Monday, April 22, 2019

Win-win Situation

Thanks to innovations in the Internet, communication and logistics, the world market has become tougher as ever. For every product that is being sold somewhere, there are a million others. For every product maker or manufacturer, there are tens of thousands making the same product and perhaps at a fraction of a cost. The world has indeed become smaller. It is tough for business, but it has become better for consumers as they now have a wider array of choices that will suit their budget. Buying products are now easier, faster and cheaper. The dollar has never gone farther.

That is why competition for the people’s attention and pockets is as fierce and tough. The battle is being waged in many fronts. Advertising budget has eaten more and more of the costs of producers. Another race is in the marketing – as companies go to larger national and international campaigns, down to the local door-by-door approach. With so many products out there, companies need to be creative, aggressive and persistent.

Another medium for marketing and advertising products is in the Internet. The World Wide Web has revolutionized the way companies advertise. Traditional advertising is more of the shotgun approach. Putting our campaigns on TV, newspapers and magazines hit a wider audience, from kids to grandmothers; from company presidents to computer geeks.

The Internet has set the trend on a sniper approach. In the Internet, people and the market has sort of sorted themselves. Sports buffs gather in sports sites. Gardening lovers gather in their own forum. Thanks to Google technology, when an Internet surfer search for a keyword, like “beach vacation” or even “gasoline,” advertisement on beach resorts or gasoline dealership opportunities quickly pop in an un-obtrusive bar on the left side of the search result's page.

In order to push further their products and companies on the Internet offer free trials or send free catalogs to potential buyers. The freebies are often seen in software products, free 30-day trials for games or software is very common. In conjunction with wide marketing efforts, registering in Internet sites allow consumers to get free products to test.

These days, the quest for consumer attention and loyalty not only rests on creative and strategic advertising. It is also a battle for quality and service. It is no longer enough to be present and to be cheap, as for sure some manufacturer in China will produce the same product at one-fifth of the cost.  For a new product, giving out trial promotions allow consumers to get a preview of what the product can do. If producers are confident of the quality of their product, this is the best way to introduce a new brand into the market.

For consumers this is also a great way to embrace competition between manufacturers. With the fast development of new products, it is no longer practical to stay loyal to one product, lest one will be left one with the latest and the best that is coming out. Testing products allow them to measure and choose the best product at no cost other than an open mind and the willingness to try new products.

Recent developments in technology bring benefits to both product manufacturers and consumers. It brings out the best in producers and gives the best selection to buyers. It is certainly a win-win situation.