Why Marketing needs a change – Part I
Marketing’s evolution requires equally evolved marketing tactics such as the ones made possible by the customer value maximization framework. Here’s why marketing strategies need to change.
Marketing as a discipline has been in existence for hundreds of years now, evidence suggests that primitive civilization and the cave men era practiced marketing. Yet, over time this function is devoid of the maturity that one expects. I do NOT believe that variables flux, cause this gap because by that measure even Technology as a discipline should be a victim. Digging deeper, I think why Marketing suffers is because of:
#1 OUTDATED MARKETING PRINCIPLES
Most marketing text books and class room sessions continue to be obsessed with the 4 P’s: product, place, price and promotion. While there’s nothing wrong about the 4 P’s per se just that how the additional 2 P’s of Physical Environment and People are integral for Services marketing is not explained. And principles pertaining to Viral Marketing invented around the same time as 4P’s circa 1960s is not covered. Teaching on the flipped marketing funnel is completely ignored. Enter customer value maximization.
#2 MARKETING IS ADVERTISING
With consumers under continuous barrage of communication, much of it by bad or meaningless information; its obvious that most people confuse Marketing to Advertising. The reasons for this mistake are because of:-
- Ad spends account for the maximum in your Marketing budget
- Excessive Media exposure and brands seizing every opportunity to sell you something. Research indicates that an average consumer living in a metro is exposed to more than 3,000 advertising messages per day.
- Ads succeed in telling us impossible glamour stories that we so inherently long for. When was the last time an average Joe after using the Ad endorsing cosmetic didn’t become a Hero at the end of the Ad?
#3 INSTANT GRATIFICATION
We live in an era that demands instant gratification. We want everything delivered at the speed of light…the dream of becoming rich at
the end of the song seems like an immovable belief system! And since Marketing cannot operate in vacuum, it suffers at the hands of
executives who double up sales force, and create more aggressive marketing campaigns. When was the last time your Banker called and wished you on your Birthday? Well, her marketing team has scored you already for an eDM with a Gourmet offer, of course using thier credit card Brand loyalty has to be earned, and over time…but marketers doen’t seem to be in a mood to wait; after all the street needs an instant revenue guidance
More on Why Marketing needs a change? in Part II
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