Archive for December, 2011

More Musings on the Future of Marketing

This continues the discussion we started in the last blog entry about the future of marketing.

I shared my thoughts that the concept of brand will get more important, marketing will be more about behavior than communication, and that marketing will get more integrated with other disciplines.  Here are the rest of my thoughts about the future of marketing.

Empathy and artistry will get more important.   Empathy is at the heart of marketing because it is the ability to see and feel through someone else’s perspective.  Artistry is the intuition and creativity to invent something that offers something new and important for a customer—also at the heart of marketing.   Brands like Edmunds.com get this, as they work with companies like design firm IDEO to make the car buying experience more delightful, a huge area of potential innovation.

Big data and advanced analytics will profoundly impact how well we understand our business.  There will be no excuse not to fully understand the interrelationships in your marketing activities and spending.   Look at the work marketing analytics firm MarketShare has done with Ticketmaster to better understand behavior and pricing (full disclosure:  I serve on the advisory board of MarketShare).  And this is only the beginning.

Business model innovation will separate the great brands and great marketers from the ordinary ones.  Because those who think about upending the business model are usually closest to potential customers, and who build highly differentiated brands.  Red Bull, Apple, Amazon, Groupon, Google, Starbucks, and Vente Privee are a few examples of wildly successful brands that changed the business model in their categories or invented a new business model.

Mobile will increasingly be the gateway to brands.   The trend to mobile is dramatic in how people access entertainment, shopping information, news, and just about everything important to them.   Eric Schmidt of Google says the future will be social, local and mobile.   The smart marketers like Coke are already preparing for this by experimenting, and leading media/content companies are designing experiences starting with mobile devices and tablets versus computer or TV screens.

Are some of these trends and patterns obvious—yes.  Are you acting on them now to prepare your organization and capabilities for the future?  That is the real question.

Categories: Business, Marketing

Comments (2) | Add a Comment

Musings on the Future of Marketing

I was recently asked by a client to speak to his organization about my thoughts and feelings on the future of marketing, key challenges, and what they could do now to prepare themselves.

He is smart to be asking those profound questions.  And while I cannot precisely know where it is all going, there are certainly some undeniable patterns and trends.

Here is some of what I shared with them regarding the future of marketing.

The concept of “brand” will get more and more important.   Thirty years ago practically none of the market capitalization of the S&P 500 was attributed to brand equity; today it is above 30%.   So marketing has gotten more important, and will only be more vital to a company’s future.  That is a huge responsibility for tomorrow’s marketing leaders.

Thanks in part to social media, marketing will be more and more about the behavior of the people behind the brand, not what the brand says.   Zappos shared with me that when they tried advertising their products and services versus communication about their people and culture, customers asked them to go back to talking about their culture.   IBM’s highly successful current company strategy is about how their people are behaving to help our planet become smarter.

Marketing as a discipline will integrate and synthesize with other disciplines.  The old functional lines of sales, marketing, public relations, design, market research, and digital media are blurring, to say the least.  The work today to grow a brand involves all these disciplines and more, and the great companies have leaders who do synthesize these disciplines.  One example:  P&G has broadened the scope of its global head of marketing to include design, public relations and market research.  Innovation like ecommerce and social media have triggered these necessary changes, and this will only get more important.

Stay tuned, I will share more about the future of marketing in a few days…

Categories: Business, Marketing

Comments (4) | Add a Comment