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Modern Marketing – The need for change

Marketing no doubt is the heart of the business which pumps oxygen and the necessary things to other departments. Gone are the days where marketing (Traditional Marketing) was only done to communicate about the products to the customers where they have access only to certain mass media, like television and newspapers. Due to the high cost of traditional advertising, not many brands could afford to advertise.  Till 1970 there was a concept of 7P’s (Product, price, place, promotion, people, process and physical evidence) addition to 4c’s (consumer, cost, communication & Convince- which emphasis on Marketing Strategy, Marketing Analysis, Marketing Planning & Marketing Execution.

Marketing nowadays has been a complex process as it involves multiple stakeholders throughout the organization, multiple channels, outside agencies and suppliers. Rapid changes in technology have led the marketers to change their strategies for products and services which has brought its power to bear on today's business which causes pain and disrupting every size of businesses across every industry. Be it on retail, telecom, and financial services industries there is technological effect whether we do online or offline marketing or on the go we are able to learn what works and what doesn’t work, but obviously, there is always a place of great branding and brand strategy.

Fundamentals of every business:

1.    Make product/service to cover customer needs.

2.    Make potential customers emotional and rational to buy – MARKETING

3.    Make business easy to conduct – (Customer Experience)

4.    Build a team to support the above processes.

Till yesterday marketing means what, why, who and when for every business model and then creating a series of advertising campaigns to answer the above be it online or offline. The need of the hour is to change our mindsets and opt for the new marketing methodologies that prove Instrumental to the companies in there marketing strategies. Modern marketing allows you to design systems that will allow you and your team to consistently answer these questions in a better and creative way. In modern marketing, every channel is both a brand and a performance channel. All touchpoints are points of sale. In 2013 Ashley Friedlein founder of E-Consultancy authored Modern Marketing Model also known as M3 described modern marketing as a model which infuses digital and traditional marketing into the future facing framework. This informs marketing’s remit, required competencies, and organizational design. M3 defines marketing in the digital age.  It integrates Digital functions like customer insights, customer experience, content and Data and measurement which are key to this model to capitalize on. In the M3 model, customers appear twice and work well with B2B and B2C for small as well as large organizations. The M3 Model is divided into four Segments which are Strategy, Analysis, Planning & Execution. 

Traditional Marketing, where an ad was created, and outcomes were unknown, while as in Modern marketing it's about consumer experience, building relationships with new customers, adopting new technological changes and marketing across multiple channels to reach different types of customers. Modern marketing is more personal but still must be incorporated with traditional marketing. Because of this, there is a normal in how organizations make their relationships with the customers and those who will make the change will thrive the shift.