Wednesday, September 30, 2009

Future of Marketing Series: Part 1

Why marketing will never be the same again...JIT Marketing- there's a concept.

Comsumers are now in charge and they now understand the significance of their voices and buying power. This shift in consumer power:
  • Has become prevalent with among other things, the evolution of the Internet, Web 2.0, social networking and collaboration and sharing functionality that gives them a voice and credibility that is louder than the marketer.
  • Extends beyond purchasing which impacts bottom lines, but also to dictatorship in content consumption despite the medium which impacts every aspect of the marketing supply chain and lifecycle.
  • Means consumer loyalty has to be earned and not just one person at a time, but one community at a time.

Advances in technology which now facilitates almost every marketing medium has become so dynamic, rapid and widespread that marketers must be adaptable, proactive and reactive.

JIT (Just in Time) Marketing .The speed of change and delivery also means marketers must:
  • Anticipate comsumer behavior and trends and if they are not ahead of the pack.
  • Have capabilities in place that enable them to react itelligently with saavy and appeal.
  • Extends to consumer behavior yielding swift changes in consumer behavior and trends in products, content consumption and even virtual hotspots. Today it’s Twitter, but tomorrow could be something totally different.

Show me; don’t tell me and I’ll decide. It could be the classic case of the dog and pony show, but this time comsumers demand it. Brands must:
  • Demonstrate their value propositions in ways that are cutting edge and in line with current trends.
  • Serve content to consumers in the manner in which they want to consume it whether it is television, mobile, Internet, etc video, interactive credential, circular podcasts or a whitepaper.
Gone are the days when brands and organizations can tell people what to do, buy, think, watch and sell giving new meeting to marketing science. Comsumers have joined forces and created communities in which they seek approval, affirmation, reccomendations, advice, etc.

Content consumption has changed – television is still a powerful medium, but the Internet is just as powerful. Sometimes comsumers want to consume content like fast food on their mobile devicwa – hot, quick on the run and sometimes, they want fine dining where they can enjoy, engage and explore in front of the laptop, PC or ITV.

Consumers will increasingly help drive product development and indirectly influence how ad dollars are spent.

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