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Marketing At the Speed of Light

by Mark Levit

With the increasing influence of technology on marketing, the face of marketing is quickly evolving. Technology allows marketers to run rapid. The use of computers has provided marketers with new and exciting media to deploy. There are pop ups, websites, tracking mechanisms, online purchasing, and opt-in email, to name a few. In 2003, Americans will spend approximately 10 hours per day with various forms of media. The internet will account for 5.4 hours of that media exposure. Online advertising revenue has capitulated from $100 million in 1995, to $7.7 billion in 2002 and will continue to grow.

Web based marketing delivers new ways for marketers to interact with customers. The web also enables marketers to promote, sell, and research all at once. For example, companies like Amazon have developed functionality enabling them to deliver an extraordinarily personalized experience. The website utilizes a complex algorithm that tracks each visitor�s browsing behavior, compares that behavior with similar visitors, and subsequently presents the customer with products that are most likely to result in a sale. The customer is driven to the site by traditional advertising, word-of-mouth or a search engine.

Email marketing has also created a powerful new way for marketers to reach prospective customers too. Promotional offers can be sent to millions with tremendous economy. Opt-in email is almost like going door to door and handing advertisements to your customers with their permission.

When using web-based marketing, the objective is to create a personalized and convenient experience. The result is the ability to perform real-time customer centric research, increased sales, low customer acquisition costs and reduced customer services expenses.

Many customers still prefer physical world purchasing. With the ubiquity of web-based marketing many physical world marketers have added online offerings, as well. The best way to assure success of a web-based initiative is to promote similarly as physical world enterprises. That way, marketers can serve customers through a multitude of channels. If customers have not yet converted to online purchasing, they might need more convincing. Special offers, web based services, coupon codes, free shipping, and ease of purchasing are just some of the methods used by marketers to persuade customers. Time is a very common consideration for customers when selecting purchasing methods. Many customers prefer to buy or research online because of the medium�s speed and convenience.

Technology plays a big role in the rapidly changing discipline of marketing research too. Information is immediately accessible to researchers with the use of the Internet. With new options available, researchers can get a more accurate picture of what customers want and how they behave. Tracking functionality, online registrations, online surveys, and opt-in email have changed the way many traditional marketing strategies are executed. Combining many different types of research, such as focus groups, telephone, mail and Internet surveys, the nuances between customer segments can be accurately measured. The exploding information age has enabled ways for marketers to serve their customers better. With so many new vehicles for advertising, promotion and research, products and services can be quickly, easily and affordably introduced to a market.

 In the 1970�s options for advertising were limited to 3 broadcast networks, 7,744 radio stations and 2,722 print options. Now marketers may select between 6 broadcast networks, 54 cable networks, 500 channel interactive TV, 12,718 radio stations and 12,709 print options. The average American is exposed to 16,000 marketing messages each day, including 5,000 advertisements. In addition, over 165 million people have gone online in the U.S. and Canada. With all these options, the biggest challenges facing marketers are still understanding their customers better, breaking through the clutter and delivering products and services that exceed expectations.

For more information about sponsorship marketing strategies, and what they can achieve for your organization, contact
Mark Levit, our Managing Partner, at 212.696.1200.  

   

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