BY ROBIN GHOSH
(ECONOMIST)
KOLKATA, 11 JULY 2023:
Marketing is not a side car. It is fundamental. Marketing is the engine that drives the business.
The wireframe of marketing has undergone a sea change – a paradigm shift.
Consumers today expect brands to offer personalized experience and if they don’t receive that they are willing to shift to a competing brand.
We are living in an uncertain world. There is this nagging inflation, the Russia- Ukraine war, change in consumer behaviour and ascent of data technology has created a new marketing ecosystem.
Be that as it may, if we want to know how a marketing professional shall navigate this environment we must understand the levers of change:
- Marketers must explore dynamic strategies based on individual customers preferences.
- Choose the right communication channels, use QR codes, create exciting product bundles and be on online marketing platforms.
At this stage, it will be interesting to note some practical observations made by Moneka Khurana, country head and board member of MMA Global India.
She observes 4 key shifts:
- Technology Shift (AI, 5G connectivity, blockchain etc.)
- Power shifts from centre to the edge.
- From an institution to an individual.
- From consolidation to fragmentation.
Given the dynamic and fluid forces churning the marketing ecosystem, marketers have to upgrade their skill and inventive power .
Apart from upgrading of skill, note the following:
- First party data will become key in the future.
- Foundation for all brand communication and consumer inter-action.
To conclude:
- Marketing should be the cornerstone of organizational transformation.
- Technology apart, human intelligence and deep insight remains important.
CEO and CMO roles have become inter-changeable.
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