Project Progress Report and Reference Papers for Literature Review:Digital Marketing, campaigns and impact on FMCG companiesBy – Maulik Singhal, 40203Nagarkar Shail Dineshkumar, 40215Naimin Nilesh Dalal, 40216Nandita Borgaonkar, 40218Neelesh Das, 40219Note to Guide: Currently we are in the phase of perusing and reviewing many research papers we’ve come across on the subject along with cutting edge research from the likes of Mckinsey Global Institute et al. Over the course we’ve come to develop a significant understanding and insight on the digital marketing and its essence in FMCG companies.Findings so far:In today’s fast moving world technology is constantly evolving and is continually presenting a plethora of new opportunity and challenges for industry practitioners, academicians and researchers.Consumers are simultaneously using different kind of social media devices parallelly in tandem with other interactions with a brand. They are concurrently watching an advertisement on TV, browsing internet on their tablet and sharing their experience on social media.
A paradigm shift has taken place in business communication which has been revolutionised with social networking sites such as Facebook and Twitter. These websites are now used as medium to create brand identity as well as to interact with the consumers’ firms are using digital marketing tools to have a dual effect of brand awareness and customer communication. The digitization of media presents a watershed development in the history of communication.So what is digital marketing, The Digital Marketing Institute(DMI) refers to digital marketing as “The use of digital technologies to ceate an integrated, targeted and measurable communication which helps to acquire and retain customers while building deeper relationships with them”.The domain of FMCG products is very dynamic with consumer preference changing every moment and to survive in this market any product or a company needs to engage the consumers by constantly interacting with them.
This purpose is served through the process of communication and feedbacks. From a consumer’s perspective, the use of informationcommunication offers a wide range of benefits, including convenience, richer and participative information, a broader selection of products, competitive pricing and cost reduction. Digital marketing through online social media platforms tends to enhance these benefits to a higher degree. From ages the FMCG industry has known how powerful word of mouth marketing is and how the consumers rely heavily on peer groups or influencers for their purchase decision. Social media platform like Facebook, Twitter and Instagram etc. provide the perfect platform for exchange of information and seeking out opinion about specific products.It is due to these multifarious advantages that FMCG industries are investing a significant part of their budget on digital marketing.
Some of the major areas of investment in digital marketing are social networks mail marketing, digital advertisements, viral campaigns, digital brand experiences, mobile, Search Engine Optimization (SEO), data mining, blogs and games.Changing in the consumer behaviour has made the organizations to think about their marketing strategies. To redress this shortcoming, the study (Tiago & Verissimo, 2014) adopts the perspective of the firm to facilitate an understanding of digital marketing and social media usage as well as its benefits and inhibitors. Since marketing communication is strongly integrated on digital platform, campaigns on social media platform is used to create digital linkage with the customers.
E-marketing now has grown beyond traditional marketing where it offers the data to understand about their consumer base. The development of Internet has led to increase in digitize business and a special strategies are now developed for marketing online( Niharika, Satinder, 2015). However long standing sustainability depends on the market, innovation and interactivity by market players.
The deployment of social media platforms and digital media tools has led to a significant change in the marketing techniques used by FMCG companies. Digital media uses relationship marketing in FMCG products and other segments as well. Through advertising using digital media, people are persuaded to use newer brands.
The New Media Theories(2011) have significant impact in digital marketing.