What ‘MARCOM’ means for Startups and its importance
Marketing has always been the fulcrum of having a successful business. In today’s era where technology rules the roost, traditional marketing norms no longer hold good. It is for this reason that many startups and new business entities armed with technologically advanced tools are giving existing businesses a run for their money.
Marcom, or ‘Marketing Communication’, is one such tool that allows companies to assess their goals and adopt promotional tools on multiple platforms to reach their potential customers. Many business entities think that Marcom is limited only to planning their marketing and digital media promotions. The fact remains that Marcom is much more than just planning media promotions and PR oriented communications.
Marcom and business enterprises
Smart enterprises and startups are using Marcom effectively to assess an all-round overview of their products, their potential customers, ensuring brand equity for their company. Breaking traditional stereotypes may cost capital but Marcom helps small business entities and startups on a shoe string budget to compete with bigger multinationals and existing players in their niche area.
Marcom and long term brand development
Today, startups and smaller business entities are much more aware of embracing brand development from the start. The need of having a brand development ideology is the fundamental crux of Marcom decision-making. Companies are now using active media tools like social media, radio, print and even television to ensure they have strong brand equity roots.
While every company wants consumers to purchase its products, unless the company is able to effectively communicate the proper message through apt advertisement, it is unlikely to manage a breakthrough. Target advertising is adopted by startups and smaller businesses that are on a low budget to ensure their reach their targeted customer base to spread the message about their products.
Targeted Marcom approach ensuring valuable feedback
Unlike in the past where companies used to release products and check the market response, Marcom has helped startups by getting targeted feedback even before a product launch. This is possible since Marcom is an integral part of market research in that surveys and questionnaires used to profile and segment a market often use subtle elements of promotion to determine choice sets of consumers. On other hand, post such surveys, Marcom plays a different role in communicating product or service benefits in a way that appeals to that particular market segment.
A snack company, for example, planning to start a new series of eatables is using Marcom to target the exact targeted age group, gender, and ethnicity to avail feedback on possible taste improvements required for a new product. Snacks companies, for example, can understand that there is a need for a gluten-free snack in the market for the age category owing to high number of gluten intolerant cases in today's times.
Marcom and positioning
Marcom is helping startups generate focused positioning where potential buyers are able to remember their products. From developing a logo that is impressionable to bringing parents on board for children snacks, brand new companies are using Marcom parameters effectively to create their niche in the consumer market.
Marcom helping startups with objective settings
Marcom essentials are helping companies use their short and long term objective settings as a yardstick. Unlike in the past where companies had just one plan to improve sales, startups today with Marcom parameters have an objective vision for each quarter helping them redefine their marketing strategies accordingly.
Marcom is helping business entities embrace a new order to sustain their business growth without spending heavy sums of money on marketing. It is no surprise that startups and smaller business enterprises are embracing Marcom as their go-to tool in business planning and execution.