Marketing has two sides, what any company creates which later gets translated to the audience to be marketing campaigns, initiatives, promotions, etc… Any company has a set of rules, values, morals, ideas, and creative ways to come up with their marketing activities – some companies even have a very clear and defined set of target market that shapes how the marketing outcome should look like. It is all about the product, place, price, and promotion – creating a marketing campaign, contacting an advertising agency, briefing them, and initiating the activities. Later, the measurement the (ROMI – Return on Marketing Investment) – hopefully as some confuse between the measurement of ROMI and ROI – and provide the results to the management. All is typical marketing, have a budget, create a campaign, and measure results. Traditional marketing has got a very narrow focus on awareness of the products, services, and the brands which shifted away from the customer retention and the buying experience that should be created. The other main role of marketing of attaining to the price got diminished; the finance department is not the main responsible for the pricing of the products and services, proposing the price in certain ways in comparison with the competitors is the main responsibility of the marketing department. Reaping the benefits of the marketing initiatives should begin by understanding that the marketing process starts the moment the customer views a brand; not buying its products for any reason (packaging, price, brand recall, etc…) is the responsibility of the marketing department. The future of traditional marketing depends on many of the below factors
If we examined the role of the current marketing activities, we will find that it is all about building awareness – the different marketing campaigns and initiatives are created towards promoting a product or a service to the current and future customer base. It is rare that a customer goes by him/herself to the website of a company that sells products or provides services to view the current offering – customer loyalty diminished due to the abundance of offering by the different companies and the “campaigns” mentality. An effective marketing strategy would be to create action not just initiatives; if I would like to reach the customer I would offer more than what I offer – I would provide what I offer in a unique approach, providing a commitment that what I offer is different than what is being offered by the competitors. This takes place by more of a “pull” than a “push” strategy. When you buy a “Rolls Royce” the company celebrates your product and asks you if you would like to sell it at any time they would get it from you (they are Rolls Royce for that reason).
The Use of Marketing Technology (Creating an Experience)
If you Google the word “Marketing Technology” most of the search results would show the use of social media towards marketing to the customers. The concept of marketing technology goes beyond the use of social media; it is how you can reach your customers and broaden that reach using technologically advanced methods. The future of retail for example shows the use of smart retail shops where customers can buy their products with a touch of a button without even having to try the products. This reach which saves time and provides more convection to the customers on the products is considered a major contribution in marketing – it is creating the shopping experience that facilitates the buying process.
Over the street, we will find many billboards and advertising banners with great catchy ads; advertising agencies try their best to show the uniqueness of the products and the services provided by a given company. But, ask yourself this – once you are inside the mall, how many of the brands you have seen over the street you will remember? How many of the products which you really liked their ads over the street you will buy? Very small percentage, because the recall process of the customers over the street is not utilized – customers use a margin of the thinking process to entertain their minds while passing by due to factors like traffic, time passing, and reaching the destinations quickly. Similarly like mirrors in the elevators, they were introduced so people get busy while using them for really tall buildings. Convenience marketing however creates an opportunity for customers to truly dedicate their minds for a brand; which can be achieved by more of a personalized approach of “We sell our products / services to you”. Advertising agencies have in mind for the future to even personalize the ads to the point of directing the ads to the customers watching, by mentioning their names or asking questions of concerns to the customers when wanting to use a product or service.
The future of marketing must be more proactive, as awareness is a minimal part of the selling process; being aware about a product or service being sold doesn’t mean the customers will buy – it is all about the experience the brand creates for the customers which in the future will mainly depend on technology.
Where to find Dr. Islam Gouda,