A recent study by Accenture, a consulting firm, said marketing budget cuts were likely to become the norm. This will force marketers to re-evaluate each existing business process and completely rethink their business approach.
1. Mediamix. Marketing directors will start taking non-advertising platforms as seriously as they will with 30-second clips. More funds will be invested in building communities, in social networks, in developing applications and utilities. Consumers want their interaction with companies to be efficient and convenient. Companies and brands that do not reorient their business models to digital communications and electronic commerce risk being left out of work.
2. From attraction to retention. With consumers spending less, companies will increasingly focus on customer lifetime value. Strengthening relationships with consumers and increasing their loyalty, leading to increased sales to existing customers, is a much more effective model than the strategy of "constant customer turnover".
3. Analytical marketing. The use of digital channels, monitoring and optimization of customer information will enhance consumer engagement. All this will provide marketers with a more accurate and wider understanding of consumers, which will allow them to more clearly formulate tasks.
4. Hi, Findirector! Traditionally, marketing operations have been isolated from the rest of the company, but now the situation is changing. Marketing is more and more integrated into other business processes of companies. But the convergence of marketing with finance is most clearly seen.
5. Partnerships between marketing and procurement. With only limited budgets at their disposal, marketers will pay attention to purchasers who can help increase the effectiveness of the marketing supply chain. Most likely, a compensation model based on the effectiveness of marketing projects will be more widely used.
6. The emergence of specialized creative agencies. The days of advertising agencies such as "and the Swiss, and the reaper, and the dude igrets" are numbered. Fragmentation of the media and a split in the ranks of consumers will lead to a more thorough selection of creative agencies - marketers will look for niche experts for collaboration.
7. Separation of production and creativity. Just as in 1990's media agencies were separated from creative agencies, in the next few years, an increasing number of customers will “disengage” creative and production. This process is caused by the movement towards a narrower specialization of services, as well as the desire of companies to increase efficiency.
8. Media in the spotlight. The rapid proliferation of media platforms and the emergence of the so-called attention economy have complicated access to consumers. And the decision where to establish contact with the consumer will be as important as the answer to the question - how to do it.
9. A minority is a new majority. Racial, ethnic, sexual - any. This year in the United States for the first time in history, the number of white babies born will be lower than the number of babies of other races. The total purchasing power of only African Americans exceeds $ 1,5 trillion, and the purchasing power of gays and lesbians is estimated at $ 800 billion. Marketers cannot afford to ignore these consumers.
10. Revised set of competencies. Marketers no longer control communication with consumers, and sometimes they are generally strictly forbidden to even get close to this process. Consumers form communities and consider themselves authorized to make branding decisions. A progressive marketing director needs to understand how social media, technology, and corporate social responsibility are changing marketing.
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