Change is an inevitable part of every business today but how to utilize it in a manner that it is beneficial to the business is one of the most trendy skills. When it comes to marketing, advertising and retail, change embellishes the fundamentals of the industry. Some of the changes are more prominent than others. To be able to classify and work according to the shifts in the industry is what makes marketing important. One of the most prominent ways to create useful strategies and be a contributor is attending international conferences in the same domain.
International marketing conferences have become an important part of investments for modern business models. Therefore, MARsum, an upcoming marketing summit, provides a platform to entrepreneurs, investors and thought leaders to discuss the challenges faced by the industry. It also offers a creative space where businesses measure the development and can plan future strategies in order to keep their businesses successful.
Following are six factors that have caused major shifts in this domain:
Customer requirements
In today’s era, the focus of any business is, ‘what does the customer want?’. The needs and wants of the consumer directs the creation of new goods & services, which are followed by distribution strategies and plans to make them profitable. Understanding and anticipating customers’ needs has become even more essential than ever before because the end users are constantly shifting from one product to another, at an increasing rate. Hence, we cannot assume if yesterday’s customer will turn one as today’s as well.
Marketing Research
The second trend, increased market research, is shaped as a response to the first trend. With the knowledge about the potential customers being an essential factor, the quality of marketing output is considerably affected by the informational input. It implies that the use of marketing research is bound to increase and its contribution leads to the growth of marketing as an industry.
The marketing research involves activities such as customer’s buying habits and requirements, development of market potentials, tracking advertising effectiveness, sales analysis, and so on.
The aim of marketing research is to increase the overall efficiency of the total marketing function.
Rise of Technology
We are aware that technology has disrupted almost every other industry and marketing is no exception to it. Companies have started providing and receiving online, from products and services to feedback. As a result of this, consumer needs have shifted their focus drastically. Businesses need to be as quick in satisfying consumer needs as increasing customer demands.
With decreasing attention spans, consumer demands and patterns change within a blink of an eye. Face-to-face communication has become uncommon in this digitized world. So, businesses need to introduce innovative ideas that can help them strive to adapt to the changing digital mediums. Some companies have already started taking advantage of electronic data-processing analysis, information retrieval systems, and online communications.
Global Market planning
Over the past decade, the concept of marketing has become extensively accepted. It has changed and will continue to change the face of marketing. When it comes to marketing to surge ahead of their competitors, brands are also investing enormously. It will further stimulate the development of global market planning.
Conclusion
Becoming a worldwide company is one of the major goals in the changing complexities of the business world. To keep up with these changes and to take on a strong role in the future, a prominent way is to be a part of an international conference. Companies employ several mechanisms to learn the best marketing practices, but the most remarkable way is to attend global marketing conferences.
MARsum has come to your rescue at the right time. It will take place in Las Vegas, in 2021.
