Marque, The Marketing Club - June Edition by Marketing Club

FROM THE EDITOR I am glad that the marketing club got the opportunity to use its monthly magazine as a platform for all the young marketing enthusiasts who are curious to let out their views on various topics. It gives me immense pleasure to write this message as Editor of this unique edition of the magazine. The theme of June's edition revolves around eretail marketing, luxury brand marketing and influencer marekting. This edition has a lot under its umbrella, from bringing forward the psycology behind buying products to what retail marketing will look like in the metaverse. I extend my warmest gratitude to all the authors for their interest, enthusiasm, and well-documented submissions of excellent articles and participation in this magazine’s building. I firmly believe that no matter how your magazine is delivered; either at your doorstep or to your computer, printed on glossy stock or on cheap tabloid paper, appearing on your iPad or your cell phone screen, it is still the work of an editorial team for a discerning audience, a beautiful and meaningful (we hope) package of ideas, words and images put together by a group of experts for its readers. While technology efficiently delivers new stories to our desktops, laptops, and mobile devices, magazines are all about context – how ideas and images are presented in relation to one another and spanning a broader perspective. We, the editors, will always strive to keep you engaged.

CONTENTS 01 Brainfluence: They know how to make you buy a product!

05 Retail Marketing in the Metaverse

11 Buzzfeed

07 Luxury Brand Marketing For the expensive taste in Life! 15 Influencer Marketing: An Honest Look

19 Marquing The Moments

BRAINFLUENCE: THEY KNOW HOW TO MAKE YOU BUY A PRODUCT! Khushi Yadav

If digital and traditional marketers were to enter a debate, there would be one thing that neither could claim. Neither has a technique, strategy, or tool that can guarantee to capture people’s attention and gauge emotional resonance, thereby ensuring the success of a marketing campaign. A long time ago, a group of researchers conducted a study at a wine shop (North, 1997). They wanted to see if background music from the source could influence shoppers’ wine choices. What they discovered was truly astounding. On French music days, roughly 77 per cent of the wine sold was French, and on German music days, about 73 per cent of the wine sold was German. In other words, if you took some wine off their shelves, you were three or four times more likely to choose a wine that matched the music than a wine that didn’t. But wait for it: there’s more! They asked shoppers if the music in the background influenced their wine selections. More than 90% of shoppers said ‘no’. This study demonstrates that our purchasing decisions can be influenced by something so subtle that we aren’t even aware of it. The study also raises some critical questions, such as how we make purchasing decisions. Do we make conscious decisions based on facts, logic, and reason?

not perfectly rational creatures. One of the most memorable marketing blunders in history demonstrates that our unconscious emotions influence our decisions. Coca-Cola was losing market share to Pepsi in 1985. Pepsi claimed that in blind taste tests, more people preferred Pepsi over Coca-Cola. As a result, Coca-Cola decided to improve its taste by changing the formula. It came up with the ‘New Coke.’ Over 200,000 people taste-tested New Coke and unanimously preferred it over the original Coke, but more importantly, they preferred it over Pepsi. Coca-Cola rolled out the New Coke with confidence, but this sweet drink quickly turned into a bitter pill that cost Coca-Cola tens of millions of dollars. Customers became enraged and began protesting across the country, demanding the original coke be returned. Anxiously, they began stockpiling Coke products that had been left on store shelves. Every day, their headquarters received approximately 8,000 angry phone calls. How could 200,000 people get it wrong? What did Coca-Cola TABLE 1 overlook? Well, it was a strong emotional connecSummary of results by type of music tion that people had had for nearly a century that Ratings from the questionnaires were on a scale of 0 Coca Cola had missed. Coke was marketed as a feelto 10. Mean ratings ± s.d. are given. good product, with slogans such as “have a Coke Economists have long recognised that humans are and a smile” and “I’d like to buy the world a Coke.”

as “have a Coke and a smile” and “I’d like to buy the world a Coke.” Coca-Cola was represented by celebrities such as Elvis Presley, Marilyn Monroe, and the Beatles. It was more than just a delicious drink. Coca-Cola had to become a feel-good experience, and that experience had to include thoughts, feelings, and memories. According to a study, Coca-Cola marketing had imprinted people’s brains with positive thoughts, feelings, and memories (Samuel M. McClure, 2004). Volunteers in this study were asked to drink either Coke or Pepsi while their brains were scanned to determine which part of the brain became active. The researchers began by conducting blind taste tests. They discovered that slightly more than half of the volunteers preferred Pepsi over Coca-Cola. The researcher then made a minor change: before taking a sip, the volunteers were told exactly what they were going to drink; it was no longer a blind taste test. Suddenly, 75% of volunteers preferred Coke to Pepsi. Even more surprisingly, while drinking Coke, the emotional, memory, and thinking parts of the brain became very active. This increased brain activity pattern, on the other hand, wasn’t observed while they were drinking Pepsi. This study shows what happens in our brains unconsciously when we think of a well-known brand, such as Coca-Cola. The study also shows that our thoughts, feelings, and memories can change our experience with a product unconsciously. This is how our unconscious mind influences our decisions. The thoughts, feelings, and memories evoked by the Coca-Cola brand are the strong emotional connections that people have, and Coca-Cola overlooked those strong emotional connections when they reduced this iconic drink to just taste. This is why New Coke was a flop! This brain study demonstrates how

marketing influences our emotions and decisions without our knowledge. This is where neuroscience intersects with marketing. Neuromarketing is the emerging science of consumer decision-making. It investigates how humans make purchasing decisions as well as how our emotions and intuition influence our choices. But why are marketers focusing on our emotions, intuition, and unconscious minds? FIGURE 1 Effect of Brand Knowledge on Brain Responses Over the last few decades, neuroscience research has confirmed that approximately 95% of our decisions are made uncons ciously. At the same time, medical research has shown that without emotion, humans are unable to make decisions. There are many highly specialised areas within the human brain, each with a distinct function. The limbic system is our emotional brain, and it is responsible for all of our emotions. Once upon a time, an incident assisted neuromarketers in learning something new about the brain. A guy named Frank had a stroke that damaged a large portion of his emotional brain. As a result, he had a difficult time making even the most basic decisions, such as choosing between wheat, oats, and cornflakes when he went to the grocery store to buy breakfast cereal. He couldn’t make that decision because his emotional brain wasn’t fully functional. Since every purchase necessitates a decision, both neuroscience and marketing contribute to a better understanding of how humans make decisions and what influences them. Why is neuromarketing important? Nine out of ten new products fail every year! A hundred billion dollars spent on marketing is squandered because traditional marketing ignores consumers’ unconscious emotional experiences. If businesses can avoid wasting so much money on ineffective marketing, both consumers and businesses will benefit!

Google once successfully capitalised on users’ unconscious behaviour to increase revenue. Google ads, as everyone knows, are blue links that generate revenue every time someone clicks on them. Google, of course, wants its users to click on these ads more frequently. Colours can also influence our emotional behaviour. However, the question was whether a subtle change in the colour of the blue links could influence users’ clicking behaviour. Several years ago, Google tested around 40 shades of blue in these links to see if certain shades of blue elicited more clicks (Balasubramanian, 2020). This was done through an A/B testing process. It is a randomised experimentation process in which two or more versions of a variable (web page, page element, etc.) are shown to different segments of website visitors at the same time to determine which version has the greatest impact and drives business metrics. One purplish shade of blue did, as expected, generate more clicks, and by using that colour, Google was able to increase its annual revenue by 200 million dollars.

This is the power of neuromarketing! If one understands what triggers the brain, that knowledge can be used to create a better customer experience, which can then be translated into a stronger bottom line. We’ve learned from neuromarketing that we don’t always have complete control over our decisions and that many invisible influences shape them without our knowledge. Being aware of our vulnerability makes us stronger. Neuromarketing has also taught us that even subtle changes in our behaviour can have a significant impact. If we can understand how the brain works and how people make decisions, we can find a game-changer that can have a huge impact. The most fascinating aspect is that this game-changer is often something we don’t even notice. It can be as subtle as background music in a wine shop or a slight colour change by Google!

FIGURE 2 A/B Testing Example

Retail Marketing in the Metaverse Ronnie Thomas Technology over the time has evolved leaps and bounces. The stark difference between the level of technology awareness, engagement and retention can be seen in the pre pandemic and post pandemic era. A significant change happens meanwhile amongst humanity as well when our lives are restricted to not only physical space but extends further to digital space: Metaverse.

awareness, consideration and decision. Retail Marketing Mix meanwhile are marketing tools that an retail organization use to pursue its goals, which involves variables that retailers uses to frame effective strategies to attract his prospective customer and achieve business benchmarks. The variables that a retailer takes into consideration prior to decision making involves services that will be offered within the store in the metaverse, how the brand and store would be promoted for more awareness among customers, pricing, store location, visual designing of product and the store space making it more appealing. The application of Retail Marketing Mix within the metaverse would be done through these parameters:Product - It covers all products that a meta-store offers to its customers and prospective customers. This varies from the real world as within the metaverse a large set of digital products for the avatar form of the consumer E.g. Digital collectibles-Digital sneakers, Cosmetics. Apart from this metaverse still caters majorly to the services like entertainment, gaming.

Metaverse is a virtual reality universe where retailers and consumers present themselves in the form of avatars. Retailers purchase their 3D spaces where they set up shops showcasing the products meanwhile users come into these shopping spaces and purchase digital products. This process is completed when the consumer completes the transaction through generally used payment methods within this universe like Breadth of Merchandise Line- involves all the comcrypto-currency or digital wallets, post which the petitor brands that are present in the market with the user’s avatar owns the product. similar product. This could involve the clothing lines offered by CHARLI COHEN, GUCCI. Retail Marketing generally involves all the marketing activities that form the part of the retail sector. Depth of Merchandise Line- involves the stock keepThis philosophy starts from identifying a prospective ing unit of digital products based on the demand customer for your product, storing and showing the pull from the avatar based consumer. most needed merchandise and satisfying the need of prospective customers while making their customer journey as convenient as possible with respect to

Price One of the key parameters of the complete Priceprocess and highly sensitive meanwhile visible part of the retail mix. This also has a bearing on the retailer’s profitability. Since in the Metaverse the products are completely digital and will be used only by the avatars within this universe the pricing is generally kept very low to attract major attention to the brand, thus helping them in Meta-store sales and real world retail sales. Place - refers to the location of the retail store in metaverse. This helps retailers get the reach across to the consumers and customers the access to particular products. Place determines how businesses growth shape up just by the virtue of visibility to customers. It could add other variables of utmost importance like the closest competitor present, density of similar brands in a specific location. Promotions - On the Metaverse promotion is purely digital. It involves the communication that will inform, persuade and remind target or prospective customers about their retail stores. Within digital promotion, various strategies like Omni-channel can be used. Linking the promotion back to real life fulfilling the goal of creating consistent brand experience as well as conversion of prospective customers or upselling. Presentation - Manner in which products are arranged within the 3 Dimensional space allocated to retailers is called presentation. This involves main contributing factors such as Store Layout, Ambience of Interior, Visual Merchandising. People - Human resource is a key part to any transaction. In the metaverse as well people in their avatar forms are either the consumer or retailers. However to discount this factor there are smart assistants in meta-retail stores which help the consumers to have a seamless experience without having to hire additional work force improving the profitability of the business. Assistants tend to provide reminders as well as have complete product knowledge which helps retailers push their product from time to time onto their customers. Services - It involves all the services provided to the consumer after buying the product in the digital arena. Generally this creates a perception among the avatars if they would come to buy the product again

based on the first impression and the experiences they get. Timely feedback taken by Meta-retailers to maintain their customer experiences to the highest quality. Metaverse however is where humanity is headed and the user experience gained by current consumer behavior is based on which users will get excited to come into this alternate universe. However, the motive of retail store owners and brands should be to create an equilibrium between stores in the metaverse and real universe, also known as retail convergence. This would be a stage when there would be a blend of digital and physical shopping experiences. It would involve giving consumers the option to buy products on the metaverse in their avatar formats where they will be testing the product and checking if it fulfils their wants. Once this part is done and the transaction happens, the product is actually ordered in the real world and the product will be physically delivered to the user’s home. This would make the customer journey end to end thus making Retail and shopping on the metaverse a more viable option.

Luxury Brand Marketing For the expensive taste in Life! Shashwat Mittal K J Somaiya Institute of Management, Mumbai The business of advertising and selling high-end products is known as luxury product marketing. Luxury brands not only entice customers with their high-end products, but they also carefully manage how these products are perceived. A significant aspect of a luxury marketing plan is incorporating facts about your market potential.

Consider the person who has been putting money up for a new BMW or a new Louis Vuitton bag. Those customers are so enamored with high-end goods that they are willing to save and splurge on your interests. This provides you with the chance to cultivate them as The luxury market has expanded by 5% globally during lifelong luxury customers. As a result, luxury goods the last year. The sales of three primary commodities marketing focuses on customers who have the fiare driving this growth: luxury cars, luxury experi- nancial means and desire to purchase your products. ences and personal luxury goods. These three things alone account for about 30% of the total luxury market. In 2017, luxury car sales dominated the market, growing by 6%. Luxury experience sales climbed by 20% in two categories: high-end food and wine (up 4% since 2017) and luxury cruises (up by 16 percent). Personal luxury items, which are at the heart of the luxury consumer industry. have seen a 5% increase in sales. The best luxury product marketing campaigns target individuals who can afford high-end items more than simple ones. They are aimed at anyone willing and interested in putting money aside for high-end items. It’s possible that reaching the same luxury consumer today may be different in a few months. Wealth fluctuates. But there’s more to it than that. You can uncover more ways to influence existing and new customers by learning about their interests and purchasing habits. Knowing this information can assist you in finding new strategies to increase sales.

The luxury market is no longer entirely reliant on brand awareness and reputation management. Understanding luxury customer behaviors, stating your aims and ambitions, and leveraging this information to motivate purchasers are all necessary, if not essential. These characteristics will help you You could believe that only wealthy people like to develop a loyal customer base. buy luxury items. However, other groups are likely to buy these things, and you can’t overlook them. Here, one is compelled to ask the following luxury marketing questions:

>> What do customers buy - what does the brand promise? >> What do our high-end customers care about causes, issues, or other non-product related factors? >> How can we use wealth and interest data to improve customer profiles and reach out to more people who meet our buyer persona? >> On the basis of what we know about their purchasing influencers, how did we engage our customers, and how are we engaging them today? You naturally form stronger relationships when you design luxury product marketing campaigns related to the things that affect your buyers. Brands that look beyond the product can produce content that speaks directly to their target market to figure out who the wearers are.

customers’ requirements. Burberry is the only brand that can compete with it regarding marketing 2.0 Burberry’s campaigns are creative and unique, and they never fail to catch people’s attention. They quickly adopt emerging platforms and locate their target audience in locations where they already spend time. The Burberry Kisses ad, which they modelled with Google, illustrates the same. The campaign was unique in the sense that it combined two previously unrelated elements: the web’s ease of communication and the universal relatability of a real kiss. The promotion,

This necessitates thorough consumer profiling and a thorough understanding of your ‘ideal customer’. Rolex appeals to the current consumer’s aggressive, adventurous and go-getter mindset. They appeal to a substantial aspirational audience with content that flawlessly represents these traits. The Rolex website’s World of Rolex Science and Exploration page caters to this distinct feeling of adventure. It features journeys to uncharted ocean depths and the world’s tallest mountain ranges. Each piece of material deftly ties the product’s imperial usefulness to the idea of adventure. Luxury goods marketing necessitates agility. It’s critical to understand that your customers aren’t all the same.

More importantly, they have various requirements to meet, which are constantly changing. Today, a customer’s wealth profile and purchasing proclivity may alter from next year. As a result, it’s critical to stay on top of changes in your premium consumer’s money and interests. You can communicate your objective in more accessible and appealing ways to more people by personalizing your messaging. You’re staying true to your brand’s vision while changing to the

which was primarily aimed at Millennials, encouraged Burberry users to send kisses to loved ones worldwide via the Burberry app. The figures speak for themselves: within a week of the app’s introduction, users had sent kisses to over 200 nations: and had spent more than 3 minutes interacting with it

Your brand’s foundation is built on developing a targeted message. However, you can use wealth data to determine how likely your new consumers are to make a purchase and when they will do so. This means you won’t have to wait for customers to come back! You have the authority to analyse demographic data to predict what they’ll require in the future. When customers are approaching retirement, they may be more tempted to purchase luxury travel-related products. They are in desperate need of it. This data enables you to develop more targeted messaging for individuals and groups who share similar experiences. In this scenario, luxury goods marketing allows customers to feel like they’re part of a unique and exclusive experience. The prospect of a personalised experience enthrals the customers even more than ever. Marketing luxury brands is no joke, it needs more efforts than a regular branding. It is more about selling dreams rather than merely products. After all, according to the popular bumper sticker, ‘He who dies with the greatest number of toys wins in life’.

#BUZZFEED #BUZZFEED

Licious: New Zomato offersBrand Rs. 25Identity lakh for consumer created ad

Licious has relaunched its brand identity. The firm has unveiled a new logo and colour palette as part of the initiative.

The logo, which is made up of smokey grey, hearty red, and creamy white, is meant to evoke the Zomato is proof can turn criticism intotaste, a super innovative marketing campaign. After conlusciousness thatthat onethey connects with meat - the texture, and scent of the consuming experience, sumers. After consumers expressed their growing boredom with Zomato’s monotonous YouTube according to the D2C brand. The new brand identity is reflected in the app, website, offline stores,and TV ads, some users tookand to social media to criticize butter Zoamto are packaging, messaging, all other branded assets.Zomato’s All images that chicken make upad. theHowever, brand’s hallmark seems to have played its cards well by coming up with a smart idea to help it come up with fun caminspired by the logo’s visual character and shape, according to the statement. paigns while engaging with their customers. Santosh Hegde, vice president, brands, Licious, said, “Licious was created by meat lovers, for meat lovThe proclaiming the adsentity do suck. now, it has opened the floor for ers.firm The went brandallis out, as much a living,that breathing as itsSocustomers. Hence, innovation andcreative evolution ideas from customers. What was commendable was that, apart from the novel idea, they also shared are not just pertinent, but critical to our journey.” the feeling with their customers that made them win many hearts.

#BUZZFEED

Kwality Wall’s ties up with Inox Kwality Wall’s, a popular frozen dessert and ice cream brand in India, has partnered with INOX to launch ‘Trixy CineGame,’ India’s first gaming experience on the big screen. To usher in the year 2022, Kwality Walls created a three-layered dessert called Trixy Blueberry Cheesecake Cup. The collaboration between the two businesses is a fantastic method to not only give INOX’s audience an exceptional cinematic experience, but also to give Kwality Walls a unique launch pad for their Trixy debut. Moviegoers in Mumbai and Delhi may play a multiplayer game called Trixy CineGame on their mobile phones for an unprecedented and engaging gaming experience. All that is required is for players to join the game using their mobile phones and the CineGame App, which is free to download. The victors will get surprise Kwality Wall’s gift bags, but everyone will have a fantastic time. “We needed a partner to introduce this unique product in an engaging and equally unique way and who better than INOX to play this role! Cinema is a great place to embrace innovation and interactivity and we are glad to associate with a like-minded partner like INOX to bring this launch to life on the big screen,” said Maya Ganapathy, General Manager, Kwality Wall’s, India

#BUZZFEED

Influencer Marketing: An Honest Look Author: Vedant Rajendra Shirgaonkar WeSchool, Mumbai Influencer marketing has become so commonplace on social media that it's practically hard to avoid it. Everything from the latest delicacies to clothing to make-up to candles is being promoted by influencers, and that's only touching the surface of what they're doing. For the most part, influencers are seeking for new ways to be sponsored on their favorite platforms, from regular posts to Instagram Stories to long-form videos.

love a brand or product will post about it on social media because of their admiration of it. Their hopes of working with a brand in the future are reasonable, but they're not now compensated for their time and effort.

It's important to keep in mind that anyone can be an influencer while attempting to identify exactly who comprises an influencer. According to John Maxwell, "you must first love people before you can begin to lead them" if you want to be an influencer. Even a one supporter can have a significant impact. Your posts must acquire at least one like to generate engagement.Time to acknowledge the rising stars in the world of influencer marketing. Those who

encer marketing has been around. PayPerPost, the first marketplace to pay bloggers for sponsored content, was met with skepticism by some. As a result, several experts questioned if adverts or sponsorships in blog content would give the impression of legitimacy. However, those that succeed in advocating products and services while appearing authentic and honest will reap the rewards of the struggle that today's influencers are currently facing. Due to the fact that individuals prefer to buy from others, they are more likely to trust the ad-

As if it were a new concept, influencer marketing has been around for some time. For the past 15 years, influ-

vice of those they have developed a personal re- can connect with through content creation and influence a lationship with. big number of people with their message. Then, what is Influencer Marketing. Fundamentally, "Influencer Marketing" is the practice of leveraging well-known individuals and brands as spokespersons for a company's goals. Influencers spread the word about a company and urge potential customers to buy from them when they share the material with their followers. It's important to note, though, that influencer marketing isn't limited to Instagram postings and YouTube videos. Influencer marketing may include: •Using social media to post product reviews •Videos of products being unpacked •Placements of commercial products in creative work (with or without a direct mention from the influencer) •Disseminating information about the company's campaigns and recent product releases •To help the influencer's audience receive a fantastic price, the influencer will provide a unique promo code •Creating a co-branded product or campaign with the influencer in mind. •Giveaways on the influencer's social media channels. •Promoting upcoming events that the influencer or your brand will participate in •Donating merchandise to fundraisers and events run by social media stars in support of their causes •Using influencers to produce content for your brand, such as videos, blogs, and social media advertisements. When it comes to working with an influencer and a brand, the options are virtually limitless. In reality, the most sucThe value of the global market for influencer cessful collaborations take a creative approach in order to marketing platforms was estimated to be 137 present audiences with new information. million US dollars in 2018. It is anticipated that by the year 2020, it will have reached 162 mil- Value of Influencer Marking: lion, and by the year 2027, it will have surpassed Marketers were polled by the influencer marketing agency 370 million dollars. The platforms for influenc- Mediakix at the end of 2018 to get their thoughts on influer marketing are utilised in the search and dis- encers in the next year. covery of potential customers, the management 91% of those polled felt influencer marketing ROI was on of campaigns, the management of relationships par with or better than other sorts of marketing tactics, and with influencers, as well as in analytics and re- this is a significant number. According to the same poll, 65% port generation. of marketers expect to see an increase in their 2019 marketing spending. Influencer Marketing If you've created a following on social media or According to another survey, influencer-led initiatives yield other communities and can influence your au- $23 for every dollar invested, which is more than five times dience through the creation of content, you're as much as banner ads. an influencer. They all have an audience they

Influencer Marketing in India:

According to reports about India's influencer marketing sector in 2021, influencers accounted for 73 percent of all marketing spending. On the other hand, only 27% was spent on celebrities. Leaders in marketing said that they planned to spend more on marketing influencers in the coming years, in some cases by more than25percent. Out of 1.3 billion people, a third (more than 400 million) already had access to social media. The future of Influencer Marketing is surely going to skyrocketed in India. The Benefits of Marketing Through Influencers: •It Assists You in Reaching an Appropriate Audience. •It helps you establish credibility and trust with others. •It extends the sphere of influence of your brand. •It has a Lower Average Cost Than Other Options. •The Length of the Sales Cycle Is Shortened. •Time Can Be Conserved by Marketers. The use of influencer marketing might have some unfavorable effects: •If you partner with the incorrect influencers, your brand could suffer the consequences. •The mistakes made by influencers can cost your brand both time and money. •The process of measuring achievements is not always easy.

•If an influencer can't create engaging content, they may not reach your target audience. Time and money wasted. Future of Influencer Marketing and the challenges to be faced: Influencers are here to stay, but the landscape of influencer marketing has undergone a dramatic shift in the last few years, and the landscape may look very different in five years. Influencer marketing's future rests in the hands of the influencers, and whether or not they embrace new technology is an open question. Technology breakthroughs such as virtual reality, augmented reality, and artificial intelligence (AI) are altering the future of influencer marketing. As technology progresses, the business must also examine how consumers' thoughts and experiences with influencer marketing are being reflected in marketing campaigns. Influencer marketing has both positive and negative aspects. Consumer engagement, brand exposure, word-ofmouth, and purchase decisions are all aided by influencer marketing. Products must be clearly matched with influencers for influencer marketing to be effective. When there is a mismatch between the products, undesirable consequences begin to emerge. Covert advertising is yet another drawback of influencer marketing. Brands can reduce the negative consequences by carefully selecting an honest and reliable influencer who matches their product.

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