changing world of marketing…
It may indeed be true to say that legacy marketing has transformed to digital marketing, this subject however requires further analysis. According to many professionals of legacy marketing, this transformation is merely a relabeling of the traditional marketing terms. By way of contrast, others gravitate towards the opposite way. This post will look at both points of view before reaching to reasoned conclusion at the end.
At first sight, founding principles of digital marketing are the same as before but new jargons are being used to present it as innovation. If we look at “Content Marketing” then we find out that it is nothing more than rebranding the same set of techniques and principles. The only legit change is the medium of promotion (from TV, Print to Internet). For instance, even in content marketing you need to understand the product and then analyzing market needs and finally promoting it on economical and fastest channels. In addition, “Social CRM” has all the principles of conventional Customer Relationship Management apart from one distinguishing feature, and that happens to be again communication medium (you do customer relationship management on social media). To illustrate, the fundamental concept of Social CRM is to Find, Convert and then Keep customers which was founded in legacy marketing several decades back. Thus, it is evident that why this argument/opinion has garnered support by many.
However, further evaluation reveals some major transformations from legacy marketing. As traditional marketing funnel, you put more resources and emphasis on “Find” stage so that at the end of the funnel you get more sales, but now you start from existing clientele through social media and getting their verdict on the services rendered in the shape of likes or comments. This rating of services or product serves as physical evidence and network grows with the passage of time with the help of existing customer references. Moreover, this is more economical rather than broadcasting on mainstream mediums. Furthermore, they justify their notion by saying that preceding approach always designed on the principle of “PUSH” but now it is “PULL” approach. For example, few years back organizations use to broadcast their message to the marketplace and everyone was listening to it but now people simply ignore the message and only opt for the message which sounds interesting or beneficial to them. To illustrate further, in YouTube you can skip ads and proceed to watch video without going through complete commercial. Furthermore, customers of modern time are more tough than before, and in-order to deal them robust and fast marketing turnaround is planned. For instance, customer of recent time enforce modern purchasing techniques to ensure more value for money and on top of this they expect uninterrupted support without giving any consideration of geographical boundaries. To illustrate this now days we see online support service from big brands round the clock and detailed product literature justifying buying decisions with the help of physical evidences of social media interactions.
Finally, to recapitulate would concede that although marketing has evolved but unnecessary re-labeling of legacy marketing terminologies are needless and unethical. We should respect traditional marketing principles, which have tested their time successfully. Furthermore, we should move forward from that point where our predecessors have left it because in future we will need Hybrid Marketing Approach including both flavors of marketing. Reinventing the wheel will not serve the cause. Prediction is that this evolution process will continue in times to come at the same pace, as technological advancements are encroaching on all walks-of-life with alacrity.
Recent interaction with marketing genius Rick Clark of Rick Clark Marketing & Graphic Design inspired me to write this blog post on the subject. Thanks Rick for sharing your thoughts on the subject!