Opportunity for organizations
Digital marketing is a paradigm shift
Digital technology is at the very core of how consumers select products and services – before, during, and after purchase. The revolutionary integration of digital technology and marketing has created great opportunity for organizations that keep up, and peril for those who fall behind.
Because consumers now have so much independence, marketing organizations and chief marketing officers (CMOs) must continually create new strategies to reengage them, including responding to negative postings about their brand on social media. While digital marketing generates detailed consumer data with rapid turnaround analysis of different marketing strategies – at the same time the level of competition is spiraling higher and higher as a result of the continually evolving interplay between new digital marketing tools and cagey consumer behaviors.
CMOs know they need to adapt to this new environment. In a recent Association of National Advertisers and Korn/Ferry survey of more than 300 CMOs in the United States 72 percent acknowledged that building digital marketing capabilities is critical. Unfortunately, there is no magical cache of digital marketing tools that works for all businesses. Each company must forge its own path to increasing brand market share. With the help of professional markets, companies need to carefully define their objectives, select digital marketing tools/strategies that best support those objectives, and then implement whatever strategies offer the greatest potential for success. Rapid innovation- with inevitable temporary setbacks are all part of the new game.
Recent marketing developments that affect your business:
- Today, a promotional campaign almost invariably results in your potential customers first researching your competitors’ offerings before making any purchase. Your competitors, in turn, are then able to track and target your intended customers. The solution? Begin with a multipronged strategy to keep them interested in your products/services.
- Successful brands now do much more than pitch their products to consumers: they develop platforms that help foster long-term customer loyalty. How? By encouraging ongoing conversation about their products and services.
- Previously successful companies have lost business to competitors who are out-networking them via LinkedIn and Twitter. Social media marketing is no passing fad…
- Traditional manufacturers, who used to rely on their distributors to monitor customer communication, now need to respond directly to their customers, including negative reviews posted on social media.
- Though retail businesses often gain business by using daily deals sites, this strategy has not resulted in a consistent uptick in longer term sales.
- Brands now have to adapt to much shorter advertising cycle times than was the case for traditional ‘Mad Men’ agencies.
- Consumers increasingly demand that marketing communication be tailored to their interests and needs. carefully targeted digital marketing (generates higher customer engagement for less investment). However, implementing digital marketing strategies is complex, often requiring new skills and behaviors across the organization.