“The world of marketing is a dynamic environment that
demands a lot from those who try to compete in it”
As we have said, marketing is a very flexible industry. In fact, it changes at a rate that many can’t keep up with. The traditional confines of selling and advertising no longer apply to marketing. Furthermore, technological advances go hand in hand with major shifts in the world of marketing.
For example, marketers know that getting hard data can be incredibly important. So traditional advertisers would rely on market research agencies or in-house teams to get that data.
Moreover, the advertising teams had to work with the Research and Development teams, production teams, and even quality control teams to make sure that everything goes according to plan and that the release of the product matches the moment of the peak interest of the consumer base. Furthermore, they had to manage the marketing campaign, advertising, and sales promotions. Also, they had to control the majority of the supply chain and distribution channels as well.
And lastly, they had to find ways to include the feedback they got from customers and employees. They did that through market research and direct point of sale feedback and all for the goal of estimating the success of their marketing strategies and determining which improvements they will have to carry out in the future.
With that in mind, we can reach a reasoned conclusion that traditional marketing was all about finding ways to physically reach out to customers.
The New Age of Marketing
The past couple of decades brought about numerous inventions that took the world by storm. The growth of the Internet and the development of smartphones changed marketing in ways nobody could have imagined.
The first wave of innovation in the 20th century came with the introduction of television. Because of it, marketers have adapted quickly to the mass marketing approaches of the 20th century. The game changed once more when digital media became stronger. And lastly, the third big wave of innovation came in the form of smartphones and social media.
In the current world, location is no longer an issue when it comes to marketing. Anyone in the world with an Internet connection is a potential customer. In fact, all someone needs to do to get any product from anywhere in the world is to simply buy it online and wait for it to get to them.
The World Without Borders or Working Hours
Not so long ago, in order to buy something, people had to go to the local stores during their working hours. However, the advents of technology and shipping methods have put an end to that.
If you want, you can order things from across the globe in the middle of the night. And there are no difficulties to go through to do so.
Moreover, the significant advances are giving marketing expert excellent new tools when it comes to surveying. Instead of relying on third-party companies to conduct their research for them, they can just ask the customers. In fact, consumers are willing to immediately provide feedback regarding their experience. The mere fact that advertisers can get instantaneous feedback from around the globe means that they can adjust in real time and improve their campaigns endlessly.
In fact, one wouldn’t be wrong to say that marketing is no longer constrained by time or distance.
The Effect of Big Data on Marketing
The development of Big Data is changing every aspect of the world as we know it. In fact, the ability to analyse incredible amounts of data in very short time periods has revolutionised marketing as such.
Namely, marketers no longer have to limit themselves to the confines of the consumer demand. While forecasting demand is still important, advertisers finally have a way to circumvent it.
Nowadays, advertisers are capable of creating consumer demand in environments where there is none. They do so by using Big Data and their own expertise to predict whether or not the consumers will want a certain product. Naturally, we know that advertisers have been trying to do the same thing for decades now. However, the advances in Artificial Intelligence are finally making such predictions a reality.
With those advances, we can definitely say that marketing is transforming into an incredibly exciting game. The competition is higher than ever but, then again, so are the opportunities.
The Union of Machine Intelligence and Human Intuition
The new age of marketing is seeing the combination of high-tech analytics and old-school selling. Furthermore, as we’ve said before, there are no constraints to sales or marketing at this point. Physical channels are less relevant than ever and advertisers can reach anyone on the planet. Nowadays, the concerns about the availability are mostly limited to the methods of payments.
Unfortunately, as of right now, some places in the world still lack proper regulation regarding sales. However, that is something that is changing at a rapid pace. With each year, online trading is becoming easier and more accessible to companies.
Some experts claim that nothing is really changing. After all, marketing was always about creating demand and meeting requests. And to be fair, that much hasn’t changed so far. Those experts also claim that people are being sidelined by machines and algorithms that are leading the way.
However, as valid as those arguments might be, there are certain things that are definitely changing. For starters, the speed of communication is better than ever. The entire value chains of companies can change within the same day due to consumer responses. Secondly, even though machines are taking over some of the responsibilities of human marketers, they are still crucial to creating successful marketing strategies. Without human intuition, there is no high-level marketing.
Marketing Management Knowhow – learn more about marketing with our collection of educational articles.
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