Modern marketing is a broad concept that means making products according to the needs of consumers rather than providing them with what the seller/brand has made. Thus, sellers should start questioning what the consumer wants and how can you make it available to them? It is the only way to succeed and earn profits in the marketplace.
The concept is not limited to just a clever digital campaign or some creative work shared across multiple channels but also includes different approaches that harness the full capabilities of the business to provide product satisfaction to the customer and thereby, drive growth. Marketing departments require a new way of operating as well as rewiring for speed, collaboration, and focus on the customer.
Senior leaders also understand that marketing has to modernize and take a necessary handful of initiatives but then grow frustrated when the promised value doesn’t appear. However, it is quite important for marketers to know what constitutes a model for modern marketing. A few modern concepts of marketing which are very important from the point of view of marketers are product, production, selling, marketing, and consumers.
To drive growth in any company, marketers need to work collaboratively with diverse departments - from sales and product innovation to finance and technology. Research shows that chief growth/customer officers who work as unifiers drive greater growth than otherwise. They articulate growth while adopting the language of other c-level executives and understanding how marketing can meet the brands’ requirements. Marketing leaders set expectations for other team members to collaborate with colleagues in other functions.
It is not a new idea for marketers to put the customer first while designing or selling their products, however, now marketers and companies unequivocal evidence that focusing on customers’ needs not only creates value but also delivers a competitive advantage. In addition to strategizing keeping the customer in mind, marketers should also be aware of the challenges and the scale they must meet to achieve customer-centricity. It includes focusing on the design-thinking approach to solve customers’ unmet needs as well as a data-centric platform with a unified view of customers, among other things.
Return On Investment (ROI) Mindset
Improvements in analytics and digital transformation have made it both possible and necessary for marketers/brands to be accountable for delivering value across channels. In any case, to operate with the ROI mindset, marketers need to work on marketing campaigns as if the money spent is their own. In other words, it means closely monitoring investments, identifying standards that are not getting any value while scraping underperforming investments.
To modernize marketing, companies and marketers need to understand and adapt to the changing dynamics of consumer behavior. Explore more on how to modernize marketing in your organization at the Marketing 2.0 Conference.