Videophone and ITV Calling
One Marketing Guru Says that there are two types of marketing :-
1. Inward Marketing
2. Outward Marketing
Briefly understanding these marketing types, Inward Marketing is done for the Product that is demanded by the Consumer and you have to just convince the consumer for its worthiness and value for money, rather on the other side if the product is new and it has no demand in the market, then the primary task is to make aware the target segment of its features thereby making a deal, is what we name as Outward Marketing. For example if you are a TV manufacturer and there is a huge TV buyers segment already present .Now for to sell your product you just need to justify your price vis-à-vis product quality and features over your competitors. This is a sort of Inward Marketing where the customer comes to your place. But if your product is one which is in a concept stage (read concept product), so no demand and no buyers, then you need to first create a demand for the product by advertising its features which may do the needful, who has still not identified its needs completely, making him realize that this product can make his life more comfortable and full of fun.Infact Product comes earlier than Brands. Most of the products have to pass through this concept marketing stage till it establishes an identified set of buyers, later the brands follows. In short, selling a product what the customer requires is inward marketing and selling what you want to sell or what new you have created, to customer even it is not required by them is outward marketing. Let us understand it by an example. In Automobile Industry, Selling a Speedometer is Inward Marketing but Selling a GPS (Global Positioning system) is Outward Marketing in today’s time. Even before the invention of GPS very few people would have thought and aspired of a device which can track and administer their vehicles remotely. Large chunk of the market had not demanded this product to the manufacturers. It is completely a new Product. But in order to expand their businesses and to add new arms to the industry, manufacturers joined to develop this product and create a new market for this. Today there is no huge demand for the product .But slowly with the advertisement and hype, consumers will start understanding its significance and it will rise to the stage of core product selling from the present state of concept selling supported with the great deflation in price. Another example is Sony’s Blue Ray Disc which has a 50 GB storage capacity. Initially Pepsi and Coke were also launched as a concept in India. So this is roughly the difference between the two types of marketing.
Marketing includes Advertisement and a Major share is spent in this activity. Brand Promotion through media has become very money-some. And many a times we could not get required mileage of our media campaign and the whole investment goes for a toss, how well the pre campaign study may be! The promos sometimes don’t get a right viewer ship, making the campaign a failure. What is the use of promoting a washing power brand through Television and spending even sometimes more than the real cost of the production and thus inflating its input cost when there already exists a big target segment. Just to expand your market share! Many a times, people adore seeing these promos on regular products such as tooth-paste or washing powders. They have the power of remote to change the channel. So you don’t get a right viewer ship for your promo. Simply there is nothing new in your product to talk about although you may present it in a new way, in an innovative manner then for a change viewers may look it just once or twice and ignoring all future repetitions, later. It is a loss for you. So what type of advertisements people like to watch with curiosity! Obviously, only if the product is new and innovative. People will buy an advertisement promoting a Hybrid Car, Microsoft’s Touch Screen Computer. These are the concept products which people don’t know about. Out of the curiosity they love to explore more about your innovations through the advertisements. So you may enjoy a good viewer ship for such products. So we need to understand that that what type of Product specific promos is admired and viewed by the people. As I said selling a Tooth-Paste or a Washing –Powder through media advertisement is a waste of money unless you have really made some innovative changes in your product.
In a nutshell only innovative products should be promoted through this channel in order to get a good value for your investment. In other words we can summarize that only Outward Marketing should be done through Media Advertisement and practice Inward Marketing through some another channel. What is this another channel? Or Rather New!
Invest in Marketing only then when the consumer requires it! Suppose I am in the business of Property Selling .I need not to advertise in the open market, and I know only 1% are interested to buy upon my product. So 99% of the promotion cost goes in vain. Now I will advertise to only those customers who really are looking to buy a property. This time I am investing only on Target Segment. So my investment this time is lower but highly result oriented.
It is very obvious that you need to bring the customers at your doorstep to listen to your promo. Now how will you do this? May be promotion by website. Advertising on a Property website like magicbricks.com or 99acre.com or the likes. By advertising on these websites you target only a small bunch of customers. But sometimes due to loads of advertisement on the website your advertisement gets sometimes overlooked. You loose a potential buyer! So there is no guarantee that your advertisement will be viewed anytime or not. But whatever be the output, good or bad, website hosts will charge their fees from you. Next Target Oriented way is through Google Text Advertisement. This is a good and effective way of doing the promotions. The advertisements are relevant to the subject of the webpage which a user is surfing. I completely support this type of advertisement but there are certain flaws I have pointed out, if properly dealt with ,it will be the most popular and effective channel of advertisement in the coming times.
1. Website is still a Medium “Less Popular” at some places
2. Website Address Popularity
So how to deal with these flaws. Best ways I can think of is Mobile and Internet TV. Both are very popular means and enjoy a high usage. The concept is same as applied in Google Adwords.Watching the advertisements is completely free. One sees the relevant advertisements only as and when requested by the user based on certain Adwords.
Let us understand it with an example:-
I am looking for a Bike. Before that let us first point out the features of a Bike on which a consumer finalizes the deal.
1. Power or CC
2. Disc Brake /Drum Brake
4. No of Gears
7. Price/Value for Money
These are all Adwords and will be owned by the Bike OEMs (Original Equipment Manufacturers) .If there are 3 OEMs as A, B and C and 2 (A and B) of these 3 OEMs have “Mileage” as their Product USP .Now how to decide that who will be the owner of the word “Mileage”.Infact there can be N no of owners of an Adword. But it will be preferential. There will be a Degree of ownership attached to each Adword. Now this degree of ownership will be decided by a process of online bidding. A minimum proposed price/click/Adword is set by the service provider. Say it is INR X for the Adword “Mileage". Now whomsoever among A and B outbid another will be given first preference.
So for buying a Bike I would definitely like to watch their promos so that I can gather more information. I can use two sources apart from the Internet.
a) Video Supported Mobile
b) Internet Television (ITV)
I will dial an AdLine No. given by my Service Provider and will spell the Adwords that I am looking in my Bike. It would go like this “Bike, Mileage, Suspension” .Then a List of advertisements will be displayed in the order that owns these specific Adwords same as displayed in Google Text Advertisements. Now on clicking the options I can watch the full promo of the Bike of a particular OEM. Also my query will be registered with the OEM’s database of prospective customers so that they can themselves contact me for more information. We can use ITV (Interactive or Internet TV) as a medium which is becoming so popular today. One thing to note here that these requests will be completely free of cost and the consumer will not be charged a single penny. Here the service provider will earn as soon as the customer clicks the Video Advertisement.
This way OEMs can save a lot of money that get wasted on costly TV advertisement. Now they have to spend money only on the prospective buyers.
Here it is a big opportunity for the sectors like Mobile and communications.
A new wor(L)d is waiting .A revolution has to come in the field of Advertisement .It is not the only concern that what we see but also how we see the things!