changing world of marketing…
We have been listening to stories since our childhood to boost motivation for excellence.
Just for the same reason who can forget one of the most famous story of “The Tortoise & the Hare”. Moral of the story was that lack of consistency and underestimating competition will lead to failure in achieving long-term goals.
You must be wondering why this topic is selected in the blog of digital marketing? Well, this story is inspirational piece of wisdom for marketers of modern age.
Since digital marketing is progressing with alacrity, so we make it “The Hare” of the story. Whereas, legacy marketing, since is not the buzzword of the recent times, and considered to be slow and steady field of study having mature theories and practices can be termed as “The Tortoise”.
Now let’s look at the consumer and market situation. Modern age consumer wants information on digital gadgets with minimum delays and fuss which calls for digital marketing. Concepts of Pull and Push, Optimization and Marketing, Voting and Ratings are the key dimensions of digital marketing.
Founding principles of digital marketing are legacy marketing rules and practices. Things like Marketing Mix, Understanding Customer needs and wants, Customer Decision making process, Marketing Strategies framework and justifications on Return on investments are the vital facets of legacy marketing.
The biggest problem in “The Hare” approach was that he was not aware of milestones, which promises to meet ultimate objective of winning the race and due to that he took more than appropriate breaks and allowed tortoise to win the race. Although, tortoise was weak candidate in the game, but he was aware of his weakness and wisdom of dividing long-term objectives into small manageable and winning milestones.
Therefore, let us restate the moral of modern “The Tortoise and The Hare” story; Winning combination is to make a team of Tortoise and Hare to complement each other weaknesses and making full use of their strengths. In other words, hybrid marketing is advised (combination of robust & fast digital marketing with mature & visionary legacy marketing).