Traditional Marketing is Dead.
According to Bill Lee (Harvard Business Review “Marketing is Dead”), traditional marketing — including advertising, public relations, branding and corporate communications — is dead. In fact, many people in traditional marketing roles and organizations are slowly realizing they’re operating within a perishing paradigm.
For one, buyers no longer pay any attention to the hysteria we call traditional advertising and marketing. They’re employing their own methods when researching products and services — through the Internet, and often from sources outside the firm, such as word-of-mouth or customer reviews.
Secondly, CEOs have lost touch with many audiences. In an astonishing study of 600 CEOs and decision makers by the London-based Fournaise Marketing Group, 73% of them assert that CMOs lack business credibility and the skill to generate meaningful business growth, 72% are worn-out of being asked for money without explaining how it will generate increased business, and 77% have had it with all the talk about brand equity that can’t be linked to actual firm equity or any other recognized financial metric.
Thirdly, in today’s burgeoning social media-saturated environment, traditional marketing, advertising and sales are losing touch with reality and sense to consumers. Imagine this crazy logic: a company hires people — consultants, partners, employees, agencies — who don’t come from the buyer’s world and whose interests aren’t aligned with his, and expects them to persuade the buyer to dole out his hard-earned money on something. Huh? Does that make sense? When you attempt to infuse traditional marketing logic into the world of social media, you miss the mark.
[Fact:The new future of marketing is in your communities.]
When you think about a big purchase, such as a new car, TV, or laptop, you’re not likely to go seeking a salesperson to talk to, or to read through a corporate website. Rather, you’ll more than likely ask friends, family, or network of peers what or whom they’re using.
That said, what should companies do to pivot, innovate, and stay relevant to their customer base?
For answers, get in touch.