In the business world, the future is filled with opportunity. This is in part due to the way in which business is reliant upon innovation. As technology advances and we further digitize as a society, the options available in terms of products and services increase. As this expansion occurs, customer expectations change with it.
This presents a myriad of opportunities and threats for companies. As the markets change, so to must our approach to them. To remain relevant to the customer, a company must present an appealing offering, and this requires an understanding of their preferences, and a willingness to adapt in order to cater to them. History is filled with cases of corporations that failed due to a lack of innovation.
Innovations in tech have afforded marketers the flexibility to communicate with customers more effectively. The latest analytical and communication tools are more evolved than the ones used even a decade ago and the expectation that they will advance is reasonable. Innovative methods of attracting the customer are being developed with increasing rapidity, and in order to stay ahead of the competition, a company must change with the market.
Without really knowing it, marketing is an integral part of our lifestyles now. As consumers, it surrounds us, and we have accepted it as standard. In terms of operating a business, it is therefore critical to have a focus on deliberate and considered marketing efforts. The following is a brief explanation of the reasons this trend is expected to continue in the future.
What is marketing?
In the simplest terms, marketing is the art of storytelling. It creates brand awareness and establishes the brands positioning in the consumers’ minds. As a broad concept, marketing processes can be applied to simple products, or those that are complex or with benefits that are more difficult to define.
Companies are able to attract wider audiences when their marketing team understands their target audience. By conducting extensive market research into the behavior of different demographics within the market, marketers are able to appeal to consumers’ in ways that are most likely to influence them.
For example, designing an advertising campaign to engage consumers’ emotional touchpoints based on sensory research on a target audience. Consider a formative event in a consumer’s life, an advertisement that triggers the same emotion will resonate with them and be remembered. This association between product and emotion not only helps the consumer to remember your brand but also perceive it more favorably with considering a purchase.
Companies want to hire marketers who understand the characteristics of their target audience, as marketing campaigns specific to them increase sales by a significant percentage. As analytic tools become more sophisticated, marketers are more effectively able to understand their customers, and this is becoming of increasing import year on year.
5 reasons marketing will remain in demand?
1. It increases overall awareness:
Simon Dwight Keller who now runs SDK Marketing explains: “Without effective marketing and awareness of the brand, understanding of its benefits will be lessened, and this will negatively impact your sales.” As the market is flooded with brands, consumers do not ‘see’ brands that they do not recognize. Without a presence in the minds of consumers, the visibility of your product becomes limited in comparison to that of your competition.
This issue can be solved by developing a marketing strategy, but this requires knowledge of the market, understanding of innovative tools, and experience in analyzing market data. This leads to the creation of more effective marketing campaigns which can increase sales.
Maintaining visibility requires constant attention though, as other brands compete for market share and consumers have short memories. Consistent messaging in the implementation of new strategies can continue to generate sales. Since consumer behavior changes over time, it is important to remain aware of trends in order to accommodate upcoming consumer wants.
2. Connection with Consumer:
Marketing is the perfect tool to establish a long term relationship with the customer. As such, marketing will continue to be in high demand because of its effects on the perceptions that consumers hold.
The connection between brand and consumer, once established, can be both meaningful and intimate. As companies increasingly understand the power of such connections, a higher degree of focus is being placed upon its use. The concept of ‘brand love’ demonstrates the efficacy of using such techniques. An example of brand love in action is in commercials with content that is completely unrelated to the product itself but generates a significant increase in sales.
In the future, the context with which consumers perceive brands may present new troubles and challenges than the ones we have now. Marketing fields such as consumer behavior, operating at the intersection of business and psychology, will remain in high demand as we spread awareness of these problems as well as benefit from them in terms of sales of the product.
3. Helps to stay competitive in the market:
Running a business isn’t easy. The free market is saturated with companies similar or identical to yours, all seeking to gain market share. Marketing is a key factor in leveraging your competitive edge.
Understanding that in the future competition for sales in only expected to increase as barriers to market entry decrease, business owners must recognize the importance of marketing in staying ahead of aspiring entrepreneurs. Competition present in the market can only affect your sales if consumers do not relate to your product, and marketers’ information advantage in this area will prove essential.
As brand options for consumers increase companies must employ out-of-the-box thinking and innovative practices in order to remain relevant. Marketing and market forecasting remain the compass pointing the direction for businesses to move towards if they are to maximize profits.
4. Innovation in technology will ensure marketing stays in demand:
The rate at which technology is improving can sometimes leave the consumers stunned. Current tech provides marketers the tools necessary for developing tailored content and disseminating it to individual customers. In the future advancements in technology are likely to further improve the customer experience.
Concepts such as facial recognition software recommending products to customers tailored to their tastes are already being experimented with. Marketers will find new uses for innovations in technology to make commercial gains. This will allow a more intimate and personal experience to come to life through marketing.
It is the skill of marketers to recognize the commercial opportunity in such new technology and harness its power for a competitive edge. The use of such developments in technology will not only become commonplace, but also expected by consumers, and this will keep the field of marketing in demand.
5. Helps sustain growth:
For many businesses, growth is a sign of progress. Without sustainable growth, companies can become stagnant. A company cannot continue to grow without establishing itself in the minds of a greater number of consumers. There are, after all, limits on the volume a single consumer can purchase in their lifetime.
The use of marketing practices not only allows you to attract new consumers to enter your revenue stream but can also retain them by building customer loyalty. The increase in marketers’ ability to collect customer data allowing for a greater level of customization has seen an overall increase in customer loyalty and for many companies, this represents significant growth.
The importance of marketing today cannot be overstated, and this is only expected to increase. The expansion of the customer base should be a goal for any company, and this will remain unchanged in the future. The power of marketing in realizing this goal implies that marketing will remain high in demand.
As an entrepreneur, an understanding of basic marketing concepts is necessary, but also the willingness to experiment with innovative practices when attempting to build sales or reduce costs. When looking to the future, business owners need to accept that innovations are key to marketing success.
Marketing affords business owners the ability to understand their customers, predict their behavior, and adjust their offerings and communications to cater to them. This has the possibility of opening new markets that entrepreneurs may not have considered. As a business, in general, becomes customer-oriented in comparison to the traditional product-oriented ones, marketing can only grow in demand.
Growth hacker with experience in digital marketing and SEO. Graduated from The University of Southern Denmark with a master’s degree in marketing, globalization, and communication. Currently working as a marketing manager at Valuer.ai in Copenhagen.