As a Information Technology MD, its very critical for you to understand developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, it drives the direction of your business. So you should definitely have a well thought out brand strategy in place.
Increasing competition in business develops similar products with good quality from different manufacturers. But only an effective, innovative and Business Network & planning can make your business and products more popular.
For your profession as Information Technology MD it becomes your responsibility to stay connected with like-minded supporting industry experts who can guide and help you deal with your day to day work issues.
Digitization Challenges And The Importance Of Branding
If you are entrepreneurial in nature owning a business is very exciting adventure. It can also be the most difficult thing for you to get into if you are not prepared.
Artificial intelligence is going to change everything we do in advertising and marketing, but not in the way we think. The truth is that if used correctly, RPA software and intelligent machine learning can give companies and agencies the power to provide extraordinary experiences for customers. The kind of campaigns that move the customer on an emotional level.
After all, that is the key to a loyal customer base. The people who come back again and again because they know on a gut level that a business understands them. Steve Jobs saw this after a calligraphy class inspired his design for the iconic mac fonts. Creativity and intelligent automation seem like the furthest concepts from one another, but in fact, they are intrinsically connected.
We are currently drowning in a sea of data. This data contains valuable information about consumer preferences, their likes, and dislikes. The key to creating something that consumers truly want. Even giants, such as holding companies dedicate a massive amount of resources to crunching the numbers.
Combining AI with creativity can open up a whole new field of marketing and advertising. There are three ways this can take shape, and they are all interconnected.
Targeted Experiences - when you add AI to the marketing mix, it opens up a whole new category in the funnel. This means curated experiences for every different type of customer in the market. Capturing Millenials and Baby Boomers with the same campaign, using powerful messaging that appeal to each group. This isn't the stuff of tomorrow. Many agencies are already deploying AI technologies to their advantage and producing creative that works across the board. According to Entrepreneur, AI will help companies target customers more accurately and place budget dollars where they belong.
Tighter Budgets - speaking of dollars, the analytical power of AI software will help solve one of the most age-old problems in advertising. Funding campaigns that deliver on ROI and help companies take calculated risks that pay off. Marketing and creative wants the budgets to be higher, and businesses want to cut costs. There is no "right" or "wrong" party here. A large part of advertising is trial and error, but that means wasted money. However, when businesses and agencies use intelligent machine learning software to analyze customer data, a lot of the guesswork goes out the window. This creates a positive feedback loop, where money can flow to the projects that need it and build richer marketing experiences.
A Marriage of Creative and Data - any marketing manager worth their salt knows that the best creative is made possible by data and analytics. Machine learning algorithms are making this symbiotic loop stronger. They perform elaborate functions without slowing down the customer experience. This allows creative teams to get fast feedback, giving businesses time to change their approach and become agile. Instead of waiting for analysis to determine if a campaign is resonating, with MLA's, companies can get results almost in real time.
Don Draper would have killed for the kind of value AI can add to creative. It's a chance to leave the guesswork behind and make more impactful campaigns. Like it or not, advertising and marketing are just one of the many fields AI is going to change.
Factors Affecting Marketing Strategy New Innovations
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Marketing strategy consists of some valuable plans that integrate an organization's marketing goals. The Proper combination of goals, policies, and action sequences makes the marketing strategies effective. The main aim of marketing strategy is to increase the sales and profits of any organization or company.
Marketing strategy is developed by considering the following factors:
Environment analysis and marketing research:
The observation of external factors that promote success or failure of a company is a most important marketing strategy. The external factors include economy, competition, atmosphere, transport system and solicitation of data to resolve special marketing issue.
For better sales of a product, market selection is significant. The amount of sales of a product depends on the location of the market, whether the market is situated in urban or rural areas; whether the market place is easily accessible for people.
The consumer characteristics such as taste, choice and preference affect the product marketing. The consumer characteristic varies from man to man and location to location. So inspection of consumer characteristics, needs and purchase processes is also important.
Product planning (including foods, services, and ideas):
Product planning includes the development of existing product by changing of the composition, packaging system, product positions, brands and deletion of the old products.
The delivery system of the product to various markets, shopping malls and restaurants is also considered for marketing strategy. The distance from the production place to whole or retail seller, transportation system, physical distribution, allocation of goods, wholesaling detailing, inventory management and channel relations are reasonable factors for distribution planning.
Price of a product should be kept in tolerable range for all classes of people so that they can easily pay for the product. If the price of the product becomes very high, the consumer will not buy the product.
The communication planning may include the advertising about the product through different mass media, such as the television, radio, newspaper. The more a company publishes, the more it sells. At the recent time, online advertising is another media of publicity. By advertising the companies or organizations gets the chance of focusing their product's good quality and urging the customers to buy their products.
Brand name of a company has a large effect on the consumer to make them buy their product. A company should select a nice and attractive family brand for its better publicity.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
Our groups are not groups for generating sales leads, nor are they places where individuals can drop-in to gain quick advice on an immediate challenge. Members also sign a confidentiality agreement and benefits from the guided mentoring to help each other.
These groups include an experienced facilitator and use a structured discussion method to ensure appropriate participation.