Marketing in the Digital Age
Marketing is the management process through which goods and services move from concept to the customer. It includes the coordination of four core elements, known as the 4 P’s of marketing:
- Product: Identification, selection and development of a product.
- Price: Determination of its price.
- Place: Selection of a distribution channel to reach the customer.
- Promotion: Development and implementation of a promotional strategy.
A simple example of this process is the launch of Apple products. Apple consistently introduces products with improved features, sets prices based on customer needs and capabilities and sells them through outlets where Apple products are traditionally available. These products are then promoted through tech events, online campaigns and TV adverts.
The Core of Marketing: Customer Satisfaction
At its heart, marketing is about understanding and satisfying customer needs. As Harvard Business School’s retired professor of marketing, Theodore C. Levitt, famously stated:
“Selling concerns itself with the tricks and techniques of getting people to exchange their cash for your product. It is not concerned with the values that the exchange is all about. Marketing, however, views the entire business process as an integrated effort to discover, create, arouse and satisfy customer needs.”
In other words, marketing is less about pushing customers to pay for a product and more about creating demand by meeting their needs.
Marketing Today is Much More Complicated
Gone are the days when marketers only had a few TV channels, radio stations and local newspapers to promote their products. Life for marketers used to be simpler. If you could craft a compelling message, you could effectively move products.
Now, however, the landscape has shifted dramatically. We’ve got a plethora of TV channels, millions of websites and thousands of apps. Digital marketing tools like DMPs (Data Management Platforms), APIs (Application Programming Interfaces), and SDKs (Software Development Kits) have become part of the marketer’s toolkit, making marketing more complex than ever.
What once involved identifying needs and communicating benefits now requires building immersive experiences that engage customers on a deeper level. With the fast pace of technological advancements, it’s easy to get lost in a sea of buzzwords and overcomplicated tools. Here are four principles to guide you through the evolving world of marketing:
Clarify Business Objectives
With so many tools and platforms available today, marketers are under pressure to stay “progressive” by incorporating emerging media into their strategies. However, the hallmark of a good marketing strategy isn’t about cramming in as many new gadgets as possible; it’s about how effectively the strategy meets worthy business goals.
It’s important to define clear objectives—whether they are to increase awareness, drive sales or encourage customer advocacy (referrals and recommendations). Some businesses try to create a “one size fits all” approach for all their brands, while others get caught up in creating unnecessarily complicated models. In most cases, evaluating three simple metrics—awareness, sales and advocacy—is enough to guide the strategy.
While every business needs all three, focusing on one primary objective will prevent your strategy from becoming muddled and ineffective.
Use Innovation Teams to Identify, Evaluate and Activate Emerging Opportunities
Marketing executives are busier than ever. They’re tasked with monitoring the marketplace, identifying opportunities, collaborating with teams and running campaigns. With the rapid development of new technologies, it’s unrealistic to expect them to stay on top of everything while still managing their day-to-day responsibilities.
That’s where innovation teams come in. These teams are dedicated to exploring emerging opportunities, meeting with start-ups and running test-and-learn programs to evaluate the potential of new tactics. Many of these experiments will fail, but the few successful initiatives will more than compensate for the losses.
Once an emerging opportunity proves its value in a pilot program, it can be integrated into the company’s broader strategy as a viable tactic to achieve the chosen business objective, whether that’s awareness, sales or advocacy.
Decouple Strategy and Innovation
Many organisations mistakenly group strategy and innovation together, as both are seen as activities for the company’s brightest minds. Often, innovation teams are filled with senior executives who have a proven track record of delivering results. However, this approach can hinder innovation.
Strategy is about achieving specific, measurable objectives, while innovation is about experimenting with new ideas—many of which will initially fail. Innovation needs room for failure and to fail cheaply, resources should be limited. In this context, innovation teams should consist of smaller, more agile groups focused on experimenting without the pressure of immediate success.
Build Open Assets in the Marketplace
In the past, marketers focused on creating compelling advertising campaigns that would capture the consumer’s attention, leading to direct sales. However, in today’s digital landscape, that model no longer works as well.
Now, a strong advertising campaign may lead consumers to an internet search, where they are likely to be exposed to competitors’ retargeting efforts. In this scenario, simply building awareness and walking away can benefit your competitors more than yourself.
Successful brands in the digital age do more than just drive consumers toward a purchase. They must inspire participation and create communities that feel connected to the brand’s purpose and values. Marketers now need to think in terms of APIs and SDKs, building experiences that encourage co-creation and collaboration. Brands are no longer just assets, they are platforms that thrive on shared values and community engagement.
Marketing for the Digital Age
Marketing has evolved from simply promoting products to building relationships and engaging consumers on multiple levels. In the digital age, it’s not enough to rely on traditional models of advertising and sales; marketers must focus on participation, innovation and strategy to create lasting connections with their audience.
At The Last Hurdle™, we understand the complexity of today’s marketing environment and are committed to helping businesses develop strategies that drive awareness, sales, and customer advocacy. If you’re looking to refine your marketing strategy and stay ahead in the digital age, we’re here to help.
