METEORIC CHANGE IN MARKETING
Marketing continues to be transformed – or is it?
The discipline of marketing has fundamentally changed as a result of the massive amount of consumer information now available. Not a new theme but the point is that we now know more about our customers than ever before. The ability to connect the dots with big data and use it to speed decision making has and will create new brands overnight, as well as give new life to old brands and provide a new level of marketing performance accountability. Marketing now has the ability to predict and plan with greater precision. Marketers need to be able to use data and new engagement capabilities to drive creative solutions to reach customers how, where and when they want.
Indicators of Change in the Role of Marketing
- Estimated 25% annual turnover of CMO’s through 2018
- Projected 40% of the S&P will not exist in 2025
More Perspective on the Discipline of Marketing
- The discipline of marketing is being overhauled. However, as brand experts we would argue that Brand Strategy and a deep understanding of marketing planning and cross-functional team collaboration is still fundamental to successful campaign management. In other words, is marketing fundamentally changing or do we simply have to learn how to harness more data and move faster?
- Best in class will leverage the speed of data to drive speed of execution. It’s all about using data to drive decision-making. The need for more team collaboration with both right and left-brain thinkers is demonstrated in the need for marketing teams to include a data expert in order to quickly and accurately leverage consumer insight.
- Digital should enable us to manage consistent messaging at every touch point. However we would stress that this requires a clearly articulated brand strategy and consistent brand storytelling also know as brand management.
So What is the Impact on Marketing?
- Ensure that your marketing team includes data experts.
- Reward your marketing teams for collaboration.
- Speed of execution is critical.
- Work in smaller teams.
