During the last couple of decades, the global sales and marketing landscape have evolved rapidly. Changing customer preferences, technological advancements and increasing business competition have all contributed to this. In a recent study, CSO Insights which is the research division of Miller Heiman Group found that 44 percent of buyers identify possible solutions they need even before interacting with a sales rep. As customers start to know more about the products and services they need, it is important for companies to have capable sales and marketing professionals who can not only answer client queries efficiently but also generate more revenue for the company so that they can survive the current ultra-competitive corporate realm. In order to cater to the changing requirements of the industry, educational institutions are also working to come up with new programs and modes of teaching to nurture industry-ready sales and marketing professionals. Let’s analyze some of the most notable academic trends that is happening in the Indian sales and marketing education space.
Rising Significance of Strategic Marketing Education
Let’s start by understanding what strategic marketing is. This process involves carrying out research as well as establishing goals and objectives which can greatly enhance the success of a marketing strategy. Compared to traditional marketing, strategic marketing will allow companies to come up with more intentional marketing campaigns and strategies. On top of that, it will also help businesses to ensure that they have targeted the right audience and used the correct mediums to contact the desired audience. Also, strategic marketing will allow organizations to acquire relevant information to not only formulate but also to execute successful marketing campaigns.
Established in 1991, MICA - The School of Ideas is one of the very few residential institutes in India which prioritizes on developing leadership in Strategic Marketing and Communication. Through their Strategic Brand Management and Public Relations program, the institute equips their students with the needed skills to build brands, introduce mission critical offerings, and acquire new customers. In the program, students will get to know more about myriad of topics. This includes marketing, branding, and communication strategies. Students will have the opportunity to enhance their critical thinking capabilities, learn how to design and execute successful brand strategies, and connect with their customers much more efficiently.
Understanding Neuroscience and Consumer Behavior
For some time now, marketers as well as researchers are working to understand what persuades a consumer to purchase a specific product or service. Understanding the consumption behavior to an extent still remains a challenge that marketers hasn’t been able to overcome. In order to create a more delightful experience for the customers, organizations have been continuously working on understanding consumer needs, emotions as well as expectations. The difference between consumer attitude and purchase behavior have always posed a challenge for many business organizations that are in the pursuit of creating and providing a more memorable experience to the consumer. Over the years, experts have started to understand that the processing of information that happens at a subconscious level plays an important role in the consumer decision behavior. On its own, conventional market research methods are less likely to understand this subconscious brain processing in consumers which makes it important for marketers to develop new methods that can help them solve this mystery.
The Consumer Behaviour & Neuroscience program offered by IIM Indore addresses the concepts as well as application of neuroscience relating to consumer behavior. This will have a major impact in the development of future marketing practices. The program will also introduce the students to emerging areas of consumer neuroscience as well as its applications in marketing. Apart from neuroscience techniques, students will also learn more about experience psychology, consumer emotions and tools and application of consumer neuroscience to name a few. In order to ensure hands-on training to the students, the institute will use a combination of lectures and cases discussion for teaching. They will also be using experiential learning to enhance the quality of education.
Lifelong Learning is the New Norm
Due to increasing competition and rapid advancements both from a technological and business strategy point of view, it is imperative that employees keep themselves constantly updated with the latest changes so that they don’t get outdated. The same is the case for sales and marketing professionals and because of this, executive education programs have been on the rise recently. When compared to conventional programs, executive programs are more pragmatic and the lessons students learn here will guide them in solving the issues their organization faces. Apart from that, executive education programs will also help learners to build crucial competencies that can help them advance in their professional career.
A great executive program for marketing and sales professionals is the Managing Sales Teams and Distribution Channels course offered by the Indian School of Business (ISB). As customer sales and distribution channel management in most companies require a dual approach, it is important that sales professionals not only focus on catering to the existing relationships but at the same time, they should also focus on new and upcoming avenues. This program will help the sales leaders to decode the sales process. Another area which the program focuses on is helping the learners to introduce an effective distribution strategy which is suitable for your business. Students will also get to know more about the key drivers of business sales and learn to integrate sales and marketing strategies to have a concentrated sales effort. The program will be conducted through virtual sessions and will finish with a campus immersion.
In the present day world where consumers have plethora of options in most product and service categories to choose from, it is important to not only make your brand visible but also to make it stand out from the rest. The next step is making the consumer buy your product or service. As the competition in the corporate realm gets tighter, the better the sales and marketing employees company have, the higher are their chances of success. The afore-mentioned changes strive to nurture capable sales and marketing professionals who can shape future sales and marketing strategies.
