My Marketing Mindset
They say change takes time, but over the past 15 weeks I managed to gain many new perspectives on marketing. Starting out with a fairly strong understanding of marketing, I was confident in my knowledge about the 4P’s, how to conduct a SWOT analysis, and Porter’s 5 Forces. I was prepared to analyze successful companies, and discuss how they captured their target market. While that was done, I have gained many new opinions, insights and tools to add to my marketing toolbox.
You Can’t Win Them All
Traditionally, marketing was known to spread awareness to the masses. It focused on spreading the message to as many people as possible through traditional channels. I held the belief that most attempts to launch a new product are based on having a “cool idea” and then marketing the product or service to as many people as possible. However in the words of Seth Godin, “you don’t find customers for your products. You find products for your customers”. Godin’s perspective has taught me the value in marketing towards a specific target group, and meeting their every need rather than leaving mass amounts of consumers unsatisfied. Trying to please every type of consumer can often result in a diluted value proposition that pleases no one. Creating meaningful value propositions requires a value proposition to be specific, and based on the comprehensive understanding of the minimum viable audience.
Adapting to Local Markets
Another way in which my perspective on marketing has changed is through a deeper understanding of the importance of adapting marketing strategies to local markets. My opinion shifted when analyzing examples of marketing efforts that failed to adapt their strategies to fit the needs and norms of the market. As a marketer, I now understand the true value in knowing your audience and the importance of a marketing strategy supported by cultural research.
The Challenges Ahead
Imagine a world in which we could predict all the challenges coming our way. We would have the chance to plan, strategize, and mitigate challenges before they stand in our way. But that world is not our reality, and so we are forced to see challenges as opportunities for growth and problem solving. While the future is unknown, one can be almost certain the role of technology and data is only going to become more relevant in all aspects of society. For marketers, this could mean automated processes, accelerated gathering of customer data, and other positive achievements. However, with this comes the risk of losing human insight, which as Trisha Wang states “big data is meaningless without thick data”. I believe that as we celebrate the successes of technology, it challenges the human role in marketing, which I believe will always be critical.
While already dominant in the marketing field, social media will likely continue playing a large role in the future of marketing. Social media has allowed for many positive impacts on marketing, but not without challenges. For example, the spread of misinformation, disinformation, and fake news are all challenges marketers will continue to combat in the future. This leads to the importance of having adaptable and agile strategies, responding to consumers in real- time, and mitigating a crisis before it damages a brand’s reputation.
Final Remarks
Ultimately, I have learned that a marketer’s role is never done. Marketing is about perpetual motion, innovating, strategizing, and aiming to not only meet the needs of the consumer but exceed them.
