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28 January, 2020
In a time when digital platforms have become a crucial tool for effective business models, Indian developers also need to adapt to the changing paradigm. To achieve their goals with a greater margin of success, they need to switch from conventional methods and strengthen marketing efficacy through the proactive use of digital platforms. Though the role of print ads, outdoor advertising, leaflets and other tangible marketing instruments is prominent, their impact needs to be multiplied by leveraging digital sources & events. In this context, it is instrumental to have in-depth market research strategies in place comprising of relevant parameters that can enable effective mapping of consumer behaviours and competitive environment. Consequently, the inputs gathered from this exercise enable the creation & implementation of viable and cost-effective marketing strategies.
Role of Market Analysis
It goes without saying that the foundation of enduring marketing is based on data that offers a thorough insight into prevailing market trends. In a landscape where the consumer needs are always in flux, it is imperative to have an approach based on the continuous flow of market intelligence to match the demand of the consumer accurately. This will also lead to precision in leveraging products thereby minimizing any ambiguity in market positioning.
One key aspect of the process of research comprises of carrying out competition mapping on the basis of factors such as ticket sizes, payment plans, existing and turned around inventory which can give a nuanced perspective on what other players are doing to capitalize on the market. According to the gathered data, developers can customize projects in alignment with prevailing characteristics to get a significant edge.
Having a dynamic marketing campaign in place also consists of having a multi-pronged approach by dapping into additional tools apart from Google ads, display ads, email campaigns, discovery ads, etc. Some of them encompass content marketing, publisher exchange marketing, among others, which have the potential to enhance value and profitability and therefore should be an area that developers should focus on to get the maximum results.
Social Media & Content Strategy
With digital ecosystems driving business, the power of social media channels can play a key role in increasing visibility. To harness this, developers need to rapidly begin incorporating new-age marketing methods. To draw on the unlimited potential of social media, they also need to predominantly implement campaigns such as carousel ads, look-alike marketing, call campaigns. Also, in addition to Facebook, which is one of the most popular social media channels, Twitter & LinkedIn also should be on the top of the list as they can act as a force multiplier and unlock newer avenues of growth.
However, to hit the sweet spot of success, it is important to evaluate not just the number of platforms being used, but the type of content being deployed on them. With the rising popularity of interactive media, videos are fast becoming a go-to choice for engagement building which can convert to leads. The endless possibilities of content creation also make videos a suitable option for brand marketing initiatives.
To sum it up, to move forward in the market, developers need to explore alternative marketing strategies and transition into the digital space to build a larger market footprint through streamlined operations.