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Convergence Marketing

Convergence Marketing

Convergence Marketing

Strategies for Reaching the New Hybrid Consumer

by Vijay Mahajan & Jerry Wind

During the advent of the Internet, marketers thought of consumers in terms of those who shopped in the non-virtual marketplace (traditional consumers) and those who shopped online (cyberconsumers). In reality, neither extreme truly reflected the habits of tech-savvy consumers. This new audience took on the hybrid qualities of the centaurs of Greek myth (half man, half beast) as they shuttled between online and offline storefronts and information centers, according to their needs. The companies best suited to meet these needs are those that engage in strategies of convergence, adjusting and adapting their businesses between online and offline environments to meet centaurs on their own terms. The authors examine ways to successfully engage centaurs, and look into the future of business and technology.

What You'll Learn

  • Recognizing the needs of the new breed of consumer - Centaurs make purchasing decisions based on a set of needs, from the desire for personalization to the need for interaction with others. By understanding their desires and harnessing the power of the tools at your command, you can reach them.
  • Mastering the Five C's of Convergence - Consumers can do things they never could do before, combining their traditional behaviors with the constantly advancing possibilities of technology. To meet the ever-evolving needs of this audience, companies must address the convergence of the consumer with the technology in five key areas: customerization, community, channels, competitive value and choice tools.
  • Redefining the Four P's - The four traditional components of successful marketing strategy - product, price, promotion and place - continue to be important today, but each has been transformed by the Internet, raising new challenges, applications and opportunities.
  • Finding the Pathways to Convergence - To truly build an organization that is open to the new hybrid consumer, you must be willing to transform the way you do business, and feed that transformation into the messages you broadcast to your increasingly individualized audiences.
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