order to understand the searcher’s intent and the meaning of the query rather than searching for keywords, it understands the complete meaning of search phrase. Google is focusing to build natural language processing – the process by which machines can effectively interpret human speech and phrase. This will become a driving force in the advancement of semantic search, leading to accomplishment of search / query with different tools of GOOGLE.

Social Media + AI
Facebook, Twitter, LinkedIn and others are beginning to use artificial intelligence techniques to build - deep learning capacities. They have started to process all activities occurring over their networks from conversations, to photo facial recognition, to gaming activity, etc. Deep learning is a sub-field within AI that focuses on training computers to make logic behind undefined and irregular types of data that humans generate, such as when we speak, write, photograph or film. These Learning systems try to recognizes the trends in all raw data for predications.

Big Data Analytics
Data processing platforms let data scientists analyze, collect and shift through various types of data. In 2012 Summer Olympic Games at London used 1,800 closed-circuit video cameras monitoring Olympic Park and athletes' village. Analysts used applications to process data pertaining to those who were filmed and flag any individuals behaving suspiciously. The big data servers automatically detected the suspicious behaviors. Data visualization has given a new dimension to visual communication especially for statistics. This helps to simplify complete data into infographic or other formats which can be easily transcript by lay people. It is both art and science, since the amount of data generated is huge which makes it difficult to translate or communication. Through infographic or visual art data visualization has becomes easier. Big data and data visualization helps in identifying new Business Opportunities. In 2012 US presidential election demonstrated this how BIG DATA helps to identify voters and donors and plan accordingly to reach them. Campaign managers in both Democratic & Republican parties invested resources for seeking interest led information of voters and taking this information, addressed different election rallies. This information also helped to target advertising and fund raising programs.
Data is everything from text, voice, video, statistics, etc. using right tools of BIG DATA ANALYTICS this valuable information can be processed to offer vital information for mining. This data has huge capabilities, especially predication's for business and healthcare.

The relationship you have with your technology is no longer command and control. It is evolving to become human relationship, and slowly your technology will know you and it will understand you.