Resources

Profit being the key driver of any business, all its activities are necessarily aligned to achieving this goal. Employee engagement is one of the means being increasingly employed by businesses worldwide to maximize their profits.

Every business wants to grow fast. All businesses want to cut costs. But is it possible for businesses to grow fast and at the same time cut marketing costs? Until recently that question was rhetorical with only one possible answer: NO.

A consumer’s decision to purchase a product or service is dictated by several rational factors like pricing, utility, affordability, reviews and comparisons. But beyond such tangibles there is one factor that every marketer needs to be aware of: EMOTIONS! Why would people otherwise choose expensive branded products over their exact generic equivalents selling at a fraction of their price? Emotions typically operate on a level of irrationality, that is both undefinable and undeniable.

Over years marketing adapted well to changing times. From the Silent Generation and the Baby Boomers to Gen X and Gen Y, every period in time has heralded its own marketing challenges. Even so, the challenges posed by Gen Z to marketers are incomparable, as it is the first ‘digital native generation,’ a population that has never seen a world without the Internet and digital technology. The denizens of Gen Z have integrated technology seamlessly into their lives.

Marketers react to a saturated market in different ways. Many are discouraged by the very thought of entering a saturated market, others find it tough to survive in such market yet there are other entrepreneurs who not only survive but grow in a saturated market. Then there are those who are at the start of their business journey but are unfazed by a market filled with potential competitors and carve out a niche for themselves in this very market.

The latest buzzword in marketing is empathy. Many companies are successfully utilizing the power of empathy to push their brand to the next level.

Environmental degradation has been hitting the headlines across the globe for quite some years now. Corporates, governments and consumers are beginning to realize that unsustainable production poses a grave danger to mankind. This realization has lately given an unprecedented boost to green consumerism that started as an idea in the Western societies way back in the 60s and 70s.

It is no secret that India is the top outsourcing destination in the world. In a US survey, 82% of US based companies voted for India as their most preferred choice for software outsourcing. It has also become the preferred destination for IT outsourcing with approximately 65% of all outsourced IT jobs, according to Booth & Partners.

Talent for various business activities is becoming scares in most countries and marketing is no exception to this rule. By 2030, demand for skilled professionals will outstrip supply and the world would be staring at a talent shortage of over 85.2 million people, according to a study by US-based global organisational consulting firm Korn Ferry.