Marketing is not a new concept; however, with the new media and technological advancement, marketing strategies have changed for different products and services. Also, with the improvement and accessibility of internet connection, digital marketing, which is a part of modern marketing, is prominently used. However, it has in no way reduced the prominence of traditional marketing, which large brands still use to reach their audience.
With the option of modern marketing and traditional marketing available, it is often confusing for businesses to choose a marketing strategy that can best meet the demand of their brand’s requirements. Further, choosing the right marketing method is not enough; the best marketing strategy in this approach plays a critical role too. Before identifying the best marketing approach, it is first essential to know the difference between them.
What Does Modern Marketing Include?
Modern marketing emerges from technological advancement and new platforms. Mostly, modern marketing is customer oriented. The businesses that engage in modern marketing work with the prime objective of meeting the customer’s demand. They are more customisable in a way modern marketing will not shy away from uploading a Sad Status after a sad event that rocks the nation. However, the same is not practised in traditional marketing. Also, modern marketing tactics are accessible in different ways like Instagram or WhatsApp Status to cater for the global audience.
Modern marketing works to gain customers’ trust and loyalty while building its brand. Modern marketing includes email marketing, internet ads, e-commerce websites, social media marketing, search engine optimisation and digital marketing.
How Is Traditional Marketing Different?
Traditional marketing is an approach that has a wide base of familiarity because we have been experiencing it since time immemorial. It is extremely easy to understand that one marketing works for all demographics. Most of the time, traditional marketing is done to gain new customers of a local audience, which sometimes, if extended, can include the citizens of a country too.
Examples of traditional marketing include the distribution of business cards, advertisements on television and radio, flyers and brochures, billboards and signage.
Traditional Marketing Vs Modern Marketing: What Should You Choose?
Both sets of marketing have their own set of advantages and disadvantages. However, which marketing strategy is the best fit mainly depends upon the requirements of a business. To decide the best marketing strategy, it is crucial to have answers to a few important questions.
Firstly, the budget of marketing plays a key role. For instance, traditional marketing, which is extremely easy to understand and caters to a large audience, is expensive compared to modern marketing. Not only is the initial investment in traditional marketing high, but even the cost of running it is also prohibitive. On the other hand, modern marketing is cost-effective as it targets a particular audience instead of all the audience.
Secondly, the target audience is critical too. If you are a brand specific to providing products to Gen-Z, advertising on television might not be a good idea. It is because most young audiences are active on social media platforms. Therefore, in this situation, social media marketing can be effective. Similarly, if you are a brand that deals with food and spices or something of prime importance to the older generation, advertising the product or service on television or radio can be more effective. Once you identify where your target audience lies, choosing the right marketing strategy becomes more accessible.
Answering these two particular questions will help you identify the marketing strategy you should go for. Further, it is also possible to incorporate both traditional and modern marketing if your brand has the required budget. For instance, ed-tech companies can use modern marketing to increase their brand awareness among students who actively use social media platforms. However, at the same time, it is also essential to bring the parents on the same page as they are the ones who will be paying the fees. To do the same, it is essential to invest in traditional marketing to reach a larger base of parents.
The right approach to choosing the best marketing strategy is first to identify the target audience, figure out where these audiences are and then craft a budget-friendly marketing strategy for your business. For example, if your audiences are more invested in traditional marketing and you do not have the budget to invest in traditional marketing. If you use that budget on modern marketing, the result will not provide a good ROI.