Sunday, December 09, 2007

Marketing Musings: Marketing's Dead - Work With It

Where in the world is marketing going? I fast forward or mute all TV ads, listen to satellite radio in the car and generally ignore everything that shows up in the mailbox. What about online? When is the last time you eve clicked on a banner ad? What about a text link next to a search result. Obvioulsy people do it (look at Google’s earnings) but I am not sure how sustainable it is.

I recently read a Forrester report “Marketings New Key Metric: Engagement” which I can finally relate to. First they show the traditional marketing funnel:

But then they show what it has become:

What’s interesting is how 3 of the 4 “disrupters” they have shown in the second diagram are “word of mouth” related. As media continues to fragment further I suggest that marketing in general is dead in the water and that all businesses small or large should get back to basics. That is:
  1. Provide a fantastic, memorable product or service
  2. Back it up with fantastic programs to turn your customers into fans

If you can achieve this, ALL of your marketing dollars should be funneled into word of mouth enhancements. Capitalize on your success as a business. Generate awareness through your loyal network of satisfied customers. Don’t waste money chasing the general public who are almost impossible to reach these days and even if you do, there is no personal context so they will cast aside your message.

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