The Marketing Tsunami

poweretoconsumersThere is  wave of changes in marketing in an era of empowered consumers and it effects every brand, product and company.  There are sweeping changes in the way consumers think about brands and how they interact with brands.

Consumers have a unified voices via social media and they are using it to level the playing field with brands and companies that are unresponsive to their needs.  The fact is that consumers trust each other more than advertisers and don’t want to be sold.

consumertrustFacebook will save us !

Facebook fan pages are not magic marketing potions.
ExactTarget’s research on “Facebook X-Factors” shows that only 30% of Facebook “likers” believe clicking “like” equates to “giving the company permission to market to me”.

Facebook “likes” is the most disproportionately important metric ever devised in marketing.

Remember, the goal isn’t to be good at Facebook. The goal is to be good at business because of Facebook.

With consumers undoubtedly in control, companies need to step away from traditional business models and collaborate in new ways especially with their customers.

challenges for marketers

Expectations for marketing are high

Expectations for marketing has never been higher at a time when the challenges have never been greater.

Majority of marketers said they expect to see either little to no growth in their budgets or an actual decline. That squeeze comes at a time when marketing organizations must transform themselves to target empowered consumers.

Three in five execs believe the marketing function will “fundamentally change during the next five years” because of the battering consumers have taken in the economic downturn.

oldrules

However with new challenges comes more opportunity

Marketers must meet today’s challenges with laser-focused precision that is guided by insights from robust customer analytics capabilities. For example, women crave targeted ads as long as they provide something of value and pertain to her individual lifestyle. 19 percent of women “want” brands to get to know them better.

target consumersChange the way you think about marketing

1ne: Consumers influence the messages marketers send.

2wo: Consumers co-create brands.

3hree: Consumers buy what their friend endorse.

4our: Consumers view commercials as intrusive and multitask when they come on.

5ive: Consumers either start or end their purchase cycle with the Internet.

6ix: Consumers online chatter is real-time market research but only brands that can respond and react quickly can leverage online media to gain a competitive advantage.

For a presentation on The Marketing Tsunami click here