Marketing as a business and cultural force has been transformed. Whether it’s PR, advertising, branding, digital, CRM and social the world of earned, paid, shared and owned media is going to through a seismic shift that will impact the marketing:
1. New Revenue Models Generating Value.
Business models for digital content distribution are changing, with licensing and service-based delivery models replacing traditional sales-based distribution. Globalization, societal changes, explosion of platforms and channels, the end of spin and digital versus social is driving the need for change also. To optimize this need for value creation agencies need to create value and new revenue models by being promoters of change; whether TV, online or mobile.
2. Multiple Channels.
From cars to clothes digital media is exploding. Consumers consume more media, from more sources, and in a greater range of formats than we imagined — news websites, movie-streaming services, mobile apps, ebooks, live-streaming video, on-demand TV, podcasts, video-sharing services, audiobooks, news aggregators, blogs, social networks, music subscriptions and a plethora of formats yet to be invented. This means that managing and protecting brand reputation is becoming ever more complex with the expansion in how people receive information.
With the new buyer behavior that spans consideration, evaluation, purchase, use, enjoy, recommend and either bond or go back to consideration – marketing providers need to develop its skills to a whole new level to exploit the huge shift in post-sale behavior. Therefore, encouraging customers to interact, manipulate, and engage with the product by proactively taking part in sharing the brand is the holy grail. This along with the ubiquity of smart devices and the rise of social and digital marketing makes it easier to measure.
4. Changing Structure Of In-house Departments.
Businesses are constantly growing in their sophistication and hiring in-house more talent that can engage all levels of the marketing mix. This trend will require agencies to understand the new value exchange with their client and mirror these changes. The key for agencies is understanding what clients want and the need to review new structures to engage with the client, including strategy and creativity. Ultimately being better sparing partners to CMOs who are building complex in-house teams.
5. New Revenue Streams.
What is the future of marketing and what are the business models that sustain it including social and SEO. How do we create content that generates value/revenue without becoming a commodity amongst millions of free outlets? Can consumers be charged for the content? Which ad formats, techniques and innovations are working — and which are not? Can agencies help clients compete as content creators that generate new revenue?
These combined create new parameters surrounding the execution of marketing campaigns for the client and their agency partners. The first is the need for intelligence for both market knowledge and in the agencies team’s skills. The second variable is engagement which includes new revenue steams such as SEO. Third is how the team is structured to match the client’s needs and the fourth is better ideas and content through collaboration. Get those right and you’ll have an engaged client, a brand controlled audience and the optimization of the client’s marketing and media.