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The New Marketing Realities

The New Marketing Realities

The New Marketing Realities: the marketplace is dramatically different from even 10 years ago, with new marketing behaviors, opportunities, and challenges emerging.

 

TECHNOLOGY

The pace of change and scale of technological achievement can be staggering. The number of mobile phones in India recently exceeded 500 million, facebook’s monthly users passed 1 billion, and more than half of African urban residents were able to access the Internet monthly.

With the rapid rise of e-commerce, the mobile internet, and Web penetration in emerging markets, the Boston Consulting Group believes brand marketers must enhance their “digital balance sheets.”

Massive amounts of information and data about almost everything are now available to consumers and marketers.

In fact, a technology research specialist Gartner predicts that by 2017, CMOs will spend more time on information Technology (IT) than chief information officers (CIOs).

Aetna’s CMO and CIO have already collaborated successfully for years, launching new products and services including iTriage, a popular health app for the iPhone. With iTriage, users can research ailments, find nearby physician, and learn about prescribed medicines.

 

Proctor and Gamble (P&G) is determined to stay ahead of technology trends.

P&G P&G uses the latest Web-based tools in all 80 countries where it sells products; ubiquitous high-speed networking, data visualization, and high-speed analysis of multiple information streams.

In 40 locations worldwide, a massive business sphere can display real-time market share, profits, and prices by country, region, brand, and product.

Tide laundry detergent has a dedicated “news desk” that monitors social media chatter and joins in when relevant. When Tide was used to clean up a nasty fuel spill in NASCAR race, the brand ran social media ads with real news footage within 72 hours.

P&G looks at a wide range of technology applications. One pilot study showed that field salespeople increased revenue 1.5 percent by using iPads to show store customers the layouts of different floor displays.

 

The old credo “information is power” is giving way to new idea that “sharing information is power.

Software giant SAP’s online community numbers more than 2 million customers, partners, and others. Once a year, 100 are chosen to contribute ideas to product development.

At the other end of the size spectrum, by running Facebook ads offering a free cut, shampoo, and hot towel treatment to new customers in exchange for name, phone number, e-mail address, and preferred social network, the Gent’s Place barbershop in Frisco, TX, has picked up 5,000 clients.

Its average marketing cost for each was $10.13, which it quickly recoups from repeat purchases.

Even traditional marketing activities are profoundly affected by technology. To improve sales force effectiveness, drug maker Roche decided to issues iPads to its entire sales team.

Though the company had a sophisticated customer relationship management (CRM) software system before, it still depended on sales reps to accurately input data in a timely fashion, which unfortunately did not always happen.

With iPads,  however, sales teams can do real-time data entry, improving the quality of the data entered while freeing up time for other tasks.

About Jahanzaib Khan

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