Adapt or die. We have seen this consequence play out for centuries. Now it's time for marketing to pay attention.
I'm a marketing guy. I left my position as CMO a few years ago after practising a couple of decades of traditional marketing. My career take-away: old school marketing has outlived its usefulness. It no longer works.
If marketing is to regain relevance, a complete transformation of the way marketing is practised is required.
Not just incremental change, but a complete approach. Blowing up the old model; building a new discipline.
This is why it's such a big deal:
1. The drivers of customer demand have changed. What motivates a person to buy today has changed dramatically. New buying behavior requires different marketing methods.
2. People have almost unlimited choice today from a variety of suppliers that grows daily. Fierce competition steps up the challenge to attract and keep customers.
3. "Me" personal markets are replacing "many" mass markets. People want their personal desires taken care of; they are turned off by the assumption that they are like the crowd in any way. Crowd-based messaging is returning less as a marketing investment.
4. Customers wield the power now; organizations no longer can dictate to the market what they get.
5. Customers are able to switch suppliers with ease. Barriers that once existed are disappearing as switching costs approach zero. Fickle customers use this opportunity to hop from one organization to another much more frequently than in the past.
6. Marketing is no longer an island in an organization. It is only one element an organization has to deliver as part of its value proposition. Marketing's identity is rapidly blending with sales and customer service to respond to the holistic needs of a customer.
7. The nature of customer engagement has morphed from transactions-based to more of an idealistic alignment. People are more and more doing business with organizations that demonstrate the same values (social responsibilities, environmental-friendliness, philanthropic intent and so on) that they believe in.
8. Experiences are trumping products and services. Material goods don't create long-term happiness; experiences do. Flogging products is moving to the back seat behind creating memories.
9. Communications clutter is making it very difficult for customers to decide whom to do business with. Every supplier looks the same and gives no compelling reason why they should be selected over their competition. Most messages talk about price; any value reference is aspirational and vague. The need for marketers to create a competitive claim that declares how they are unique among their competitors is urgent.
10. Customer loyalty has to be earned at every touch point be it personal contact, an organization's web site, communications media and social media. All customer interfaces must work together seamlessly and synergistically and must carry the same message and engage the customer in the same way.
11. Pushing advertising messages to the masses is no longer an effective investment. Targeted communication to individuals is demanded by people who do not want to be identified with the herd.
12. Acquiring new high value customers is now a function of fans talking an organization up to their friends and associates. Special promotions using give-aways and temporary price reductions do little to create long-term customer loyalty.
New marketing muscle is required to address these new realities; are you re-inventing your marketing machine?
