The world of Advertising is on the cusp of a turnaround with the inception of new media portals, which is a bellwether of the fact that the traditional way of promotion is losing its touch
With over 3 billion internet users all over the globe, marketers have started mulling over implementing new strategies, conducting extensive market research, drilling down into the behaviour of the consumers to comprehend their ideology at the grass rotes level
Internet has upended how consumers engage with the brands which comes to the light with the citation of an example
Consider this:- Not long ago a car purchaser would methodically pare down the available choices to arrive at one that best meets his expectation ,a dealer would reel him in and make the sale
The buyer’s relationship with both the dealer and the manufacturer would typically dissipate after the purchase. But today, consumers are promiscuous in their brand relationships: They connect with myriad brands—through new media channels beyond the manufacturer’s and the retailer’s control or even knowledge—and evaluate a shifting array of them, often expanding the pool before narrowing it. After a purchase these consumers may remain aggressively engaged, publicly promoting or assailing the products they’ve bought, collaborating in the brands’ development, and challenging and shaping their meaning.
In today’s era people are generally driven and lured by advocacy rather than articulated advertisements, its the feedback, the product reviews, and the ratings that play the game for the consumers
Yet many marketers focus on media spend (principally advertising) rather than on driving advocacy. The coolest banner ads, best search buys, and hottest viral videos may win consideration for a brand, but if the product gets weak reviews—or, worse, isn’t even discussed online—it’s unlikely to survive the winnowing process.
Media portals have also provided a platform to the consumers to post their experience with the products ,they often try to malign the brand equity of the company by doppelganger images if they seems to be disgruntled with the product
Estimates show that up to 90% of spend goes to advertising and retail promotion ,yet the single most powerful impetus to buy is someone else’s advocacy
However many companies are trying to capitalise on the opportunities oozing out of this new media portals
Apple has eliminated jargon, aligned product descriptions, created a rich library of explanatory videos, and instituted off-line Genius Bars, all of which ensure absolute consistency, accuracy, and integration across touch points.
Pepsi flagged off its Pepsi refresh project that was a major substantiation of the fact that it is doing away with its traditional strategies of sponsoring in Fifa world cup, the most ubiquitous of all sporting events
Dunkin do nuts encourages user generated content in which customers submit photos videos consuming their products and the winners are awarded cameras smartphones
Us beer brand old Milwaukee used to earlier promote its product by advertising on television but later on switched to YouTube to reduce the cost of advertising
We have that seen that this remarkable gift of the 21st century ,the demigod of the modern gold, the much touted and the that has permeated the entire globe- the “internet “ has turned the tides around for advertising with the advent of new media portal such as YouTube, twitter, Facebook