Is there a marketing method or technique that can guarantee success? As marketers, we’ve all wondered this. While selling products or services, one has to overcome several obstacles like the generational gap, geographic differences, technological barriers and much more. Thus, it can be hard to answer that.
However, there are some strategies that have been tried and tested to overcome these limitations. In this article, we shall be looking at one such technique. Read on to know what it is and how you can use the technique to create a successful marketing strategy.
Convergence Marketing
Marketing can be tricky, but if done correctly, it can ensure a positive outcome almost every time. There were traditional marketing methods in the past that consisted of media outlets like newspapers, television, radio etc. These were simple mediums that attracted a vast audience with little effort. For example, a simple 60-second advertisement slot on national television was once enough to reach over 80% of the adult audience.
However, with the advancement of technology, these mediums have evolved drastically. A mobile phone can do the job of a newspaper, television or radio by itself. These kinds of advancements have revolutionized the entire marketing industry over several years.
But does it mean that the traditional marketing methods have become completely inefficient? Absolutely not. People buy several things online but still prefer physical stores to buy their groceries or such commodities. Similarly, while the newer means of marketing are clearly embraced, the good old traditional mediums too, have fared well.
Thus, in order to achieve the best possible result, it is crucial to make efficient use of both- the modern and traditional means of marketing simultaneously. This technique of utilizing both methods successfully is called convergence marketing.
Why is convergence marketing important and where can it be used?
Convergence marketing, as the name suggests, is a “converged” form of reaching the right audience by using the correct marketing mix. Basically, catering to one’s customers digitally and physically as per their needs is what the whole concept is about.
To get a better understanding of the same, let us take a look at an updated “Four P’s of marketing” and how convergence enhances the entire concept concerning digitization.
Product Convergence
The combination of physical elements along with digital products or services gives a customer access to more control and choice over the products or services they wish to choose from. Convergence marketing is customer-centric. It focuses mainly on the customer and their experience. Thus, providing them with a feeling of empowerment through the choices will make room for more instances of interaction. Marketers can use this data gained through interactions to curate products for the customers.
People are constantly looking for things that perfectly suit them. Using digital mediums to simulate an experience that lets them decide like VR will have a better impact on one’s business. But at the same time, if there is a need for physical presence in the form of coupons or billboards, they too need to be used when needed.
Pricing Convergence
Businesses use several pricing strategies to get the most value from their customers. As this is the goal, they consider several pricing strategies like penetration, flexibility, psychological or skimming the market pricing.
Products or services can be divided into two parts- wants or needs. A marketer’s goal is to create a sense of need for their product or service. Convergence in this category helps immensely as it helps to increase the value perception indirectly.
With the help of data that can be gathered through technology, a business can decide the level of pricing that would be most suitable for a particular product. But since customers have the benefit of getting to compare prices of products or services online, it is important that a relationship is established. This will give the business an upper edge over the other choices.
Promotional Convergence
Having an understanding of one’s consumers is important to be able to leverage convergence marketing. Social media is an amazing tool for promotional activities. But as we touched upon above, traditional means of advertising too, are extremely efficient in some cases.
A newspaper advertisement or T.V commercials are more likely to cater to an older audience. At the same time, mobile advertising will ensure that the products or services reach the current generation.
Simply put, converging both traditional and digital methods together and creating a curated marketing experience is very likely to be successful.
Place Convergence
Digital products or services can be fairly simple to manage. These are online factors and do not essentially require an offline presence of any sort. However, it can be tricky to get physical products and services right.
There is a constant need to create an optimal network that can seamlessly be used by customers for the potential time needed to deliver.
While traditional networks can help here, IT will ensure a smoother product movement and service quality. Thus, integrating digitization in a category that was previously dominated by traditional and physical aspects alone will help the process and, therefore, the business as a whole.
Digitization is clearly changing the marketing game. However, striking the right balance between both social media or other digital aspects and traditional methods like newspaper ads or radio ads can bring about more advanced results than sticking to just one of these.
Your partner in convergence marketing
The whole concept of creating a widespread marketing network can be best captured by Bloom Ads since we offer a whole array of methods to market your product or business. Contact the team today to learn how you can create the best marketing model for your business using our exceptional offerings.