Being street-smart about marketing
Technology is a rapidly changing process. New products and services are invented and implemented every day. Customers itch to get their hands on the latest technology, and are often not attached to older technologies.
Many companies understand this and try and satisfy the requirements of the consumers by vying for first mover advantage in terms of making technological advances and then marketing this aggressively too. While they try and conduct research and development on products which will satisfy the needs of the customers for several years, the cut-throat competition means that continuous R & D is required.
In the earlier days when smart phones were newly introduced soon after the Blackberry, they were not that popular, and were also affordable only by a small segment. Take the case of Samsung. This wasn’t popular at first, but today stands amongst the best brands. Initial struggle turned to success.
It was the marketing strategy of Samsung which led to this success, and which also led to changes in the whole industry. The technology kept changing rapidly and companies had to follow pace and offer new technology and experiences to their customers. This is what Samsung did, following trends and making products easy to use and understand.
Samsung has a long range of product from televisions to smartphones, from cameras to laptops. Samsung is an industry leader and is present in almost every technological field, developing new and easy to understand tech for the users.
Samsung offers skimming prices with other companies, by lowering their prices to compete with other brands and increase their sales. They introduce taglines such as ‘Next is Now’ and promote their phones as the most beautiful, advanced and fastest smartphones. to be ever created by the company. Production is robust and after sales customer service is also fast.
Many of the smartphone companies look to sponsor and support various events, festivals and sports, for greater visibility as a brand. They also invest heavily in high quality commercials and cast world celebrities for their promotion.
One such company is Apple, a fiercely competitive brand. They have tied with major banks and provide cash backs to target more customers. They also offer their devices on easy monthly instalments (EMIs) to penetrate deeper into the market, and make their smartphones accessible to more customers.
Similarly, other companies like Xiaomi and One Plus are providing the same technology at cheaper rates and covering a good amount of market share. This enables them to penetrate even the bottom of the pyramid. There are still many untapped markets in developing countries, and so the continued marketing strategy is bound to have greater penetration in days to come.