Let’s be honest, what you learned in school about marketing is wrong. They are wrong because they ignore the power of today’s consumer because of the Internet. An angry consumer, or group of consumers, can take down a brand’s marketing campaign with a post in social media yet marketers still make stupid mistakes.
Here are some things that have changed….
1ne: Target market- OK, this may be relevant for some products, but today there are too many micro target markets and each one has unique properties. A new frozen pizza brand might want to “mass market” but can they afford to waste money marketing to just one target market?
2wo: The 4P’s – Sorry, but there are a lot of additions like reputation and trust. You can execute perfectly on the 4P’s and still see your sales decline. Why? Because you have to earn the trust of your customers every day in every way.
3hree: Advertising – Sorry, but advertising is slowly dying. Consumers don’t want to be interrupted when they are using their iPad’s and they are sick and tired of the same old ads being served to them on mobile phones. Time is the new currency and we don’t have time to wait 30 seconds to watch a video report.
How can marketing work today? First by getting close to your customers and listening to what they have to say. If you don’t get out and do research at least once every 60 days you’re not listening. Second, by acting like a consumer not a marketer. Why should I listen to you? What’s in it for me? How does your product make me feel? These are all questions you need to ask.
I thought it was interesting that enrollment in Harvard’s MBA program has dropped. Maybe it’s because people finally realize that doing and learning while doing is better than graduating school with tens of thousands of dollars in debt.