Marketing in the 21st century is very different from its early beginning. Today’s marketers have more choices in terms of support, media opportunities, and communications. They also have more competition from varied sources, especially as the Internet has made it possible for companies around the globe to compete virtually.
The current era offers many choices for marketing communications. Companies still have access to traditional tools, such as newspapers, radio, and television, but also have a wide range of online tools, including social media. More choices are a good thing; they present opportunities to connect with more people in different ways than ever before. More choices also represent challenges, however. Staying on top of the many options available can be time-consuming and sometimes costly.
The marketing profession is going through a major transformation. Traditionally, marketing focuses on three key responsibilities: understanding the customer, how and where to market and building the brand promise.
These responsibilities are now transforming into new dimensions that require marketers to function and collaborate differently. We are talking about the new marketing imperatives of understanding the client as an individual, having a clear view of the client experience journey or the systems of engagement and lastly, integrating the company’s culture and brand to be authentically one.
An effective marketer seeks to sustain interest, generate qualified lead and goes on to convert an inquiry into a new sale while making the most of the marketing investment. In the past, many marketing campaigns fail to generate actual sales. The good news is, today’s advanced analytics has the potential to maximize the value of Big Data and transform key marketing functions.
Employing big data analytics for behavior analysis, for example, enables marketers to explore a broader range of customer information than previously available, detect patterns in prior behavior and more accurately predict future behaviors. As a result, marketers can determine the next best action, better target promotions and increase the effectiveness of advertising campaigns.