If your marketing plan for 2011 looks like last year’s model, you may want to step back and take a bigger look at where your business needs to go in the coming years. We all get myopic especially when we haven’t seen a business climate or consumer marketplace like this – ever! Four game-changing trends followed by five plan-changing ideas:
Demographics Are Gross Lumping people together according to their age, household income, or education level was fine in the heyday of mass marketing. But demographics aren’t a fine-enough filter in our multi-channel media-saturated world. It’s not enough to know, in the broadest of terms, who your target audience is. Now you need to know how they are and, most importantly, why they buy. And if you don’t know, you may be watching your competitors eat your market share for lunch.
Technology Converged Personal computer plus Internet plus social networks plus mobile phones equals a convergence of technologies into one massive, uncontrolled, 24/7, global communications platform. At least two things happened: it empowered consumers to talk (or talk back) to brands. And it created new inter-connected means for brands and consumers to connect. Five years ago, we didn’t have to consider how our big branding ad was going to play out as a streamed Internet video linking to a geo-targeted 2-fer coupon accessible via smart phone! The accelerating number of possibilities is enough to keep any savvy marketer awake nights.
Mad Men Meet Joe YouTube You gotta love Don Draper. After a night of drinking, smoking and fooling around, he can show up for a major campaign presentation, pull a single concept out of his fedora, and have the client eating out of his hand. From the 60s to the 90s, big splashy ad campaigns reigned. Did they work? Sure, many did, especially when advertisers threw a ton of money behind them. Especially the funny ones. But then along came YouTube. Now any bloke with a slightly warped sense of humor, a flip camera and a log-in can generate as much buzz as a multi-million dollar Super Bowl ad. That can give marketers heartburn as they re-think how to allocate their budgets.
Consumers Rule Marketing used to be easier. You created a product, you advertised, it you sold it. Back then, it didn’t matter much who bought it as long as enough bought it. It didn’t matter how it was made as long as it didn’t break before it got home. It didn’t matter if the means to the end were sustainable as long as the bottom line was. But in today’s world, consumers’ peer-to-peer influence on your top line is unprecedented. What they don’t like, they don’t buy and they don’t hesitate to yelp their reasons why. And, by the way, most of those consumers controlling the cash are women. Well, three-quarters of it anyway, even when spending is down.
What Now?
The future is now and you can’t afford to wait. Visionary companies are searching for new ways to step up their marketing and engage new consumers using new technology. Here are five things you should consider.
Consumer Centricity Make your business revolve around the consumer not the other way around. Your product is not the centerpiece of your brand. Your customer using your product is.
Know Your Consumer Inside and Out To build your marketing around your consumers, you need reliable, actionable intel. Research tools like Roberts Worldview Assessment, for example, provide psychological insights into various consumers’ values and behaviors and direction on how to engage them.
Total Consumer Engagement Every consumer touch point becomes part of the brand. From the product itself to the ways the consumer can learn about it and interact with it to the retail or etail service experience. Your internal and external support teams need to understand that entire experience and make sure every part of it delivers your brand effectively.
Brand Response Before the Internet, tracking results was a bit sketchy. But with online analytics, the guessing is over. That’s why all advertising roads need to lead to the Internet. We call it Brand Response, the blend of brand ads to get attention, direct response to drive the action and online interactivity to make the sale. Great advertising and accountability ARE possible.
Change the House Rules Look at your corporate culture. Are there any fresh marketing ideas being generated? If not, a more holistic process and a less silo’d organization can help. Sharing best practices to engage consumers should be a full team effort.