New Age Trends and Strategies in Marketing
The latest edition of the Harvard Business Review (HBR)’s magazine includes an excellent article on how the role of marketing has changed in the last decade, and how the best marketing organizations are meeting the challenges of the digital age.
The authors discuss results from HBR’s study on the strategies and structures that superior marketing organizations are embracing to adapt to the changing times. The study included in-depth interviews with more than 350 top executives, as well as surveys of 10,000-plus marketers worldwide.
HBR divided the survey respondents into two groups, overperformers and underperformers, which facilitated comparison of their strategies, structures and capabilities.
I would highly recommend reading the complete article here, but to whet your appetite, here is a quick synopsis of the winning characteristics as identified by the HBR team:
1. High performers integrate data on what consumers are doing with the knowledge of why they’re doing it.
2. Top brands excel at delivering all three manifestations of brand purpose – functional, emotional and societal benefits.
3. Leading companies are deepening customer relationships by personalizing offerings and adding touchpoints.
4. Despite cultural and geographic obstacles, successful global organizations are eliminating dysfunctional teamwork by aligning business objectives.
5. High performing marketers inspire customers and employees to express pride in the brand.
6. Winning companies focus on internal cohesiveness and create clear lines of accountability and incentives.
7. Digital marketers recognize the importance of being nimble and are authorizing teams to engage their audiences on social media in real-time.
8. Leaders are drawing talent from different expertise areas to assemble quick action teams to tackle initiatives.
Until recently, the opportunity to have a celebrity attend an event, attach themselves to a name-brand or endorse a certain product or idea was untouchable. The thought of paying a person to promote a product was seen as something only Fortune 500 companies could afford. Social media has changed all that with brands and businesses utilizing celebrity influencers to connect directly with their demographics and increase sales and profits.