How Advertising Platforms are Evolving Businesses in India
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The roots of advertising run deep. The earliest known record of an advertising agency dates back to 1786. Back then, newspapers became the dominant platform of advertising and then the emergence of television in the 20th century brought new dimensions. Being subject to technological innovations, the evolution of the advertising sector remained perennial.
Social Media in the beginning
Today, two decades hence the advent of social media (considering Six Degrees, launched in 1997, as the first recognised social media platform), the dynamics of advertising have transformed substantially. Gone are the days when advertising used to cost more than the cost of production itself and yet the outreach remained abysmal. With the advancing technology and increased Internet penetration, advertising is now more effective than ever as its reach has gone global and its cost has turned pocket-friendly.
It is thus crucial for the businesses to evolve with ever-evolving 'ad-world' to ensure maximum impact. While the big firms were quick to match steps with the advertising trends, the MSMEs too followed the suit with cost-effective web advertising. Although it must be noted that only the knowledge of all available platforms don't suffice. Leveraging advertising tools is the factor that brings in the major difference. For instance, it is a sine qua non for businesses to draw insights using data analytics before deciding on the advertising strategy and platform. Harnessing the business data helps a venture put the right amount of funds at the right platform of advertising. Thereby, reducing the input cost and multiplying the dividend. Another determinant of the effectiveness of the advertisement is 'target audience segmentation'. The phenomenon, widely accepted as a fundamental strategy in communication campaigns, makes the advertisement drive better-yielding as messages are tailored for the distinct subgroups.
Business in India
However, as laid down in the business management principles, there are no set of rules on how many online advertising mediums one needs to successfully market one's business simply because every proposition is unique. The secret lies in experimenting, tracking and tweaking to determine the perfect mix. Achieving this perfect mix often requires an increased marketing cost and a gestation period as well. It is here that the advertising firms comes into play.
Businesses in India, especially the MSMEs, often shy away from advertising firms thinking the proposition to be a costly affair and thereby, ending up with marginal or low revenue figures. It is thus crucial to understand that the returns of an effective marketing strategy not only covers the cost of advertising but also makes room for the expansion of the brand.
The current age of globalisation has been characterised by a marked shift in operations as well as the expansion of businesses beyond traditional boundaries. With the plethora of media and products available, customer loyalty has become a primitive concept. In present times, companies face the challenge of capturing and maintaining ICT in order to retain their customers. This commands the need for the effective management of advertising and marketing processes. Creative approach will be a key for achieving business objectives. Hence, triggering the need to advertise in a manner so as to remain rooted in consumer brains.
Diving into details, digital marketing in today's times gives a larger playground to the businesses as the new media has now engulfed more than 3,133 cities that fall under the tier II and tier III category in India. Taking into consideration that smartphone platform outperform computers in the metros as well as the smaller cities, every digital asset needs to have a great experience on mobile. So, the ads designed for new media must be in a format (and size) that is easily accessible on every platform. In this regard, vernacular ads gives an edge to the businesses. Search engine optimisation is yet another factor to be taken care of with the businesses utilising Google Adwords as a platform. This requires an understanding of proper keywords that enhances the web visibility.
In view of the above, businesses today are fast switching to advertising firms to market their product. These firms help businesses with their financial allocation for advertising, with the decision on the extent of coverage required depending on the nature of competition, and with the creative campaign for the marketing of the product.
Advertising laws teach a businessman to give equal (if not greater) attention to the marketing and production of the product. Therefore, in order to stay ahead of the game, ensure brand footing, and brand loyalty, it becomes integral to evolve the business model and marketing techniques with the evolving advertising world to remain relevant to the market.