A Comprehensive Analysis of the Impact of Viral Marketing on Goods and Services and Its Correlation with Product Cannibalization

Abstract

When COVID-19 spread across the globe, people everywhere are learning to cope up with a new way of living. Meanwhile, people are spending way more time online in their mobile phone/laptop/pc etc., than ever before, which still exists even after the downfall of COVID-19. Digital means has become a solution, a means to satisfy an individual’s basic needs such as food delivery from restaurant, buying products via e-commerce online shopping etc. but also to be in contact with friends and family, entertainment and acquisition of information, goods and services normally accessed physically and in person are now possessed by digitalized ways. However, the advent of lockdown has dramatically increased the size, availability, and profile of the digital audience, now bringing in those people more traditionally accessed offline. Not only that, it has also changed their buying behaviours, expectations, their consumption of content and the way they expect to be interacted with as customers. As more businesses enter the online marketplace, the competition for traffic becomes even greater. For this reason, digital marketing is critical in building brand recognition and increasing traffic to business websites a comprehensive digital marketing strategy starts with creating a search-optimized website and includes an active social media presence. The pandemic and lockdown of 2020 has strong-armed even diehard traditionalists into embracing digital, simply to remain connected to the outside world. The phenomenon of “Product cannibalization” also enters into the scenario secretly in order to exist and develop due to these strong digitalized usage of people across the globe. To “cannibalize” means to “eat its own flesh” but in the context of marketing it refers to the tremendous change in the goods/service on its own for its survivability, growth and to excellent profit. In the contemporary business landscape, characterized by the omnipresence of digital technologies and the aftermath of global disruptions, this research delves into the intricate dynamics between viral marketing strategies and the phenomenon of product cannibalization within the framework of the "New Normal." As organizations increasingly adopt viral marketing techniques to amplify their reach and engage with diverse consumer segments, understanding the nuanced implications on the product lifecycle becomes imperative. This study employs a multidimensional approach, combining qualitative and quantitative methodologies to scrutinize the intricate interplay between viral marketing campaigns and product cannibalization. The research aims to provide a comprehensive understanding of the evolving consumer preferences and purchasing behaviours in the digital era, with a focus on the unintended consequences of viral marketing, such as product cannibalization. By examining case studies, conducting surveys, and utilizing data analytics, the study seeks to unearth patterns and trends that can inform strategic decision-making for businesses navigating the complexities of the modern marketplace. Key findings are anticipated to contribute not only to academic literature but also offer actionable insights for practitioners in marketing, branding, and product management. The implications of this research extend beyond immediate business concerns, touching upon societal changes, technological advancements, and the ongoing transformations in consumer expectations, thereby providing a holistic perspective on the evolving dynamics of commerce in the New Normal