Some companies are short lived, yet some others have endured for hundreds of years. What are their secrets? “Act to provide people better consumption’s experience and swift from custom to human satisfaction”. This is the reason why given by Philip Kotler, the most influential marketing man of the century. During his keynote speech at the Marketing Forum which took place at Bicocca University in Milan, the American guru has set out a new paradigm to support economic growth.
Average company may last from 10-20 years” Kotler says “due to hyper competition, changing buyers wants and budgets, lack of innovation culture, short term focus and failure to invest in a longer term performance”. On the contrary,” Long- living companies have four traits: conservatism in financing, sensitivity to the world around them, awareness of their identity, tolerance of new ideas”.
In addition a majority of consumers (58%) now research products online before purchasing. And an increasing number of people are ordering online also, much to the dismay of store based retailers. The 65% of Asian Pacific consumers use online services. The 70% of Americans say that they look online products reviews before buying. B-to-B buyers don’t even want to see salesman anymore.
What should the goals be? Increase digital activities, being global. This is Kotler’s mantra. It’s all about to be prepared. How should companies increase digital activities? “Establish a website that people register to use and whereby accumulate a large customers database. Encourage consumers to send in emails with questions, concerns, and ideas, therefore creating learning relationship with consumers. Increase content marketing to customers and prospects who give permission. Offer coupons-on-demand (Cool Savings, Netbonus) or samples of new products on demand (Samples.com). Monitor social talk for insights and trend”.