360 degree marketing is the concept of marketing that has come into the existence in the past few years as this marketing technique has been adopted by many companies in recent years. In the case of mathematics, 360 degree refers to a full circle and in the case of marketing, it refers to that strategy in which the company strives to provide experience as well as service to the customers which is complete in every possible manner. In order to have a better understanding of this term, one should look at some of the advantages and disadvantages of 360 degree marketing.
Advantages of 360 Degree Marketing
Increased Customer Engagement
The first and foremost advantage of 360 degree marketing is that it leads to increased customer engagement as the idea behind this marketing is to reach out to its customers from all angles. This includes providing information about the company and its products on different channels like social media, advertisements, billboards, email campaigns, and all other possible mediums of advertisements thus increasing the engagement of consumers towards the products or services of the company.
Better Customer Satisfaction due to 360 Degree Marketing
Another advantage of 360 degree marketing is that it leads to better customer satisfaction as due to company being present in multiple channels of marketing can understand the needs and wants of the customer in a better way which in turn results in the company making improvisation in the product according to the customers needs thus resulting in better customer satisfaction which in turn will make the company stand out in the minds of the consumers as compared to its competitors. In simple words, 360 degree marketing idea is not just about reaching out to one set of customers, but it is about reaching out to every customer who might be interested in the product.
Increased Brand Awareness and Sales
The idea behind 360 degree marketing is to make use of all possible mediums of advertisements and promotion techniques as the company aims to provide the best experience for their customers by providing them with a 360 degree view of their product or service which in turn leads to increased brand awareness because the company’s product will be visible everywhere and this is human psychology that if you see a product advertisement at one place then you will not be thinking about it seriously but if you see a product advertisement at 10 different mediums than you will be tempted to try that product and know more about the company which in turn leads to increased brand awareness as well as increased sales for the company.
Disadvantages of 360 Degree Marketing
360 Degree Marketing is Expensive
The biggest disadvantage of 360 degree marketing is that it is very expensive because a company has to spend money not on one medium of advertising but on multiple mediums of advertising whether its television advertising, radio advertising, billboards, digital medium, and so on and hence it is not a good option for small companies as they will run out of money if they use this marketing strategy for the marketing of their products.
Management of Multiple Channels
In the case of traditional marketing techniques company has to focus on 1 or 2 channels of marketing which is an easy task but when it comes to 360 degree marketing company has to manage multiple channels which is a tough task as different channels of marketing require different strategies which in turn is a time-consuming process and will require many managers or team leaders to handle different channels of marketing.
Requires Different Skillsets
360 degree marketing is not a one-dimensional concept rather it is a multi-dimensional concept as it involves different channels of marketing which in turn requires different skillsets and qualifications and since no one person can handle all the channels of marketing it will result in the company needing specialists for every channel of marketing which is not an easy task because of various complexities involved like ego clashes between marketing teams, expenses involved in managing different marketing teams, HR related issues and so on.
As one can see from the above that 360 degree marketing is a complex subject and that is the reason why any company thinking of doing 360 degree marketing should carefully read the above points and then only should adopt this strategy for the marketing of its products or services as this marketing strategy is not good under all conditions or for all the products or services.