Today, every person in business is familiar with the term agility. We often hear it in our conversations, read it in blogs and even base advice around it. But before you become agile, you need to learn to adapt. Change is prevailing in every business today, and the ability to master it has become one of the most sought-after management skills. Especially when it comes to marketing, this tempo of change is always present and requires constant adapting and what you nurture in return is agility.
Marketing technology is essential to growing a business, regardless of size. Digital marketing has been a boon for all companies. Despite this, it is still an integral pillar of an ever-changing landscape and can be a lot to keep up with, but with the proper knowledge & support, any organisation can succeed.
This article lists five essential factors that can force you to reset your marketing tactics:
- Suiting the customer
- Advancement of tech
- Market research
- The dominance of content
- Increase in the use of test-marketing
1. Suiting the customer
No business can flourish without appeasing its customer. It is important to acknowledge the wants and needs of consumers in order to create a product or service that will be successful. As the world is changing, understanding and anticipating future customers are essential. Giving more emphasis to these issues should become a priority for every company, as their end users are changing in composition, location, and number at an ever-increasing rate. If a customer is unsatisfied with how you are approaching things, chances are you will need to reset.
Recent studies have shown that people seem to be more interested in the idea of borrowing or leasing things instead of buying and selling them. This is especially true with things such as cars and machine tools. This shift in consumer behaviours prompted increased rental income generated worldwide in 2016. If you look at statistics across the board, you’ll find that growth in the personal service industry is significant, accounting for up to 40%-50% of all consumer purchases. Such sectors include recreation, education, and travel – anywhere you provide a personal touch.
2. Advancement of tech
After consumers, technology is the most significant factor shaping marketing both directly and indirectly. Big Data and cloud analytics have opened unchartered avenues for marketers that must be leveraged at all costs. The other wing of technology, led by A.I. and automation, is all set to replace humans, and the metaverse is ready to take over the physical world. Therefore, if you wish to survive, it’s time to reinvent how you think and work.
A recent Marketing In Asia (M.I.A.) study revealed how marketing had increased its focus on cloud analytics, A.I. and automation. The data showed that 91% of the survey participants were already using cloud analytics to gather insights on customer data for building an intelligent system. 54% said they were avid users of marketing automation .
Also read: The 3 Major Turning Points In Marketing
3. Market research
Marketing research is becoming an important aspect of marketing. As mentioned earlier, predicting what people want to buy assumes a primary role in marketing, and the quality of the information provided is the byproduct of research. Therefore, market research will take an even greater role in marketing in the coming future. The market research industry is expected to snowball and achieve annual growth of 5% in 2021- 2025, which means that by 2026 the worth of this industry will reach around $90 billion . Most businesses already allocate up to 5% of the marketing budget for research .
Let’s see how it works in practice. For instance, you want to identify the best way to distribute a particular product. Now you employ market research for the task. By combining distribution cost analysis with accurate research on shifts in consumer habits, you can find out which way is best suited for your needs. This means you may have to tweak your current marketing strategy based on your research findings.
4. The dominance of content
Today, content is an asset as potent as money that can get you both dollars and a name. The content itself is on the road of evolution, and we have come a long way from the plain static content. Two recent groundbreaking developments in the field are the rise of interactive content and user-generated content.
A recent study revealed that 75% of the respondents claimed that interactive content was more potent than static content and was excellent at enhancing message retention in customers. The study also revealed a rise in marketing spend on U.G.C. according to 65% of the participants .
5. Increase in the use of test marketing
There are two significant reasons why additional test marketing is needed. Firstly there are the rising costs of introducing new products & packaging, developing new advertisements, and promoting the business. The mounting investment in research and development is the second influence causing a change in the product life cycle. The result is an outpouring of new products, which will measurably shorten your expected payout time. That’s why so many of the product innovations in consumer goods companies come with a test market for national release before deciding if they will be sold in all stores. Needless to say, the outcome of your testing will directly influence your marketing strategy.
Marketing strategies need to shift to keep up with the latest trends and combat factors such as those mentioned above. Change is the way of nature. The marketing trends of today are different than they were a decade ago, and they will continue to change as we move into tomorrow. In the digital age, marketing has become more and more automated. This is both good and bad for marketers as they now have a lot of tools at their disposal, but they also have to work harder than ever before to attract customers.
To know how marketing priorities are shifting- download the full report.
- M.I.A. Research Report: Shifting Marketing Priorities