The current scenario:
We are in an era where Corporations “Grow fast or die slow”. The trap facing most corporations is the conundrum of pursuing familiarity vs Adaptability. Most of them don’t have an answer and have let inertia drive their actions..”. Above all the “digital natives” – who are the new era customers have far outpaced the speed and tech capability of large organizations.
Brands are talking about experiences vs. traditional advertising, but many aren’t walking the walk. Media fragmentation, growing sense of empowerment among audiences, to ad blocking, brands have a huge problem on their hands. Interruptive advertising is no more the answer. It’s become more expensive and more difficult for us to reach audiences than ever before, and so we saw the need to create a new model. Brands now are building out the company’s global content marketing capabilities. There is a shift from being solely transactional media buyers to becoming content investors and producers. The marketer’s biggest challenge is about bringing brands to life…
Attention is now the new currency, and in the world of Netflix and Amazon, advertising is no longer an assumed part of that equation.
Things to Know:
Social Media– Should be on the frontlines of the Social media platforms and should be participating on behalf of the brands
Automation: Marketing automation thru a collection of technologies to market on multiple online channels and as well as repetitive tasks of course while taking cognizance of ROIs
SEO. – Search Engine optimization. As long as consumers use search engines to find information this will stay relevant.
Content marketing – Involves creating & distributing valuable, relevant and consistent content to attract a clearly defined audience
Real time marketing/ Big data and Analytics thrust/ Micro targeting – The key here is to look at influencers and using data and engagement to make them evangelists
You-tility ( John Baer) – Build around the fundamental tenet of Internet marketing – “Helping and not selling” . You’ll be surprised people pay for it.
Supply side deflationary developments – automation/ analytics/ AI/ shared economy will shift economic surplus to consumer more dramatically than ever before. Cloud is deflationary and disruptive.. IBM business of hardware declined by 17%. Directly hurts hardware business.
Thus in this digital era the broadening of the CMO’s role is imperative. This will encompass both a redefinition of the way the marketing function performs its critical tasks and the CMO’s assumption of a larger role as the “voice of the customer”.