Marketing and technology are becoming more difficult to be treated as isolated silos in digital marketing. By utilizing new technologies, marketing continues to evolve, often at an unprecedented rate, to push organizations to react proactive then ever.
A recent article published by Mckinsey&Company may give us some insights on this evolution. They suggested five elements for great marketing today: Science, Substance, Story, Speed and Simplicity (5S).
By using new technology (science), that inspires us with more data and analysis, we can now have more precise measurement and management on customer decisions. We use different types of tracking technologies to evaluate what is the best way to interact with our customers. These technologies (e.g. tracking code being installed on websites, sensors and video that enable us to track in-store behaviors) are now at a lower cost to allow valuable data is more accessible.
Marketing is no longer only about messaging, but also involves more substances such us products & services development to provide functional benefits based on consumer desires and needs. For example, online retailers can make use of their transaction data to retool their supply chain, enabling faster restocking and better logistic arrangement. They may also manufacture new products that customers want (e.g. popular fashion brands like H&M , Topshop, Uniqlo and Zara are now bringing mass-market price to the colors, fabrics and design of high fashion).
Although marketing can be supported by new technologies to reach a new height, the importance of good story telling is still essential for the success. New communication tools (e.g. social media, mobile devices), which encompasses richer digital interactions, cultivates the demand of creativity. The narratives need to be flexible because its quality depends on the brand’s digital interactions with consumers, which is becoming more frequent and this will require marketers to respond in a higher velocity.
Moreover, given the convenience brought to us by the digital world, consumers are expecting a higher clock speed on marketing as their preference can change quickly. Simplifying our approaches can facilitate the organization to fight this war as complexity can be a strong enemy of speed. That’s why a number of leading marketers are reforming their organizations to reduce hierarchies, silos, communication gaps and redundancies. We may also use technology to reduce complexity, for example: setting up internal social media platforms to encourage the generation and sharing of ideas, which helps speeding up problem solving across the organization.
Here are the key takeaways:
Big data coming from powerful tracking tools can help us improving our engagement model. This engagement goes beyond messaging, it’s also about what products / services we are providing to our customers. To cope with the challenges brought to us by the new media, we can simplify the team operations in order to react quickly.
Let’s hope that we all can exploit the power of marketing with technologies in the 21st century to identify as many opportunities as we can and achieve success.
Read more about Mckinsey&Company’s insights here.