We know that technology continues to encroach on every aspect of modern life. Innovations like Bluetooth, social marketing, blogs and mobile marketing are no longer just being used by the young technorati; they are being used by almost everyone, regardless of age and technology comfort and are rapidly becoming a part of the mainstream of American life. The Blackberry is an essential business tool, regardless of your age. Snapfish allows me to share photos of my children and grandchildren with my 80+ year old mother in Tennessee. The recent iPhone introduction is another example of the mass appeal that new technology can generate.
Perhaps just as important for marketers is to recognize that changing social behaviors, attitudes and mores are also affecting marketing. Here are ten things I believe will have major impact on how we market in the future.
1. Corporate greed is not good. In a world of increasing corporate transparency, consumers will reject companies and their products if they do not live up to proper ethical standards. Marketers need to examine every aspect of their business, not just the boardroom. Not every brand is as strong as Nike, and able to withstand the negative publicity of child labor exploitation.
2. In a multiple-choice world, you must differentiate or die. Jack Trout was right on target when he said that in today’s ultra-competitive world there are so many choices that companies will be hard pressed to survive without a point of difference. The average supermarket has over 45,000 branded items. There are now over 3,000 brands of bottled water. Huh?
3. To blog or not to blog, that is the question. Social networking is a fact that cannot be ignored. But companies must be careful when using tools like blogs, vlogs and Podcasts or face the wrath of a networked audience that can love you one minute and hate you the next. Some forward-thinking companies have created a new executive position of Blog Monitor to be able to respond quickly to new issues as they arise, or to correct misinformation that can damage a company unfairly.
4. “Word of mouth” can no longer be a happenstance event but rather an important part of an integrated marketing program. In today’s world, “word of mouth” can travel around the world instantly via the web. Viral marketing efforts like the Subservient Chicken and Lonelygirl15 have gotten millions of exposures for little to no cost. Social marketing and Web 2.0 will impact your business, whether you want it to or not. The next wave of “word of mouth” will be user-generated reviews of everything from restaurants to shopping to hair salons. One disappointing entrée or a surly waiter has the potential to ruin a restaurant’s reputation. Is that scary, or what?
5. Video messaging still rules, it’s just the delivery methods that are changing. Everything we learned in marketing class about sight, sound and motion still holds true. It is unquestionably the most powerful way to inform and persuade. But the continued fragmentation and decline in viewership of traditional television is being replaced by on-line video. We can’t all afford to back something as ambitious as Bud TV, but keep a close watch on YouTube as the next mass medium. Politicians have certainly jumped on that bandwagon. Are you one of the 2 million plus viewers of Obama Girl?
6. It’s not easy being green. Kermit was right. But if you aren’t looking for ways to include some form of green marketing or sustainability (the next great marketing buzzword), then you will be left behind, choking on ethanol exhaust fumes. Wal-Mart is touting itself as the world's largest buyer of organic cotton, fair trade coffee, and energy-efficient light bulbs. Companies across America are looking for ways to “green” their products, their manufacturing, and their distribution processes. Let’s face it. When a slide show can win an Oscar, it must be real. Since the original Earth Day in 1967, marketing periodicals have been saying that green marketing was the next big thing. It wasn’t then. It is now. Better get with the program.
7. Go organic. Go natural. Go anything but artificial. Organic foods. Organic skin care. Organic pants. Organic pants??? That’s right. A recent TV spot for Wal-Mart featured an on-camera spokesperson talking about her new organic pajama pants. The idea behind this spot shows just how deeply rooted the organic movement has become. It’s all part of the get real, get healthy, and environmentally-conscious world of today, not tomorrow.
8. CRM are the three most important letters you should know. Customer relationship management should be part of every marketing plan. We have always known that it is more expensive to recruit new customers than it is to retain existing ones. With ever-increasing expectations, and lower tolerance levels, consumers are demanding instant gratification at every turn. Retailers like Nordstrom are a great example of the power of being customer-centric – they continue to prove that people will pay more for better service.
9. East or west, home is best. A global economy, mass production and outsourcing, are contributing to a growing backlash against imported products and services that are putting American workers out of business. Many consumers are willing to pay more to get local goods that are presumably made with more care. With the recent product contamination scares from China, we may even see a resurgence of Made in America.
10. The era of “one size fits all” marketing is over, and niche marketing is the future of our business. If you haven’t read The Long Tail by Chris Anderson, buy it today. It’s one of the most thought-provoking books I have read in a long time. It makes a strong case for an entirely new economic model for business that is being created through digital technology. The Internet opens a new world of possibilities for niche products that never existed before and the primary economic value of the Internet to consumers comes from providing access to products that might never have been made available in a mass market economy. In a digital world where everything is available to everyone, niche marketing is the natural and inevitable wave of the future.
I’m sure you can find many other issues, trends, and social behaviors in your own business categories. The important thing to remember is to keep looking ahead if you don’t want to get left behind.
