Seth Godin recently shared about the problems which companies face when they try to be both authentic and slick at the same time. He created a nice looking chart (see above) and warned us about being caught in the dead zone which is between the twin peaks above.
Transparency in marketing taken to new heights! (courtesy of laffy4k)
The subject of ethics in marketing has been broached numerous times, and one of its key issues relate to disclosure and openness. Or more specifically what colouring agent E224 in your breakfast cereal really means.
In the age of social media, information has become abundantly available for free.
One of the most important point to take note of in marketing is culture. These are the traditions, behaviours, practices and values that are embraced by nations, communities, and sub-commities. Without an appreciation of the cultures (and sub-cultures) of your potential customer groups, any marketing endeavour is likely to fall flat on its face.
But then, you may ask, isn’t the world becoming a smaller place? Aren’t we all moving towards becoming a digitally-connected 2.0 global village?
The Ferrari Enzo is highly desired because you can’t just buy it off the shelf. (Courtesy of mo155)
Does it pay to flood the markets in this day and age? Not any more it seems.
In the new era where social media and online networking thrive, more and more folks are actually hankering after things that cannot be easily bought. This can be seen in the growth of custom-made products and services, as opposed to mass manufactured goods.
In the age of increasing emphasis on individual preferences, coupled with the prevalence of social media, the traditional rules of marketing would need to change. We are no longer talking about market segments that aggregate themselves neatly into discrete demographic groups, or consumer preferences that follow neat patterns. Information is available fast and free, and the general levels of trust in advertising has descended to an all-time low.
How do marketers hope to thrive in this landscape? Enter the concept of I-Marketing.
I-Marketing (or iMarketing if you prefer) is centred on the inherent quality of social relationships and consumer culture in the age of new media. The word “I” represents a clear focus on the singular person and what makes him or her tick in this day and age. It also reflects a sea-change in thinking, and moves away from the mass-produced age of television commercials and newspaper advertising to strategies that are more natural and organic, which flows better with people’s behaviours and wants.
As I was going for a run this evening at the neighbourhood park, I noticed how kids have this boundless energy aimed at the sole purpose of having non-stop fun. Jumping and skipping from one activity to another, they appear not to have a care in the world, and are focused on their agenda of having pure, unadulterated fun. While watching them play in glee, it hit me that perhaps there are lessons there that we can learn from in the realm of marketing.
Indeed, some of the traits of childhood – especially at play – are invaluable to us jaded marketers. They include the following:
In the recent “Marketing for Results” conference which I attended graced by Professor Philip Kotler, he highlighted the importance of a new position – the Chief Marketing Officer (CMO) – in organisations. In certain companies, this role is equivalent to the almighty Chief Financial Officer (CFO) who usually sits next to the CEO in any organisation.
What should a CMO do? Many things apparently, according to Kotler: