Today’s society and the economy are ever-changing, and consequently, the role of marketing is critical for survival in a new competitive landscape. In the words of Beth Comstock, Former CMO and Vice-Chair of General Electric, “Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.”
According to the American Marketing Association, marketing entails activities and processes for creating, communicating, delivering, and exchanging offerings customers, clients, and society sees as valuable. The connection between brands and consumers is critical to achieving success. Consumers connect, engage, and invest in brands they perceive are valuable. Therefore, as societies and the economy evolve due to growth, consumer demands, and advances in technology, the future of marketing must also shift to complement these changes to help businesses survive and achieve success and optimal results.
According to Dr. Tom Guarriello, Psychologist and School of Visual Arts and Masters in Branding Professor, marketing used to be about targeting consumers. Marketing in the future is moving from “mass to closer to me.”
The future of marketing is shifting from a customer-centric approach in which marketers focused on consumers’ needs, wants, and desires. The future of marketing will be a value-driven approach to reach and connect with consumers in a more meaningful way by focusing on the consumer’s values.
What To Expect?
Voice Marketing and Smart Devices:
Many consumers rely on their smartphones smart-home devices to conduct research or access information and order and replenish items quickly and conveniently. Many consumers believe their time is valuable. Voice marketing will enable consumers to perform voice searches using various communication channels and smart devices to perform routine and unexpected or unplanned tasks.
A Rise in Consumer Activism:
Consumers are boldly taking stands about controversial matters and significant issues that arise that impact society, such as political, environmental, and social issues, injustices, and equality or equal rights. Consumers have increasingly taken immediate bold actions reacting to positions brands have taken on controversial matters and important issues by responding with boycotts because of the brand’s position.
Enhanced Consumer Experiences:
Consumers’ expectations when investing in a brand, product, or service continue to shift and evolve as consumers place more significance on their perception of value and the basis by which they make their decisions and take action or act. Consumers are looking for memorable and personalized experiences when interacting or engaging with a brand or business.
In the future, marketers will help brands and businesses continue to identify the issues consumers care about and be committed to utilizing their power in ways that are more meaningful than taking actions for more profits; it’s taking steps using the power the brand or business has for the good of their society.
In the future, marketing will take a value-driven approach focusing on consumer values to reach and connect with consumers in a profound way.
The future of marketing entails focusing on the consumer, transcendent values, and integrating their behaviors, lifestyles, and motivations.
Marketing in the future also depends on utilizing resources and data analytics to obtain precise information to understand consumers better and develop insights to create a more meaningful and personalized experience.
The future of marketing encompasses a new twist to how brands or businesses interact, engage, and connect with consumers. It involves a shift from a consumers’ needs, wants, and desires to values. Consumers value experiences that they perceive are genuine, meaningful, and worthy of their time, support, and investment.