As businesses become more social, there have been a lot of articles about marketing. Some have spoken about the need for marketing and IT to get together, if not even merge in some way (See the Forbes article last month). Others have proclaimed the end of the CMO’s position altogether, including the infamous piece by IMD’s President Dominique Turpin last year “ The CMO is Dead ..… Welcome to the CCO”.
Then there have been even more articles challenging marketing to show their worth and suggesting metrics to prove their ROI (See Fournaise 2011 study of 600 CEOs or Forrester’s Marketing Performance Management Survey). The fact that there have been so many different pieces on the topic over the last year or so, suggests to me that marketing is still vital for and extremely attractive to business, but that it is in desperate need of reinventing itself.
For this reason I thought I would start (or is it join?) the conversation about the future of marketing, by proposing what I think will and won’t change and what needs to, at least in my own opinion. I would love you to join the discussion by adding your own thoughts, ideas and comments in the box at the end of this post or on social media where I will be sharing it.
What will change
- Marketing can no longer work alone in a silo; it needs to become more collaborative and more commercial or business oriented. It can no longer remain fuzzy and hide behind claims that its ROI is difficult to measure.
- The sales funnel will be (has already been) replaced by the purchase decision journey, which will be a multi-layered, flexible representation of the route to purchase. For more on this, read “ How Great Customer Service Leads to Great Customer Loyalty”.
- Advertising and messaging TO the customer will be replaced by valuable information made available FOR the customer. In line with the longer sales journey and multiple online consultations, advertising will become more informative, more useful, more timely.
- Local will no longer be geographic but “Native”. Whether it’s language, habits or interests, customers will be targeted on their similarities that will rarely, if ever, include geographical proximity.
- Mobile web consulting will become the norm, so br and sites need to become adaptive. Content will aim to inform, educate and entertain first and foremost, rather than sell, and websites will become flexible and adaptive to the differing screens and customer needs.
What won’t change
- The customer is still the king, but content joins the ranks in almost equal position, needing more respect and value, and less commoditisation. For a great post on this read “ 5 Ways Content Marketing Must Change in 2014”.
- Recommendations will remain a vital part of choice and decision-making, but they will no longer come from just friends and family. They will come from organised collection – think TripAdvisor or Angie’s List – or from (self) proclaimed experts through their Blog posts and faithful followers.
- Customer (consumer) underst anding remains vital and in fact the need for underst anding will even increase as customers will be in constant evolution.
What must change
- We are all swamped with messages and information and yet – perhaps because of this – our attention span is declining. Messaging must become shorter and simpler as people use headlines to decide whether or not to stick around.
- In addition to the increased need for informative content, it will need to engage as well as (or is it more than?) inform. Storytelling will become an essential skill for marketers, both internally and externally.
- Wearable technology will totally change our where and when decisions of messaging. The customer will not only be in charge of what messages are received but when to be “visible” to receive them.
- Having changed the sales funnel to a path to purchase, the usual loyalty funnel no longer works. The simple path from awareness to loyalty will be replaced by a constant and consistent battle for trust. What’s more it will never be truly “won” as customers continue to be fascinated by novelty.
- Marketing can no longer depend on creativity alone. It won’t be enough, as if it ever was, and marketers will need to get (even more?) comfortable with their BigData and its usage. Customer underst anding will come from multiple sources and market researchers will become underst anding analysts responsible for turning the unstoppable flow of information into the organisation, into palatable morsels of digestible stories.
One final word about the future of marketing. Already in September, Forbes published an article entitled “ The Top 7 Online Marketing Trends that will Dominate 2014”. If you haven’t already done so, I suggest you give it a quick read, as it makes a nice, complementary piece to this more general perspective.
As you can see from the above, a lot more will change than will remain constant, and even those will need adaptation to the new world of marketing. Do you agree? I’d love to hear your thoughts, especially if you are, or aspire to the CMO role.
If you need help in adapting to the new world of marketing, we can help, so why not contact us here and let’s discuss your needs?