Modern marketing is a rounded, data-driven methodology that connects brands with the right customers to drive targeted business results, through blending creative thinking and execution with research, strategy, technology, and analysis to achieve an organizational goal. Almost all organizations have the common goal of growth, this includes increasing customer numbers, expanding market share, growing profitability, adding employees and more. To support these goals a manager must understand which capabilities are needed and how to utilize talent inside and outside the workplace to deliver the work.
Marketing leaders need to work collaboratively with different parts of the company to create a successful marketing strategy, that include sales and product innovation to finance, technology, and HR. On top of working collaboratively with these different parts of the organization there are a few concepts that must be taken into consideration to fully develop a successful modern marketing strategy, the first one being the marketing concept which places the customer as the company’s top priority; the product or marketing strategy is created to meet the needs and wants of potential customers in order to increase their satisfaction, a business can stay ahead of the competition through market research to identify consumer trends and preferences, collecting and analyzing this data will allow the business to cater to their audience in the most effective way possible. This can lead to a business being the preferred choice among its competitors due to putting the consumers’ needs first.
Another important concept in modern marketing is the social marketing concept which is very similar to the marketing concept but on a bigger scale, the marketing concept urges businesses to put the needs of their consumers and the welfare of society together as a priority, for example the well-known car manufacturers Ford has promised to only produce and sell electric cars by 2030 to become more eco friendly to reduce carbon emissions and ultimately make the air healthier for their consumers and everyone else.
Modern marketing also includes using data analytics to look ahead. This helps with anticipating unmet consumer needs, identifying opportunities they didn’t know existed, and it reveals subtle and addressable customer pain points. Data analytics is extremely important in this digital era because it can also predict the next best actions to take, including the right mix of commercial messages and engagement actions.
As the marketplace continues to change rapidly, becoming a modern marketing organization must be a top priority. Traditional marketing is about selling a product and making a profit, while reducing the cost of production. Modern Marketing however, revolves around satisfying the consumers’ needs, which is the top priority.
If you are looking to create an effective marketing campaign for your product or service our network of experts and consultants can provide the best services here.
