Marketing has undergone a complete metamorphosis on account of rapidly advancing technology. It is possible to do precision marketing by making use of a rich database on consumer habits and preferences, right media planning and direct marketing databases. Precision marketing is aimed at specific segments or even individuals. The major advantage is reduced wastage and a highly personalized message.
Though mass marketing is necessary for several products and services through mass media, it is possible to reach smaller niches and well-defined targets by alternative media.
Markets are segmented on the basis of attitudes and demographics. There are new segments based on people’s attitudes towards environment and products. Marketers match the ‘attitudes’ towards products and services with attitudes in society. In this high-tec age, a new attitude segment of the new achievers have emerged who create their own distinctive life-style; divorced from old symbols of achievement. A new segment of time-seekers value leisure time, and they give up current income for leisure time. They are ready to pay a premium for products that give them time e.g. smart phones, tax machines, e-commerce etc. Senior citizens are no longer old haggard, but are young in spirit. In promotion they would not like to be shown as infirm invalid and sexless. They are shown in young company. There is an awareness that they have a right to an active life. They can select several products for them such as low-sodium salt, low-cal drinks etc. Investment consultants, counselors, clinical psychologists, agony aunts, critics of literature and movies, fashion consultants, consumer reports on products, informational support – all these tend to act as life simplifiers which help to choose us the right things. Brands are preferred as they are a shorthand that makes the choice easier. Premium brands, once exclusive for the elite are now for everyone. They start with quality and not snob appeal. In promoting premium brands, understatement is a better strategy. It gives great satisfaction to people to discover a product no one else knows. When so many discover the product, it falls from class to mass. Women as a demographic segment are addressed to by many companies. Women are not to be treated as separate gender, but as consumers. Working women need labour and time saving devices. Though they respond to emotional appeals, they are not irrational either. They could not be stereotyped. Children is another important demographic group. They should be educated to become responsible and informed consumers. Children do watch a lot of TV, especially the adult programmes. While communicating with them , we should use an element of fun. Children also like reality. Barbie doll help little girls live out of their fantasies. It remains consistent with contemporary life style. When a product is given personality, children remain loyal to it. Music is the key to appeal to children. We should talk to children in terms of their experience. Though children influence buying decisions in family purchases, we we should also buy separate advertising to reassure the parents.