Diversified marketing strategy will drive growth in 2022 – Times of India

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Dawinder Pal, Head of Marketing at Bikano.
Fast-moving consumer goods (FMCGs) enjoy a special seat in Indian markets. It’s India’s fourth-largest sector, with household and personal-care goods accounting for over 50% of sales. Changing lifestyles since the pandemic’s advent and increasing online sales have driven the sector’s expansion exponentially. 
Hence, the segment is expected to grow at a 14.9% CAGR to touch US$ 220 bn by 2025. And while this category has already cornered a lion’s share of marketing budgets and strategies, this matrix will spike further. With digital marketing having entered the mix, marketing strategies should leverage this channel as well. Choosing the right growth strategy at this point can prime businesses for further success in 2022. 
Diversify to multiply profits
As a marketing growth strategy, Diversification entails adding services and goods, or markets to the core business. If these goods entail a brand new product or service line of a familiar industry, the practice is called business level diversification. Else, one may also adopt corporate-level diversification tactics by looking to broach new markets.
Why Diversify… 
One can use the diversified marketing strategy for numerous reasons. It could be:- 
How to diversify?
The simplest way to diversify is to expand the existing product range, also known as horizontal diversification. In this manner, companies minimize their exposure to risk while leveraging synergies. Then, there’s vertical diversification wherein companies expand their operations from one area of the market to another. In this fashion, they leverage their existing competencies and reduce costs as well. 
There’s also lateral diversification—here companies lead expansions into virtually unknown territory. It’s easier for established brands to diversify in this fashion thanks to their goodwill with consumers.
Growth strategies for 2022
In 2022, there are certain factors to make growth strategies more effective.
Diversify your social media approach: Approximately 400 million new users debuted on social media during the COVID-19 pandemic, as the only way to stay connected was digitally. Hence, people are increasingly using online channels for everything including learning about brands and making purchases. So, in 2022, companies should necessarily grant more resources to social media marketing if they are not doing it. Treat this shift as a new marketing opportunity and increase your reach by engaging with new consumers and re-engaging with loyal ones online. 
Innovation: Only when your brand and approach is exclusive will be penetrating new markets or with new services and products be easy. Innovation is key in business today. Fresh innovative ideas, bold designs & strategies and seamless execution drive success.
Market Penetration: This year, figure how to sell more services and goods to your existing clientele. Do consumers demand better guarantees? Or maybe they require quicker order processing? Find out more about what exactly they want and mould the service accordingly to sell more.  
Market Development: 2022 could be a good year to approach new markets as well. If there’s a new age group to target, invest in market research, create marketing plans and mount it. As the adage goes—nothing explored, nothing gained.  
Product Development: At times, all that’s needed is developing existing services and goods differently. Can the product portfolio be expanded, quality improved, packaging upgraded, etc.? Market research will have the answers, and marketing team the plan. Just go for it. 
In today’s market, diversification strategy drives growth and sales. Make sure to offer an exclusive online consumer experience to ensure better growth this year. 
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Views expressed above are the author’s own.
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