Marketing has evolved since the time people used to wander from ‘street to street’ and ‘area to area’ to market their products. Open markets used to be settled, for selling various goods. Those were times when there were few manufacturers, manufacturing limited products and whatever was produced used to be sold as the demand always exceeded the production. Also, the differentiation among various products was very little.
Today, we have come a long way from those times. We have come to times where companies are finding ways to innovate some new products which can meet the expectations of ever demanding customers. If the innovation is not their in product, companies are always thinking of bringing about innovative ideas to position or market the product to create distinction in the minds of the customers. Most of the companies are offering similar or homogeneous products/services. It is the end packaging and the marketing of the product which really is the key differentiator. Smart companies are investing their resources and time to devise strategies, to create innovative ways of marketing. The marketing budgets of most of the companies with deep pockets have increased to be more visible and distinct. New ways of advertising has evolved. Internet marketing which was unknown a decade before is actively being used by companies.
Large companies are using all sort of marketing tools available to them, be it print media, television, radio or digital media for marketing themselves. The difficulty today is faced by the small and medium enterprises who don’t have huge marketing budgets to spend. Probably, the intrinsic value of the unbranded product might be equivalent to a branded product, which sells for higher price. But, due to low recall on customers mind and unknown brand value the product does not takes off.
Online Marketing or digital media can bring revolution among SME’s way of marketing the business only if the companies can understand the importance of it. It could be the most cost efficient and effective way to market their products/services. Marketing of the products over the internet would not only help to increase the brand value of the products/services, but would also open new doors to new market place the global or virtual marketplace over the internet. Customers would be able to search for the right product across geographies, which would increase the visibility and accessibility of the companies. With the exponential growth of internet users, in the times to come, digital media would be the most prevalent way of marketing by companies in India. It is important for the companies in emerging markets like India to prominently use internet marketing as an effective tool to stay competitive. As the digital marketplace is going to evolve in the times to come, the presence of brands/ and companies online is also going to increase. Even the digital marketing space would also become very competitive in the future. The companies using targeted approach, effective and pertinent tools of internet marketing would be clear winners in the times to come.
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