Questions Sales and Marketing

What is the contemporary approach to marketing?

Airtract

Nilima Maheshwar

Lost in reality

Marketing is all about understanding the needs and preferences of your audience rather than serving them what the company has to offer. The contemporary approach of marketing focuses on the customer and their needs towards the product and the services. This theory is based on the importance of traditional marketing orientation versus customer orientation.  They use different tactics and strategies to build a relationship with their clients and targeted audiences.

Contemporary approaches to Marketing includes the following;

  • Relationship marketing
  • Industrial marketing
  • Social marketing

Relationship marketing is a strategy that helps the brand develops a strong connection with their customers. It helps the brands in forming long-term bonds with their loyal customers. It is essential to maintain and establish relationships with customers and other brands these days. It is beneficial for brands as it helps them understand their audience in the long-run.

Industrial marketing, also known as B2B or business-to-business marketing is a branch of marketing which involves one business dealing or marketing their goods and services to another business. Rather than the customer base, the brands are targeting industrial customers in this type of marketing. Long-term relations can be built if the industrial buyers are adequately satisfied. However, the total number of business buyers will be less in comparison to the number of customer buyers.

Social marketing is an approach of marketing which seeks to bring any social change. It integrates marketing theories and tactics with other plans to achieve social change. Social marketing is aimed at benefitting individuals and different communities of society. Social marketing should not be mistaken with social media marketing in any way. This approach focuses on changing human behavior. This branch of marketing works for the welfare of the people which helps the brands creates their positive image in the eyes of the customer. Thereby, helping the brands create long-term relations with their customers.

Contemporary approaches followed by organizations:

  • Cause Marketing – It is the type of marketing in which a company and charity team up together and spread awareness for a good cause. If the campaign is successful, it can help in increasing the business value for the company.
  • Event marketing – It is the type of marketing in which marketers conduct promotional events and promote their products and services in those events. This involves face to face contact and helps in increasing the credibility of the brand.
  • Green marketing – It is the practice of marketing in which the services and goods are marketed from their environmental benefits. Research has shown that the customers are willing to pay extra for products from companies which are concerned about the environment and committed to sustainable development.

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