Redesigning Your Marketing Strategies to Suit New-Age Consumers
Marketing organizations seem to have lagged behind when compared to other sectors in terms of technological transformations and customer expectations. From the growth in popularity of online shopping channels to personalized ad campaigns for specific customer groups, consumer marketing strategies have evolved drastically over the past decade. Although the channels and technologies used by modern [...]READ MORE >>
Marketing organizations seem to have lagged behind when compared to other sectors in terms of technological transformations and customer expectations. From the growth in popularity of online shopping channels to personalized ad campaigns for specific customer groups, consumer marketing strategies have evolved drastically over the past decade. Although the channels and technologies used by modern marketing companies have changed considerably, the manner in which tasks are approached remains more or less the same even today, and that is not a good sign. Organizations that continue to roll out large and infrequent campaigns, rely on media purchasing agencies, and are organized by geography or by product fail to take full advantage of the latest digital and advanced analytics tools. They can be used as effective marketing tools to chalk out marketing strategies that are more engaging, effective, and agile. Making use of these capabilities for effective marketing strategies require new management approaches.
Building New age marketing strategies
Manage internal and external partnerships
Organizations must leverage opportunities for advanced marketing strategies available today including search, social, programmatic, and content management. Internal and external teams that deliver these services must aim to function as an interconnected ecosystem. A key decision relating to marketing strategies to be made here is to figure out what needs to be handled internally and what must be outsourced to an external partner. It is advisable for the brand to handle core competencies such as strategy, while execution functions such as experimenting with new media or channels can be outsourced to external partners.
Build globally dispersed networks
Over the years, a common practice followed by brands to manage marketing strategies is by putting a global team under control of global marketing campaigns and assigning a local team to locally execute these campaigns. This could often create a clash between teams, especially with local teams thinking that the global team lacks a comprehensive understanding of their market. To combat this issue while promoting marketing strategies, a new age concept brand tribe have emerged. Brand tribes refer to an informal and globally dispersed network of marketers who come together to identify and share their best assets. Instead of the conventional top-down approach, these brand tribes have community managers who foster global collaboration, post insights, promote assets for particular markets, and discourage off-brand execution. This can also act as a way to reinforce brand standards.
Identify new growth channels
With the rising market competition, brands are under extreme pressure to identify and pursue new sources of growth that may be internal or external to the core business. Fastest growers in any industry are those that develop new products or services while maintaining their baseline capabilities. One way to achieve this is to create a dedicated new-ventures unit in the company that examines and identifies new growth opportunities for the company. Another way to do this is by partnering with start-ups that can provide a larger pool of opportunities in terms of emerging technologies and innovation.
Building an agile operating model
Building marketing strategies to attract new age consumers have become extremely challenging. As a result, now brands are even taking inspiration from companies in other sectors to innovate their operations. The concept of agile is one such strategy that has originated from software development wherein small, self-organizing, cross-functional teams that work towards specific goals by breaking down large tasks in smaller units, assigning responsibility to team members, and constantly reviewing progress. Agile operating models can help identify profitable opportunities in real-time, rapidly deploy tests, evaluate results, and constantly reiterate.