The field of marketing has experienced quite remarkable changes in recent years, which is largely due to the surge of technological input in the marketing space.
Technology has been employed in the various areas and stages of marketing, from the very point of designing, planning, executing, and measuring marketing efforts.
This has in turn resulted in greater results being obtained from very little input made in the marketing process when compared with what was obtainable before now under conventional marketing processes.
The concept of marketing can be assayed as an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefit the organization and its stakeholders.
The basis for any marketing venture is first the realization of a need which propels a desire to satisfy such need. Next is a communication between the one in need and the individual willing to satisfy the need. Finally, an exchange of value is made to bring the process to a close.Any marketing adventure has two basic and primary aims which are;
- Discovering a need and
- Satisfying the need.
Technological advancement has greatly impacted on today’s marketing positively. Therefore, traditional marketing has been outpaced by modern methods with which old-school techniques simply cannot suffice. This brings us to the subject of this piece which is to understand the principles of modern marketing.
Before now, the concept of marketing could simply be summed up as asking the questions; “who, what, when, where and why” for any given business need, then creating a series of activities and processes that provided answers. While this allowed marketers to scale a focused message across broad-reaching platforms like visual and print media, it also inevitably oversimplified differences in customer mindsets. Modern marketing also seeks to answer these very important questions, but the difference here is that these questions are asked on a continual basis, to an even greater and diverse audience, through more channels or platforms.Modern marketing is about designing systems that allow you and your team to consistently answer these questions in better and more creative ways.
Modern marketing takes traditional marketing’s principles and frameworks and reshapes the process so we can more quickly adapt to change. It’s an approach that must be user-centered, iterative and built for continuous learning.
Categories of Modern Marketing
Modern marketing mediums can be categorized into three basic forms. These are; Paid, Owned and Earned media. Though the concept of paid, owned, and earned media may not be new, they’re nonetheless very important in understanding modern marketing.
This is the simplest to define of the three modern marketing categories as it is widely applied. It is the forms of marketing businesses pay to utilize. This includes traditional avenues such as radio and television advertising, print ads in magazines or newspapers, and large scale ads on billboards. It also includes more modern methods such as the many forms of Internet advertising. Simply put, paid media is marketing by paying others to use their media.
This is somehow related to paid media in that both may take place through similar channels. However, the key difference here is that with owned media, the company doing the marketing actually owns the avenue through which the message is sent. For example, a company’s own website is a form of owned media. You might use your company blog to direct traffic to a specific product or service, and that’s a form of owned media.
This is not as common as the two aforementioned because it is mostly not in the control of the marketer. Here, someone else voluntarily carries out the process of marketing. It’s more about reputation and word-of-mouth recommendations, both online and off. By conducting business properly, maintaining strong community ties, providing outstanding customer service, and standing behind your product, you do the work that earns you things such as positive website comments, good ratings on review sites, and social media shares by “brand ambassadors” and consumers who recommend your company to other without incentive. It is the cheapest medium and also does not require much effort from the marketer.
FUNDAMENTAL PRINCIPLES OF MARKETING
The fundamental challenge for marketers is to communicate value and facilitate transactions. This is a daunting task to most marketers and carrying out these activities efficiently requires some efforts. These efforts can be summed up into four (4) basic processes, which are; Insight, Messaging, Delivery and Transaction.
This is simply gaining understanding of the need of consumers of a particular product or service which are the customers and also understanding the marketplace (which include activities of competitors and legal regulations) through which exchange is made. Insight is the first step in any marketing adventure as without it, there is practically no way through which efficient customer satisfaction can be achieved. You can provide solution to a problem you don’t know.This process in marketing affords the marketer the opportunity to properly understand the customers need.
After knowing what it is the customer desires, the next step is passing a message that positions your products and services as valuable in the mind of the customer. In other words, it is you painting your product or service as the needed solution to meet a particular need. Technology has made messaging very easy in recent times, as there are various efficient ways through which information about your product or service is passed to the right audience. Social media ads can now be directed to targeted audience, dynamic ad optimization technology will automatically increase the volume of impressions a marketing channel gets, Search Engine Optimization (SEO) will boost your online presence, therefore increasing market base.
This is the process through which the message is passed through promotional tools and media channels as efficiently and effectively as possible. It involves a series of processes and proper understanding of them is beneficial in ensuring good delivery.
This is the last and final step which is the point where exchange of goods or services are made at a price that should deliver a profit to the seller and satisfaction to the customer.All the technology that powers e-commerce stores falls into this process.This includes websites and Content Management Systems (CMS) where the product is information and other aspects of e-commerce.
All marketing activities can be distilled into one of these four core objectives. Using this lens for evaluating activities and infrastructure investments creates priorities in a fast paced, constantly changing world full of distractions.
In concluding, I will say the fundamentals of business have not changed. They still remain the following;
– Make a thing people want (find product/market fit);
– Give potential customers emotional and rational reasons to buy (marketing);
– Make commerce easy to conduct (customer experience); and
– Build a team to support the above.
What has changed however is not what businesses must do, but how they must do it. Technology makes business easier to conduct, but also more difficult to manage. For example, simple Facebook ads can increase sales, but this also requires understanding how to build, test and learn yet another new platform behavior and content trends that change at the speed of light. This in itself may not challenge traditional marketing practices, but when you consider the speed and depth with which change is happening, traditional practices start to break down. Every time you implement a new marketing tool, you will already be one step behind whatever is next.
You can gain more insights about this when you watch the video below.