Foreseeable Future of Marketing

The pandemic has changed life as we knew it. It has forced us to change the way we live our lives and conduct our businesses. The crisis has impacted all businesses pushing everyone to adapt their plan and strategies - perhaps for the long haul.

Among others, the marketers too are taking stock of their situation to prepare quickly for the year ahead, after their best laid plans have been disrupted by the COVID 19. While the wide scale inoculation is a sign of optimism, the economic impact and the work towards stabilization if far from over. For the marketers, it calls for a right mix of technology and creativity to catapult the marketing engine to action.

In this blog, we will take a look at how the future of marketing is likely to change forever.

Return to the fundamentals

Over the last few years, there have been many flash in the pan successes that marketing rode on, by means of quick hacks to grab eyeballs. However, just a stint is not more good enough or long standing. Most of the companies that emerged successful in marketing the last couple of years are those that had a strong foundation to their game with fundamentals. That approach to marketing with a firm grip on the 4Ps and an endeavour to consistent and accurate responses will resume significance.

Marketing structuring will take on a more marathon effort, over a sprint rush. Companies will have to double down on customer data, delivery standards and agility of the initiatives to tackle oncoming unpredictability. In-housing content management system and creative teams are also likely to return for better flexibility and control at a lower cost.

Data in the driver seat

Data, combined with technology is currently driving much of the revolution businesses today. Marketers who were once communication experts are now required to be experience experts in the need to rise up to the personalization of prospect and customer experience. While marketing was always the epicentre of acquiring, analysing, translating, and leveraging data, the sheer volume, velocity and variety of data from multichannel mediums has necessitated a relook at the approach.

As the channels of marketing are growing more interactive, there is dire need use data extensively to feed the right commands for accuracy. Data-driven marketing has proven to be time efficient and driving a higher rate of engagement and conversion.

Integrating disparate data to making sense of it for an informed action on how to engage with their target audience will remain a significant shift to the process of marketing for decades to come.

Retention marketing is here to stay

Customer confidence is on decline and competition on ascent – both making the marketplace the more challenging than ever. Not only is the task of engaging and attracting new buyers cumbersome, it is also terribly expensive; almost five times over than retaining an existing customer.

A big marketing strategy of successful companies will involve leveraging customer loyalty and retention over seeking new prospects. Apart from the classic loyalty engagement activities like points, discounts and perks, we are likely to see growing trend towards adding more value for every buck the customer spends. A range of value offerings which are content-rich are likely to shape up retention marketing. Onboarding programs, content pool access, customized product, refresher programs community element, personalized experience are some measures that’ll support sustainable growth.

Messaging that matters

The last couple of years has brought home realization that customers are, despite everything, people – with emotions. In keeping with the general sentiments, brands are compelled if not moved, to revisit their messaging from a tone-deaf promotional stance to a more empathetic one. Also, organizations have garnered a significant role as an extension of the society in the recent past, requiring them to take a firm stance on political and social issues, with a power to steer the choice of its customers. Establishing and emphasizing the company’s values across customer-facing touch points will continue to be the seismic shift in playbook of marketing strategies.

For immediate respite, organizations are taking swift steps to recover lost time, missed revenue and forge new business goals. Some of the popular pivots include..

• Empathetic messaging
• Reduced non-essential expenses
• Short term budgeting
• Increased in cross functional collaboration
• Virtual events and networking activities

Regardless of the unforeseeable, the future of marketing looks very dynamic in the coming years. So does the role of a CMO who will be wielding the combined strength of content, data, direction and technology to drive desired business outcomes. The definite takeaway from the recent crisis is that marketing was, and will be, the first line of response in an untoward event- be it to express solidarity, establish faith or extend support. Organizations will have to maintain a steady focus creating a non-fungible customer experience in order to achieve long-term growth.