HOW MARKETING HAS CHANGED
Marketing is an old profession. It’s been around for hundreds of years in one form or another. If you’re like me and are fascinated by how change happens, then I’m sure this complete history of marketing Infographic by Hubspot will be of interest.
With the arrival of digital marketing in the early 80’s, many companies began to take a serious look at their marketing. They realised that their primarily outbound strategy had to change. Their consumers didn’t appreciate being interrupted in their daily lives. However, with the creation of inbound marketing, they still irritated their consumers with spammy emails, popups and “subtle” cookies for following their every move. No wonder the EU felt inclined to develop its GDPR (General Data Protection Regulation).
What has changed during 2018 is marketing’s deeper awareness of, if not complete adherence to, what customers like and dislike. The major trends that we have seen this year and their impact on marketing, include:
Chatbots, especially through Facebook Messenger and WhatsApp, to catch consumers on the go with highly personalised messaging.
The use of Voice. With the battle between Amazon, Microsoft and Google in the voice search and commands domain, customers can get answers just by asking. These are a huge challenge for businesses, because being on the first page of search results is no longer enough; you have to be first!
Video is taking over social media, with its rapid rise on YouTube, Twitter and Facebook.
Influencer marketing is giving way to customer journey mapping with the increased detail that IoT can provide. Many organisations have moved their marketing plans to mirror their customers’ path to purchase. Or rather paths, as personalisation continues to trump mass engagement.
Blockchain technology has made marketing results more transparent. This is good for business as customers see how their data is being used, which builds trust.
Have you taken these megatrends on board and adapted your marketing this year? If not, why not?
In the past decade or so, many large CPG companies such as P&G and Nestle renamed their Marketing departments as Brand Builders, in the hope of adapting to this new world. They failed, miserably. I believe the reason they failed is because they continued to run their marketing in the same old way. With very few exceptions, their communications are still all about them and their brands and very little to do with their consumers.
Luckily, some more progressive consumer goods companies realised that to satisfy the consumer they had to do things differently. They were the ones that moved to consumer centricity. Or to be precise, they started on their journey towards putting the consumer at the heart of their business. Consumer centricity is not a destination because consumers are constantly changing and their satisfaction never lasts for long. Therefore the aim for satisfaction and delight will never end.
It is interesting to see how Coke’s change to a growth officer pans out. I don’t see other companies following for now, so I suppose they are prefering to just wait and see.
Consumers are constantly changing & their satisfaction never lasts for long, so the aim for satisfaction & delight will never end. #brand #Marketing #CEX #CRM CLICK TO TWEET
We have taught our consumers far too well! They understand a lot more about “marketing” than they used to. They understand that companies have marketing plans and regular promotions, so they wait for their price offs. They realise that in today’s world, products have become more and more similar. Their format, colour or perfume may be different, but their performances are pretty comparable.
That’s why consumers now have a portfolio of brands from which they choose in many categories. They are far less likely to be loyal to only one brand than they used to be. They have come to expect constant innovation so they quickly adapt to the once novel idea and start searching for the next big improvement. According to Accenture’s “ Customer 2020: Are You Future-Ready or Reliving the Past?” almost a half of consumers believe that they are more likely to switch brands today compared to just ten years ago.