The seminar mainly focused on the scope of marketing in the online world and how different experiments can help in boosting sales of a product. Mr. Advit Sahdev suggested various techniques, tried and tested in the online marketing world that bore fruits for the e-commerce companies.
The main focus of this domain is, firstly, to bring the customer to the site and secondly, to convert the customer into a buyer and further into a loyal customer.
Real-time data analysis is used to attract customer to the site. Analyzing Google search and browsing history in social media sites like Facebook and Twitter is particularly helpful in assessing age, behaviour, and mood of the prospective buyer. The essence of the assessment is to categorize the customer into detail or aesthetic oriented and personalize shopping experience for them. These results influence the site layout and the product search. The onsite marketer has a time bound job to create a personalized advertisement for the customer.
According to the speaker, the ads can be classified into three categories, logical advertisements (defining logical benefits), emotional ads (appealing to the emotions of the customers) and aspirational ads (mainly for luxury brands, something customers aspire to have). A brand, a product or a company are supposed to move from logical to emotional and further to aspirational sequentially in their journey of continuing their business. At a different point of time of their tenure, they'll appeal to the customer differently. For instance, an ad for a new brand will engage the customer if it conveys logical benefits rather than an emotional appeal where the customer doesn't get to know any product specification.
In some cases, real-time data of the customer might not be available. The e-commerce websites keep prices dynamic to see how buyers respond. It has been found if prices tend to form a pattern like rhythmic pricing (1414,2828) or that day's date, the customer responds more positively. Today's buyer aware enough not to fall for prices like 1499. Also, the prices with higher click-through rate are decided finally.
He further moved on to the second focal area, 'how to make the customer buy and repeat purchases in the future.' His speech shed light on various techniques that provide the customer with much-needed justification or trigger to buy the product. The worst thing a marketer can do is to confuse the customer. Hence, the product owner should simplify the process or produce enough motivation for the customer to buy the product. The product owners play with site layout continually to create a sense of logic in the customer's mind. For example, use of large numbers in reviews or number of buyers, so that price of the product seems lesser. During the whole process of shopping, they appeal to the rationality and responsibility of the customer.
Lastly, he shared the idea of providing incentives to the customer for their loyalty. This loyalty can be in the form of suspense like in case of Netflix or giving loyalty points, cashback, etc. just like the concept of Amazon Pay.
Mr. Sahdev shared the insights and knowledge, which are rarely found in books, and we are incredibly grateful that he dedicated his valuable time to share them with us.
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