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The Future of Marketing
It is crucial for every business, irrespective of their industry, size, or geographical location, to see what they have achieved in the past and what they are striving for. They should try to predict the future of the business as a whole and all the concerned departments moving forward. This practice is basically known as reminiscing about the past and planning for the future. Here the company weighs in on external factors, the mood of the market, and plans as per the resources it has on how to strive in the future.
In this article, we will be taking a deep dive into the future of marketing and the 10 things that companies can look at to stay strong in the wilderness could be.
Changes in Marketing and the Future of Marketing
Marketing should not limit itself to one box or just one department. The future of marketing is holistic in nature. Marketing should have a wider influence over the company and its workings, and at the same time, marketers should create new ideas using the core essence of the company and the workings of all departments. Today, data is the fuel of the business world, and marketing should also use data to gain customer insights. Along with this, marketers cannot forget that marketing is both an art and a science and hence it is always crucial for marketers to wear their thinking cap. The coming years will see some of the following trends in marketing, and every business should equip itself to take advantage of the opportunity to fly higher −
With the rise of electronic and internet marketing Customers are now moving towards quick commerce. They are no longer satisfied with products being delivered to their doorstep; they expect that to happen in minutes and hours. AI and technology are going to rule the world.
Marketing should take a holistic approach. We can no longer just devote one department and a few people to sailing the boat. Indeed, marketers need to think beyond their department to sell the varied customer segment it has.
We will also see the demise of free-spending marketing in favor of a return-on-investment (ROI) marketing approach. With AI and technology, companies can track all the users on the website, including how much time the user spent on the website, what products the user hovered over, the conversion rate of every user, and others. This helps the company deliver insights that were beyond comprehension earlier. Hence, it will be the number that speaks even for the creation of marketing.
We will also witness the demise of initiative-based marketing in favor of data-driven marketing. Since now companies can gather demographic data, behavioral data, psychographic data, and geographical data with ease, we can see companies are now marketing with more customer insights and understanding. Innovation plays a huge role, but it has to be backed by data to be taken seriously in the business world today.
The future will also witness the rise of both automated and creative marketing. Automated marketing is a type of marketing in which menial and repetitive tasks are done by machines and the human brain is only used to develop strategies, find solutions, and serve better.
Since we move in a circle, we will see the demise of the mass marketing approach and the rise of the hyper-personalization marketing approach. The online world has a lot to offer, but at the same time, we witnessed that it was creating a gap between the customer and the company, and to overcome that, companies came up with the concept of hyper-personalization. Here, the company will be creating a different experience for every shopper as per their data, and hence we will see a rise in personalized marketing.
Points of Consideration for the Future of Marketing
After understanding the various changes that will occur in the future of marketing, it is time for us to prepare ourselves. Companies have to be proactive to take advantage of the situation, and some of the pointers that companies can keep in mind are −
The company should fully understand the target consumers. Companies cannot rely on the old data collected years ago; they have to continually update customer data and market accordingly.
Companies should always have an understanding of how the market works and what drives the consumer to make a purchase decision.
The company should define and categorize the products and services it offers. The company should have the BCG (Boston Consulting Group) matrix in place to understand the product or service offerings that are failing and the products that are performing excellently or are going to perform well and allocate resources and efforts accordingly.
Companies need to understand that their competitors are not just products selling identical or similar products, but every product that can be replaced for current product consumption. For example, for thirst, a customer can have a cold drink, juice, shake, water, and other options. So the competition is wide.
The company should maintain healthy and good relationships with its stakeholders. The stakeholders of the company hold extraordinary power, and they can make or break a company.
Companies should always be opportunistic. In the sense that if the company is not trying new things, it means it is becoming stale and hence not fit to stay in the market. Moment marketing is a concept of marketing born out of it altogether.
The marketing process plan or the marketing campaigns cannot be lacking at any cost. Customers are overloaded with information and spoiled with choices. Companies have to give their all to marketing.
The company should have a strong hold on communication and brand positioning in the market.
The company should be organized and well-equipped for marketing strategies. They would have resources and a team dedicated to marketing efforts.
The company should also be decked out to use the latest technology or AI in the market. Companies cannot survive if they become laggards when it comes to technology. E-commerce, quick commerce, and mobile commerce are just some of the updates that the market is facing.
The only thing that sells in the market is the thing that is visible to the customers. Marketing is an integral part of communication by the brand to its customers. Companies can have strong roots if they are good with their marketing, and hence they will not be lost in the waves of new products and companies.
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