21st century marketing saw the emergence of internet based advertising to augment contemporary forms of mass media (TV, radio, print ads).
In my opinion, the operative word here is augment, as opposed to the idea that internet has taken the spot, which was previously occupied by mass media. This is because in the first place, internet is a form of mass media and in the second place, there are still more television sets and radio components than web-based devices in each home. The goal of this article is to discuss the direction of marketing in the 21st century in order to stir producers into the right direction.
21st Century Economy
First and foremost, the buying power of the masses has increased in the 21st century. This is because of a better global economy. Second, globalization has spawned healthy competition, thereby resulting in better quality goods and services for less amount of money. Third, inventory cost has been brought down by online stores who do not need to keep their inventory inside swanky shops that cost rent. Fourth, product availability and diversity is up due to the emergence of 24 hour shipping. As a result, an online store is just as good, if not better in some aspects to an actual brick and mortar shop.
21st Century Mass Media
The internet is up there with television as the main source of mass media. Nowadays, almost everything that can be done by a television set can be done by a CPU device (desktop, laptop, tablet, smart phone, etc.). In fact, television, radio and print ads are all moving into the internet with smart TV technology.
Of particular importance is social media. When I talk about social media, I do not limit it to Facebook, YouTube, or Tweeter. More importantly, this includes interest or job related social media sites, as well as forums, blog sites, links, etc.
A curious thing about social media is that an enterprising individual can utilize his/her own social network in order to trump up interest as well as the relevance of certain products or services. One only has to select a specific interest group and then provide them with an incentive to distribute the same to their own social media group. This results in exponential visibility and instant celebrity. More importantly, this can be at zero to minimal cost.
21st Century Consumerism
I have noticed a shift of interest away from the tried and tested brands and more towards quality goods and services. Think about it, some of the better-known brands of 10 years ago, that monopolized certain industries are now down in the dumps. In my opinion, movement depends on financial capacity.
What Does This All Mean?
This means is that if you want to compete in the 21st century you need to find a gap in the market and then fill it. It’s not about making just
outdated websites and spamming emails anymore. If possible, you should also specialize in a particular product and service and make a name for yourself as such.
Get agile. Too many are already doing mainstream social media. Expand your online marketing strategies by leveraging or testing different approaches to you campaigns. Update your website regularly. Lower your total cost by going online, if not totally then partially. Then make your products or services available thru online payment plus fast shipping. Have a landing page with an intuitive call-to-action, plug streaming videos, post on related blogs, get your brand on forums, etc.
Think outside the box… what sets you apart from your competitors’ online strategies?