In the era of marketing, where everything can be sold at some price and everything is marketed in one way or another, people are confused about what sort of marketing should they go for to generate enough sales for their business. Whether it is a service industry or any product-based industry, everyone wants their name to be out in the market, via this article let us understand all aspects of marketing and which one the colonies prefer more.
The world is changing so is the pattern of marketing, from traditional to modern, the same is the case with marketing, from traditional to modern.
Traditional marketing includes reaching out to and interacting directly with customers through offline means. In order to encourage personal interactions and engagement possibilities, marketers use tangible materials such as flyers, posters, or advertisements placed in areas where their target audience is likely to come across them.
Although television sets were not common in every household, they still came out to be the most popular platform for traditional marketing. Nearly every household now has television sets. However, there were other sources also like radio, newspapers, pamphlets, and brochures, but still, television came out shining among all others.
Ads via traditional, when done properly, can trigger emotional connections. You are more likely to view an ad for Horlicks or Crax during a telecast of kids’ shows. Research also says television is the most popular leisure activity for traditional marketing in India. In 2023, the average minute audience (AMA) of television watchers in India was estimated to be 1.5 trillion. While it was still below the viewership numbers seen in 2020, it did show some improvement from the post-pandemic downward trend. With over 200 million households receiving television, it remained the most popular medium in the nation despite the decline in viewing.
If we have to describe television as one of the most successful mediums in traditional marketing, in one word, how would we describe it I would say “trust,” as it is the foundation of every relationship; it shows mutual respect among both parties, and the same trust plays a significant role in television advertising as people would buy things only after being convinced. But recently, we have seen a shift from traditional marketing to modern marketing. The capacity of a company to use its resources to their full potential to provide the best experience to customers and thereby attain growth is considered modern marketing. According to a recent McKinsey survey, 83% of CEOs worldwide stated that they believe marketing to be a key driver of most or all of a business’s growth strategy. Modern marketing uses technology, creativity, and human insights to deliver powerful brand messages, and this can be achieved by the following means:
Content marketing: This marketing strategy involves sharing online resources like articles, videos, podcasts, etc to attract and retain customers.
Influencer marketing: This marketing strategy involves collaboration with those individuals who have a good following on social media.
Loyalty marketing: This marketing strategy involves retaining and increasing revenue from existing customers.
Programmatic marketing: This marketing strategy involves the use of automated technology and software for buying media.
Social media marketing: This marketing strategy involves the use of various social media platforms like YouTube, Snapchat, or Instagram to deliver paid ads to the target audience.
There are various creative hoardings out there, AI is also making a huge impact. Another example of modern marketing, that has been in the industry for so long, and has recently come to the limelight is Guerilla Marketing. Various brands have also initiated experiential marketing, i.e. giving the customers experience of your brand as clearly as possible via any means.
Now again, let’s get back to the point: why does this shift happen? This shift is largely due to the pervasive nature of the internet and online tools that allow for targeted and cost-effective campaigns. Another reason is that consumers increasingly rely on peer reviews and recommendations rather than traditional advertising.
Now we know both about traditional marketing and modern marketing, but after reading about both, can we come to a conclusion? Which one is more preferable today? Is modern marketing better than traditional marketing only because it covers more regions, or is it better because it uses various social media platforms? The answer is that traditional marketing still generates more sales! Despite the fact that modern marketing has evolved significantly across the globe, traditional marketing has remained important. This is because many people still look for traditional ways to attract and retain audiences, including running TV ads or magazine ads, and this is probably going to keep happening until modern marketing becomes the standard.
