Ten Marketing Trends That Every Marketer Should Know About
A sports reporter once asked Wayne Gretzky the secret of his success. Why, the reporter asked, are you able to consistently outperform players who are bigger, faster, and stronger than you? Wayne’s reply was this “Other players skate to the puck. I skate to where the puck is going to be next”. Wayne Gretsky’s approach to hockey is a great lesson for marketers everywhere. Do you know where the market is going to be, and are you monitoring and changing your plans to be there? Or are you continuing to do the same things that you did last year?
We know that demographics are changing, and that the marketing world seems to finally be embracing the tremendous buying power of the Boomer Generation. Are you taking advantage of this trend by providing the greater focus on quality and personal service that this audience demands?
Are you watching the next generations and responding to their very different attitudes and needs? Gen Xer’s are now approaching 40, and the common perception of ultra-slackers is being replaced by acknowledgment of a generation with money to spend and firm convictions on how to spend it. Gen Y, also known as the Millennial Generation, is 75 million strong, and they are very different from the previous generation. Unlike the Gen-Xer’s and the Boomers, the Millennials have developed their work characteristics and tendencies from doting parents, structured lives, and contact with diverse people. They are multitaskers, who are used to working in teams and view technology with an almost blasé expectation and acceptance of new uses. After all, technology has always been part of their lives, whether it’s computers and the Internet or cell phones and text pagers.
We know that technology continues to encroach on every aspect of modern life. It is important to know that innovations like Bluetooth, social marketing, blogs and mobile marketing are no longer just being used by the young technorati. These and other new technology tools have moved far beyond early adopters, and are rapidly becoming a part of the mainstream of American life. The Blackberry is an essential business tool, regardless of your age. Snapfish allows me to share photos of my children and grandchildren with my 80+ year old mother in Tennessee. The recent iPhone introduction is another example of the mass appeal that new technology can generate.
With apologies to David Letterman, let me offer my own Top Ten list of where the puck is going in marketing.
Number ten: Corporate greed is not good. In a world of increasing corporate transparency, consumers will reject companies and their products if they do not live up to proper ethical standards. Marketers need to examine every aspect of their business, not just the boardroom. Not every brand is as strong as Nike, and able to withstand the negative publicity of child labor exploitation.
Number nine: In a multiple-choice world, you must differentiate or die. Jack Trout was right on target when he said that in today’s ultra-competitive world there are so many choices that companies will be hard pressed to survive without a point of difference. The average supermarket has over 45,000 branded items. There are now over 3,000 brands of bottled water. Huh?
Number eight: To blog or not to blog, that is the question. Social networking is a fact that cannot be ignored. But companies must be careful when using tools like blogs, vlogs and Podcasts or face the wrath of a networked audience that can love you one minute and hate you the next. Some forward-thinking companies have created a new executive position of Blog Monitor to be able to respond quickly to new issues as they arise, or to correct misinformation that can damage a company unfairly.
Number seven: “Word of mouth” can no longer be a happenstance event but rather an important part of an integrated marketing program. In today’s world, “word of mouth” can travel around the world instantly via the web. Viral marketing efforts like the Subservient Chicken and Lonelygirl15 have gotten millions of exposures for little to no cost. Social marketing and Web 2.0 will impact your business, whether you want it to or not. The next wave of “word of mouth” will be user-generated reviews of everything from restaurants to shopping to hair salons. One disappointing entrée or a surly waiter has the potential to ruin a restaurant’s reputation. Is that scary, or what?
Number six: Video messaging still rules, it’s just the delivery methods that are changing. Everything we learned in marketing class about sight, sound and motion still holds true. It is unquestionably the most powerful way to inform and persuade. But the continued fragmentation and decline in viewership of traditional television is being replaced by on-line video. We can’t all afford to back something as ambitious as Bud TV, but keep a close watch on YouTube as the next mass medium. Politicians have certainly jumped on that bandwagon. Are you one of the 2 million plus viewers of Obama Girl?
Number five: It’s not easy being green. Kermit was right. But if you aren’t looking for ways to include some form of green marketing or sustainability (the next great marketing buzzword), then you will be left behind, choking on ethanol exhaust fumes. Wal-Mart is touting itself as the world’s largest buyer of organic cotton, fair trade coffee, and energy-efficient light bulbs. Companies across America are looking for ways to “green” their products, their manufacturing, and their distribution processes. Let’s face it. When a slide show can win an Oscar, it must be real. Since the original Earth Day in 1967, marketing periodicals have been saying that green marketing was the next big thing. It wasn’t then. It is now. Better get with the program.
Number four: Go organic. Go natural. Go anything but artificial. Organic foods. Organic skin care. Organic pants. Organic pants??? That’s right. A recent TV spot for Wal-Mart featured an on-camera spokesperson talking about her new organic pajama pants. The idea behind this spot shows just how deeply rooted the organic movement has become. It’s all part of the get real, get healthy, and environmentally-conscious world of today, not tomorrow.
Number three: CRM are the three most important letters you should know. Customer relationship management should be part of every marketing plan. We’ve always known that it is more expensive to recruit new customers than it is to retain existing ones. With ever-increasing expectations, and lower tolerance levels, consumers are demanding instant gratification at every turn. Retailers like Nordstrom are a great example of the power of being customer-centric – they continue to prove that people will pay more for better service.
Number two: East or west, home is best. A global economy, mass production and outsourcing, are contributing to a growing backlash against imported products and services that are putting American workers out of business. Many consumers are willing to pay more to get local goods that are presumably made with more care. With the recent product contamination scares from China, we may even see a resurgence of Made in America.
Number one: The era of “one size fits all” marketing is over, and niche marketing is where the puck is going. If you haven’t read The Long Tail by Chris Anderson, buy it today. It’s one of the most thought-provoking books I have read in a long time. It makes a strong case for niche marketing and why it is the inevitable wave of the future.
I’m sure you can find many other trends in your own business categories. The important thing to remember is to keep looking ahead if you don’t want to get left behind.
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