Five Trends Shaping the Future of Marketing
Imagine a marketing manager sitting in his office developing a marketing strategy for his company’s new product. He identifies market segments, defines prices and plans promotion by mass media channels. The performance will be measured by sales and his future will depend on those numbers.
What is wrong?
This company and this manager, like too many, is still managed as if it were stuck in the 1980s, an era of mass markets, mass media, and impersonal transactions.
Yet never before firms have had such digital technologies for interacting directly with customers, collecting data about them and shaping the products and services they use. And never before customers have expected to interact with brands.
So you must change fast!
Following 5 trends are driving the marketing evolution, significantly reshaping traditional marketing practices.
#1: Digitize All
Meet the Challenge of Multichannel Integration.
The digital world is shaping new consumer demands and behaviors. With e-commerce’s steady growth, digital touch points multiplication and the omnipresence of increasingly connected and interconnected personal mobile devices, customers are changed. You should try to enter into those new consumer trends, by fully integrating them in the definition of their consumers’ journey and by adapting multichannel practices accordingly.
#2 Unleash and use the Big Data potential
Remember that the Big Brother is watching.
You can identify and address in a targeted consumer needs and preferences, personal information and contacts. The ability to analyze this almost untapped yet but precious information should enable companies to capture additional gains that were not addressable in the past.
#3 Boost Innovation thanks to partners capable of creating value
Open innovation is not only about process. It’s about mindset.
Opening up company’s data to external parties enables to capture consumer insights, tap into collective “innovation capacities”, develop co-creation, and, on the long run, significantly increase consumer satisfaction. Also opening up data should be part of a clear-cut pro-active strategy, a digital diversification, to try to capture potential commercial development, but above all it remains a bet on innovation
#4 Real- Time Marketing
It’s time web personalization.
Real-time marketing ranges from mobile advertising that uses GPS and beacon technology to deliver location-based ads to customizing campaigns based on what’s trending for a brand’s audience. “Operating in real-time is the biggest trend, and the biggest challenge,” says Adam Kapel, senior vice president of marketing and insights with real-time advertising company Taykey. “It requires marketing organizations to evolve and accelerate editorial and message approval practices. The pay-off is great, though.”
#5 Re-Think Marketing
Think Outside The Box.
You must think of ways to make their activities more competitive thanks to digital ecosystem and social media. Marketers must fundamentally re-think their marketing function to stay up to speed and remain credible competitors. This means redesigning processes, marketing strategies, developing tailored and added-value marketing content and setting up relevant marketing organizations and monitoring.
Remeber that the only constant is change!
I look forward for your comments, tips and tweets.
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Image credits: TY Tom Fishburne (I love his marketoonist!)