Why brands must shift to a hybrid marketing strategy?
Considering the current business landscape, it is almost without doubt that digital marketing is bringing in customers and profits. However, that does not imply that traditional marketing is no longer viable. It is far from its demise, and in fact, still has a sturdy advantage in some marketing fronts. What a brand should invest in is a hybrid marketing strategy. One that has is on track with the modern digital solutions built on the foundation of traditional methods.
Why consider hybrid marketing strategy ?
As we all know Digital marketing is the subset of marketing that focuses on online activities. It allows you to market online that helps in promotion and brand awareness as per your business needs. Most companies that are using hybrid marketing strategies today started as strong brick-and-mortar players with good locations and efficient distribution. Deploying an omnichannel approach to selling goods and services, or simply maintaining a few social media accounts have multiple faster outcomes and reach a larger audience. These outcomes are what is aimed for in traditional marketing methods too. With Traditional marketing the focus is usually on positioning the brand in the minds of the customers. On the other hand brands with a hybrid marketing strategy focus on positioning the brand in the lives of their customers.
Condé Nast, the leading mass media company spent recent years focusing heavily on iPad magazines — what the company called digital editions. The management systems underwent several rounds of organisational restructuring that reflected tensions between the company’s traditional emphasis on print and a growing need to focus on digital content and advertising spend. Integrating this new strategy was highly challenging but crucial for the brand.
Impact on various brand and buying factors
The hybrid marketing strategy plays a role in customer experience. Today’s technology has dramatically increased the rate of ‘influential purchase’. Traditional retailers that rely primarily on physical stores are facing challenges. It is critical that firms proactively manage the digital and the physical components as one ecosystem. E-commerce is another rising sector. It is the fraction of the retail sector that adds convenience, flexibility and simplification to the buying process. In order to differentiate your brand from the clutter of shops offline, some brands need to venture into setting up their online store or in other words becoming “e-tailers”. Pepperfry the online furniture store is an example for brands that have been successfully applying this strategy.
The face of retail is both increasingly complex and multi-dimensional. To remain relevant, changes have to be embraced and brands have to adapt to the new reality. As different trends will come and go brands have to stay on top of them all to stay competitive and relevant. It also helps in creating more brand awareness. This process can be challenging and overwhelming for most brands. So, if you are a brand struggling with your hybrid strategy contact us. We can help you out.
September 25 2020