Marketing Strategies that are Boosting the Growth of Businesses

Rajan Sarma “The business enterprise has two, and only two basic functions: marketing and innovation.” (Peter Druker)

India is home to one of the largest growing consumer markets in the world. The middle-class consumer population is around 200 million at present, and it is expected to rise up to 475 million by the year 2030. It is a very diverse and complex consumer market, hence it is vital for the companies to develop their products and services in accordance with the local population. In addition to intense competition from numerous small, medium and large business enterprises, it is very important for the companies to keep in mind about the diversity of cultural background, different levels of sophistication, the sheer size of both the population and land-mass India possesses.

The best way to deal with such complexities is to invest in hiring local knowledge. Both native Indian and International marketing companies are operating in this ecosystem in India. For a comprehensive marketing strategy to develop it is necessary for the companies to adopt core elements such as brand value, public relations, social media, and digital media. In order to communicate with the customers about the products and services a company is providing, it is very important for the companies to have a suitable logo, color, and imagery. There are several options a company can adopt to pursue their marketing strategies; they may hire freelancers or collaborate with an already established marketing agency. Huge companies such as Starbucks and Mc Donald’s are defined by their logo, brand, advertisements, and imageries. In India the socio-economic situation is very dynamic in nature, Hence, the need for Marketing Agencies to constantly adapt to the change.

Many small business enterprises view marketing as an added expenditure as they cannot afford to maintain a Marketing Department. It can be observed that many Marketing teams are asked to
concentrate on generating immediate sales, hence, the need for promotions, price discounts, and limited-time sales. On short term marketing does help in generating instant revenue through sales but it is the long term benefits of marketing that are often overlooked by the business companies in India.

Some of the strategies that Marketing Agencies adopt to enhance businesses are listed below:-

• Building the company’s brand value:
This is perhaps the most important task for any marketing department; to build a strong and unique image of their products in the eyes of their target audience. A company has a great deal of control over its target audience by providing them with efficient products. It is important to note that building a reputation is a long term process and requires patience.

The use of social media platforms like Facebook and Instagram is getting more and more popular among companies for the purpose of building their brand value. For instance, native Indian T-shirt brands such as Tantra Tees, Osom Tees, Redwolf Tees (All online T-shirt stores) tend to do their brand promotion exclusively through social media platforms such as Facebook and Instagram to reach their target audience.

• Product and service adaptations:
Wealthy Indian consumers are more likely to spend on status items than non-status items, therefore companies need to adapt to the changing preferences of the Indian customers. Adapting to local cultural preferences, tastes and regulations improves the chances of a business to thrive.

• Supporting the sales team:
The sales team in any company acts as the anchor between the company and its customer base. In this regard, many businesses are taking their sales team very seriously nowadays. Companies are providing their sales team with added training such as brand-related training, new product training, and joint sales training so that the sales teams are well adapted for the purpose of selling the products and services as quickly as possible.

Each of the strategies mentioned above is being adopted by medium enterprises and large enterprises. The key is to find the right balance between implementing short term marketing strategies that generate immediate revenue and long term strategies to ensure growth. To sum up, online marketing strategies can bring a lot of profit if it is used cleverly. There is no one size fit strategy in online marketing.

• “Good marketing makes the company look smart. Great marketing makes the customer feel smart.” – Joe Chernov
• “Even when you are marketing to your entire audience or customer base, you are still simply speaking to a single human at any given time.” – Ann Handley
• Content marketing is more than a buzzword. It is the hottest trend in marketing because it is the biggest gap between what buyers want and brands produce.” - Michael Brenner