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“How do I make sense of the data flood?”
“Which emerging touch points should I bet on?”
“How do I create enough content to engage consumers?”
These questions – and a dozen others – are the queries we hear every day from B2C CMOs who are struggling in this time of rapid change. Marketing is facing unprecedented disruptions that are impacting how work gets done. Increased consumer access to information and choice, advancements in technology, and an explosion of data are upending the B2C Marketing landscape.
All these questions got us thinking. What if the way Marketing actually creates economic value is undergoing a dramatic shift? The more we dug into this hypothesis, the more we were convinced that CMOs need to be thinking very differently. For example, the old model of Marketing largely relies on generating demand for mass produced goods. Consumers are willing to accept products and services that are kind of a crude match for their needs because the convenience and cost savings they get in exchange is significant ($100 for Kenneth Cole loafers at the mall vs. $500 or even $8,000 for bespoke shoes from a cobbler). But that trade-off is getting less and less necessary. With new go-to-market models and advancements in manufacturing consumers are more able to have their micro-needs met at reasonable prices. As one member put it, Marketing’s role is becoming less about making people want things and more about making things people want. The way Marketing creates value in the future is going to be different.
There are a number of implications of shifts like these. For one, it means Marketing is going to need some new capabilities and changes in process, structure, and talent differently. For example, to sense consumers’ microneeds, Marketing is going to need to be able to analyze and interpret of a lot more information about consumers and the market and balance data with judgment. And it is going to need to be able to quickly and decisively act on those learnings to make near real-time adjustments to its offerings, communications, touch-point mix, social interactions, and more.
We have a lot of ideas about how Marketing’s role in creating value might change and the new capabilities Marketing will need to deliver this new value. We’d love to get your opinion on them. Click here to take our 10 minute “Future of Marketing” survey to share your thoughts on the B2C Marketing function of tomorrow.
We’ll be digging into the ideas probed by this survey in our member executive retreat for Heads of Marketing, “Navigating the Changes Disrupting Marketing.” The first meeting is just two months away. Don’t miss it!
The Marketing function of the past simply isn’t going to work for the future. Are you ready to make the change?